What happens if your tenant has a run in with your home’s carpet? Or what if they forget to lock the doors to the building and a burglar destroys your property? Are you covered?
Landlord property insurance differs in coverage from policy to policy. While landlord insurance quotes can help you determine a budget, you need to understand what’s covered and what’s not in your policy.
The moment you become a landlord your rights and coverage change. Often, the laws that govern your coverage changes annually as well.
Besides keeping you up-to-date with the latest landlord news, we also want to help you understand your current policy. Consider the following to better understand your options.
When Building Contents isn’t enough
As a landlord you lose the protection offered by standard building’s insurance. If you fail to inform your insurer that you’ve become a landlord and rented your property, you risk serious financial and legal battles.
Another important point is that whether you are renting out your property or are building a portfolio, your money is linked to each building you own. You obviously don’t want to risk your investment by choosing a cheaper policy.
The next right step then, is to buy a policy that covers more than building contents.
Landlord Building Insurance
Building insurance for landlords protects the very foundation of your building. Should your building fall victim to a fire or a flood, building insurance protects your investment. The majority of building insurance policies cover an unlimited amount—which means you don’t have to worry about rebuilding costs.
Liability Insurance Cover
With personal liability claims sky-rocketing in recent years, it’s critical that you cover your bases with liability insurance. Some claims top upwards of £100,000, which puts you in dangerous territory.
Liability insurance coverage prevents you from falling victim to personal injury claims by protecting you for up to £2 million.
Loss of Rent
Landlord property insurance also protects you from loss of financial income in the form of rent. If something happens with your tenant— say, they fail to live out the lease, an insurance policy can protect you from loss of rent and give you peace of mind.
Before you decide on any policy, be sure to get plenty of landlord insurance quotes. We’ll continue to do our best in providing the latest landlord news, but ultimately it’s up to you to commit to a policy that covers you no matter the situation.
