Landlords should consider taking out specific landlord insurance to ensure they are fully protected against damage or theft. Many landlords do not realise that standard home insurance policies won’t cover properties that have been rented out to tenants.

Landlords renting out property in a tenement/block of flats are required by law under  Tenements (Scotland) Act 2004 to have adequate insurance. This is to cover the landlords share of the costs of major and expensive damage to the building. Landlords need to insure the building for a reinstatement value that could be more than the sale value. This legislation applies to all the owners not just landlords. If there is a Factor it is likely there will be a block insurance policy which all owners pay for jointly.

If there is a mortgage on the property, its terms will require the landlord to carry adequate insurance.