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Landlord building insurance is essential to protect your property

Landlord building insurance is essential to protect your property

Landlord building insurance is essential to protect your property


Understanding what type and level of insurance cover you require for a given situation is always important. If you are a landlord, taking out the correct landlord insurance policy for your property ensures that both you and your property are all covered and safe from damages.

Landlord insurance or landlord building insurance provides cover for the owners of properties who rent out the property and gain income through its lease. Landlord insurance policies cover a spectrum of coverage protection. These will usually include any other structures on your property, such as garages, legal expenses, the rental building, fire damage, personal property, vandalism or theft and loss of rental income.

Landlord building insurance is essential to protect your property in the event of damages caused by a storm, vandalism or damage caused by a tenant. It can also be used to protect you from personal injury claims, for example if a tenant or a visitor to the property is hurt in some way. As well as personal injury claims, other claims can also be made against landlords. It is therefore important for the landlord to ensure that he or she has some form of general liability protection available.Landlord building insurance is essential to protect your property


Defending against these claims can prove to be very costly and can reduce the landlord's ability to run the property effectively, so it is advisable to take out landlord building insurance, as this will help you with legal fees should a claim be taken out against you.

If you are a tenant however, then tenants contents insurance is advisable where you are moving into a rented property and wish to secure your possessions. Tenants contents insurance includes, amongst many other things, cover for personal and family possessions, flood insurance, accidental damages and legal expenditures. Tenants contents insurance also offers compensation to tenants whose property is damaged or stolen. This can be very important, particularly if you happen to own items which are worth a sizable amount of money. By taking out tenants contents insurance, remember you are not only taking responsibility for your own assets, but you are also providing yourself with a valuable safety net in the event of your possessions being stolen or damaged.

In either case, consider how much cover you will need, the worth of your property, and if you are taking out landlord insurance, think about how much income you would lose if you were unable to rent for an extended amount of time, or how much it would cost to replace the building in the event of something such as a flood or fire. Questions such as these, as well as advice from a reputable and trustworthy insurance company, will help you to assess how much coverage, and what type of cover you need.
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Landlord building insurance is essential to protect your property