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Landlord property insurance policies
Types of Landlord Property Insurance Policies
How to Get the Right Protection

There are three key things you need to think about when it comes to buying insurance for landlords. It doesn’t matter if you are simply looking for landlord's building insurance or specialist landlord property insurance policies, the policy you get needs to protect:

  1. Your property and any contents that you own

  2. Other people

  3. You!

Many landlords think that all they need is a basic landlord's building insurance policy that will give them coverage if something happens to their actual property. But, many insurance for landlords options could potentially offer you a lot more. Let’s take a look at your options.

Choosing the right coverage

There are various kinds of insurance for landlords policies that you can buy as a landlord. These include:

  • Buildings policies:  These policies give you protection if something actually happens to your property itself. If you have a mortgage on the property you lease then the chances are your mortgage provider will insist on this kind of coverage being in place as a condition of your mortgage.

Coverage here will pay for issues such as repairs (but not general wear and tear) and rebuilding costs. Keep in mind that many landlords that rent out business properties will cover the costs of landlord's building insurance, but they will then pass the costs on to their tenants.

  • Contents policies:  If you are leasing a furnished property then you probably need to think about getting some coverage for your contents. You can use the tenant’s deposit instead of accidental damage coverage if you like which will help you out if your tenant breaks or damages your stuff.

If, however, there is a fire or flood at your property and your furniture/appliances are damaged, then you will have to cover the cost yourself unless you have specific contents coverage. Do remember that you are not responsible for insuring your tenant’s possessions/contents—that is their responsibility.

  • Legal coverage:  It is extremely important to take out legal coverage with your landlord property insurance policies. This covers you if a third party (and this doesn’t have to just be your tenant) is injured or dies because of something that happens to your property.

If you don’t have this kind of coverage, then you could be liable for damages/compensation costs. If you employ anybody to work on the property such as a gardener, cleaner, or handyman then you may also need employer’s insurance.

  • Special occupancy coverage:  If you rent out a property in certain circumstances (i.e. to more than one tenant, to students, or to people on housing benefit) then you may need to take out a specialist policy.

For example, if you rent a house out to six students, then you should be looking for House in Multiple Occupation insurance for landlords policies.

  • Rent guarantee coverage:  If you own property and your tenant(s) stop paying their rent, then you will soon be out of pocket and left with the headache of the eviction process.

Rent guarantee coverage built into your insurance policy ensures that your insurer will help meet rental payments and perhaps even give you help with evicting the tenant(s). Bear in mind that this coverage may only apply if you have your tenant(s) verified and approved by the insurer to start with.

So, the landlord property insurance policies outlined above will help you protect your property (i.e. with landlord's building insurance), your contents (i.e. with insurance for landlords contents coverage) and your tenants (i.e. with legal liability insurance coverage). You will get protection as you won’t have to pay out for costs if something does go wrong!

It’s important to make sure that you get the right coverage in place with your landlord property insurance policies to protect your investment (and your pocket) as well. Don’t waste time (and money) by taking out insurance for landlords that covers things you won’t need; think about the essentials such as landlord's building insurance and then work from there. This will help you buy the right policies at the cheapest costs.

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