subject: There are two main types of landlord insurance [print this page] There are two main types of landlord insurance
Knowing which type and what level of insurance cover to take out is always important in any situation where cover is required. If you are a landlord, then taking out the right landlord insurance policy for your property is vital.
Landlord insurance provides cover for the owners of properties who rent out the property in order to make a profit. There are two main types of landlord insurance; standard landlord building insurance (Which is a prerequisite for all landlords when letting a property), and landlord insurance which covers both the building and contents such as furniture provided by the landlord.
Most landlords are advised to take out landlord building insurance as standard, as it is vital not only to protect your property against damage caused by theft, vandalism or natural causes such as flood or fire, but also against any damages done to the property by tenants.
Landlord insurance can also be used to protect you from personal injury claims, for instance if a tenant or visitor to the property is injured in some way. Other claims can also be made against landlords, making it a good idea to take out some form of general liability protection policy. Having to defend against these claims can prove to be very expensive and can stop you from being able to run the property effectively, so it is wise to take out landlord building insurance, as this will assist you in the event of a personal injury claim.
However, if you are a tenant, then tenants contents insurance is advisable as you will be moving into a rented property and will more than likely wish to cover your personal possessions. Tenants contents insurance includes flood insurance, cover against accidental damage and cover for personal and family possessions and legal expenditures, amongst many other things. Tenants contents insurance also provides the tenant with compensation in the event of any items being lost, stolen or vandalized. It is advisable to draw up an inventory of all your personal possessions and then assess which type of cover you will need with a reputable and trustworthy tenants contents insuranceprovider.
In either situation it is wise to consider the level and type of cover you will need (As cheap policies do not always mean good policies so be sure to invest some time in researching the right company for you). Also consider how much your property is valued at, and how much you would lose if it was to be damaged or stolen. Taking these factors into consideration will allow you to make to right decision about how best to safeguard yourself and your property with a trustworthy and reliable insurance provider who will be able to offer the correct cover for you.
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