In all honesty the answer has to be yes. You see you must inform your current insurance company that you are renting out your home to tenants or else should you ever have to make a claim the chances are you will not be covered for renting to tenants.

If your property is furnished then you should indeed have contents insurance and accidental damage should be insisted upon for your tenants to have as part of the agreement. That way should they break something of yours they can make the claim making your life just that little bit easier. However what other landlord insurance policies should you consider having?

In today's climate I would seriously think about rent and legal protection. You see even if the references are perfect no-one knows what is going to happen tomorrow. Should your tenants circumstances change and they can not afford to pay the rent can you continue to pay the mortgage? Can you afford to pay the solicitor fees for getting possession of the property back? Id the answer is yes then may be you do not need it but I have to say I always have it to ensure that I do not get caught short.

Buildings insurance is also a must, at the end of the day few of us can afford to rebuild our homes should anything happen to them and we found ourselves uninsured because we did not inform our insurance company that we were renting out the house. Trouble is when we tell the insurance company they inevitably try and put up the premiums, so you must shop around. Click on the banner at the top to get the latest best quotes we have found.

Above all remember that if you are going to take a short cut, you will more than likely become unstuck one day!