Insurance may not be your top priority when you set out to buy, let or rent a property. But if your possessions or property suffer damage, the first people you most likely will turn to will be your insurers.

Having the right insurance in place not only gives you peace of mind, but it can also save a lot of worry and expense if you do need to claim. Here is our guide to insuring your personal possessions and property.

What insurance do I need as a landlord?

Your property should not only be covered for any damage that might be caused by your tenants, but also for the cost of rebuilding from scratch should a fire or other accident destroy the building entirely.Landlord insurance cover can also protect against loss of rental income and cover your liability if your tenants are injured within the property, and it is found to be your fault.

Do I need home insurance if I’m renting?

You’ll need to have insurance in place to protect your possessions if you are renting. However, you won’t need buildings insurance, as that is the landlord’s responsibility. Home insurance often includes essential protection against risks due to fire, explosions, vandalism, theft, riots, subsidence and escape of water and even storms. Make sure you check with your insurer to find out what is covered.

Why do I need home buyers protection insurance?

Unfortunately, property transactions don’t always run smoothly. Your vendor could accept a higher offer from another buyer, or simply change their mind about selling. If your property purchase falls through, home buyers protection insurance lets you claim back some of the upfront costs. Depending on the level of cover you’ve purchased, you should be able to claim at least some of the money you paid out for services such as valuation and conveyancing fees.

What kind of first time home buyers insurance do I need?

As the owner of your new home, you’ll need two types of insurance. Contents insurance for all your furniture and personal possessions and buildings insurance in case the fabric of your home gets damaged. The day you exchange contracts, you become legally responsible for your new property’s bricks and mortar. Remember to contact your insurer in advance of the exchange date to ensure that your home buyers insurance policy will be in place from the moment of exchange.

What type of insurance is required if my property is left empty or I’m undertaking renovations?

If a property that you own will be unoccupied for an extended period (typically more than 30 days), you may need additional insurance. ‘Unoccupied buildings insurance’ provides cover for situations that might occur when you are not there to look after the property, including fire or flood damage, trespass and vandalism.

You may also need extra insurance cover if your property is undergoing a renovation, even if you are living there at the time. Home renovation insurance applies to damage to the building and contents, theft (of contents and building materials) and personal accidents.

If you’re currently looking for your next home (or a great buy to let investment) and are searching for properties for sale or rent in London, we’d be happy to help. Browse the exceptional properties available on our website then contact us to arrange a viewing.