There is a lot of money to be made in property, and people are increasingly investing in portfolios of residences to rent out to tenants. If you let your property to tenants, a standard household insurance policy is insufficient and you will soon come unstuck if you need to make a claim.

Residential property insurance is designed specifically for residential landlords or buy-to-let owners, such as property management and development organisations.

The most important thing to look for in a policy is how much the building is covered for. Ideally, you want a policy that would cover the cost of rebuilding from scratch in the event of a fire or natural disaster as well as covering loss of rent to tide you over.

Other key features you should look for as a residential landlord are: alternative accommodation costs; landlords' contents, if you have furniture in the property; contributions towards alternative accommodation for your tenants and public and property owners' liability, in case anyone injures themselves in the property.

If you are a property developer and hire staff, it’s also important to ensure you have employers’ liability insurance to cover you for injuries or illnesses th