Landlord insurance is bought to secure your property including the fixtures, furnishings and building against any kind of losses after it is given on rent. It is about safekeeping the landlord’s belongings and contents along with the building. The insurance will pay-out if there is any kind of damage due to fire, storm, theft, flood and accidental or malicious damage. It is regardless of whether you rent your property for second income generation or for professional purpose.
What is the need for landlord insurance?
When you are physically not taking care of your property and have given it on rent then there are higher chances of it being damaged. A standard home insurance may not be able to cover the loss due to any kind of damage to the property, which includes the building and fixed to the wall kind of furniture. In case of any damage, you need to shell out money to repair the damage. So, you need an additional support in the form of landlord insurance.
Characteristic features of a landlord insurance policy:
Following expenses are covered under landlord insurance:
As it is said that these are covered under the basic landlord insurance. However, there are a lot more safety measures that can be covered through add-ons like public liability insurance, rent guarantee insurance, vacant premises cover and legal expenses cover. All these things would increase the insurance cost.
Basic advantages of landlord insurance:
Once you have given a property for rent, you cannot manage everything. Also there can be many issues like water leakage, tenants refusing to pay rents, structural or content damage and other legal issues that need to be resolved in case you end up having an uncooperative tenant. Once you get the cheapest yet optimum insurance for your rented property, it gives you a peace of mind and solid hold on the ‘to-let’ market if you are renting on a professional basis. As the policy is between the landlord and the insurer, you don’t need any intervention from the tenant.
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