Are you wondering whether you need landlords insurance Manchester for your flat? Well in short, yes you do. However, the policy that you may need will vary depending on what type of flat you own.

When becoming a landlord we simply imagine buying and letting out a property that we own outright, however, many rental flats are either in converted houses or blocks, meaning it can be a little confusing on what cover you really need as a landlord.

In some cases though you may own the freehold, and then rent out each unit individually. If you only have ownership over one flat in a building then you are technically a leaseholder rather than an owner.

Leaseholds and freeholds: what’s the difference?

When you are a leaseholder you will need to pay a fee to the owner of the freehold (owner of the entire building), which can sometimes be known as a service charge. This is essentially your contribution towards the upkeep and maintenance to the building outside of your flat, for example, lifts, stairs and hallways. This may also include cleaning and supply of electricity in shared areas as well as outside spaces such as gardens, pathways and roof repairs.

Who is responsible for building insurance?

The freeholder is responsible for looking after the building as a whole – that is why each leaseholder pays a service charge, so they have the responsibility of taking out building insurance. Building insurance is usually the main aspect of landlord insurance but before going ahead to take that out of your insurance quote, double check that your freeholder has this covered.

What about contents cover?

As you may be aware landlords insurance Lancashire is not just made up of buildings cover but also contents cover. It is important as a leaseholder that you get the level of your cover correct to keep yourself protected. Your contents cover should cover all fixtures and fittings as well as any furniture in you flat.

Buildings cover usually covers all fixtures and fittings, however, it is important to make sure this is included in your policy to make sure everything inside your flat is covered too.

The best way to make sure you are getting the right cover for your needs, is to seek out an insurance company who can tailor-make your insurance policy to your individual needs.