What Does Landlord Insurance Cover

Landlord insurance is a type of home insurance that is specially designed for landlords who have rental properties. It provides protection to landlords from financial losses that are associated with renting out a property. It will provide a cover for the building as well as the landlord’s contents in case of fire, theft or water damage. A number of companies are providing Landlord Insurance UK. They are offering different types of insurance, including:

  • Landlord building insurance 
  • Landlord content insurance 
  • Landlord liability insurance 
  • Landlord rental protection cover 
  • Landlord accidental damage insurance 
  • Landlord unoccupied property insurance 

You can purchase a standalone insurance policy or policies that combine one or more covers. Other than that, many insurers offer you extra add ons that you can add to your policy according to the requirements of your property. 

What Landlord Insurance Covers?

The cover you will get depends on the type of property you are renting out and the level of security that you need. However, keep in mind the more options you add to your policy, the more you have to pay. It is better to take the proper time to understand the requirements of your property and landlord insurance options. Landlord insurance will provide you following cover:

  • Like other building insurance policies, landlord building insurance will cover the cost of damage to the structure of your building, usually in the events of fire, subsidence, flood, vandalism or theft. 
  • Landlord content insurance provides a cover for possessions inside your rental property such as furniture, carpet or fixed electrical appliances. It will provide you with the cost of repair or replacement of contents. 
  • If you have an accidental damage cover, it can provide you protection in unexpected mishaps such as a glass of wine spilt on the carpet or a nail hammered into a water pipe. 
  • Landlord insurance can also help you in paying legal expenses when you are held responsible for the injury of a tenant due to flaws in your property. 
  • Rent guarantee protection provides you with your rental income if your tenant does not pay rent due to any reason.
  • Landlord insurance can also provide cover in emergency situations such as burst pipes, boiler failure or power outage. Landlord emergency cover protects your property with 24 hours assistance and support. 
  • Some insurance companies also provide you with a cover for alternative accommodation when your tenants need to move out while the property is being repaired. 

How Can You Reduce Landlord Insurance Premium?

The cost of landlord insurance varies with the type of property, level of cover you choose and your tenant’s situation. Some factors, such as your tenant income, are not in your control. However, there are a few steps that you can follow to get cheap landlord insurance

Only choose a cover that you really need, do not overestimate the cover your property needs. 

Increase the security of your property by using high-quality locks in doors and windows and installing burglar and fire alarms. 

There are more chances of theft in unoccupied properties, so insurers offer high premiums for unoccupied properties. Therefore, always try to net your property unoccupied. 

Do not rent out a property to tenants who have pets because the standard policy does not cover damage caused by pets. You have to pay extra if tenants have pets. 

Always compare quotes from different insurance to purchase a cheap landlord insurance policy. 

About RJ Frometa

Head Honcho, Editor in Chief and writer here on VENTS. I don't like walking on the beach, but I love playing the guitar and geeking out about music. I am also a movie maniac and 6 hours sleeper.

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