If you're renting out any number of properties, particularly to students or young professionals, it is an absolute certainty that you will need Landlord Insurance. Most people don't know that they need this specific type of insurance and will assume that any problems that they might run into will be covered under their home and contents insurance. However, as many people find out the hard way, this is not the case.
Renting a property out to, in many cases, a group of people can be incredibly rewarding but in some cases can also be a recipe for disaster. Because it's a house or a flat that is being used by people other than yourself, they qualify as a guest, which means that anything they damage or anything that breaks due to normal use while they are living in the residence comes directly under your responsibility. Home and contents insurance does not cover damage by a third party, and so you would have to pay out the costs yourself, leaving you in a potentially dangerous fiscal situation.
With landlord insurance, from companies such as Endsleigh.co.uk, you're covered against third party damage and you're even covered against damage by guests of the tenant. This is particularly useful in student accommodation and can be one of the most important things that you buy when you're planning to rent out that house. Because houses that have a high turnover of tenants, such as student houses, usually have a broadband connection and possibly even a satellite TV connection installed, these are sometimes covered as “Fixtures and Fittings” in the insurance agreement. This is particularly useful if you're renting out more than one property at a time.
Peace of mind in situations like this is so important, so it pays to make sure that you're covered against every eventuality.