Landlord insurance

[hugoboss]

Can anyone advise me on what i need to do regarding this. I own and live in my house, but will soon be renting out 2 of the bedrooms to tenants whilst I live there. Will i need a different insurance policy to the one i currently hold to cover myself? If so, can you point me in the right direction? Thanks

[fairline]

No, but you should seek the advice of your insurance broker as you will probably have to notify the insurer.

[Kathyan]

If you have a mortgage on the property you may need to contact your lender as this may affect your mortgage agreement. I know our circumstances were different as we let the whole house but it's worth mentioning. Also we had insurance with Letsure, they may be able to help as well.

[Ethel]

Your insurance policy will need to be amended as you will have answered certain questions when you took the policy out.

The questions will certainly include the fact that you and your family are the only residents.

The policy will probably go up - more people in the house means a higher risk of breakages and other damage, and the fact that you are renting out to tenants puts you at a higher risk of theft.

[EverClean]

You must let them know. If there is a claim at a later date then the insurance company may not pay out if it comes to light that there are tenants anbd you did not inform them. Insurance companies are well practised in wriggling out of having to pay out.