Is it compulsory to have landlords insurance?
By law you don't need to have landlord insurance, however your mortgage provider may want you to take out landlord's insurance as part of your conditions of securing a mortgage - in particular if it's a buy-to-let or landlord mortgage.
Is home insurance the same as landlords insurance?
No, home insurance is not the same as landlords insurance. It doesn't offer the same cover, although there are some similarities between the two.
Home insurance cannot cover you for issues that are associated with renting out your property unlike Landlord insurance.
Landlord insurance can offer cover such as rent guarantee which protects your rental income if your tenants are unable to pay, legal expenses for disputes such as eviction or malicious damage by your tenants.
Is landlord insurance tax deductible?
In short, yes - landlords insurance is tax deductible.
Landlords can claim certain costs relating to the running and maintaining their rental property as a business expense such as Landlord insurance.
Therefore, you can deduct the cost of insuring your buy-to-let property from your rental income, when calculating how much Income Tax you owe, and therefore reducing your tax bill.