Landlord Insurance – make sure you protect your property
If you are a landlord or are thinking of becoming one, it is crucial to know all the facts about landlord insurance before renting a property out to tenants. Different types of landlord insurance are available, but generally a policy should cover buildings and contents insurance, which includes damage from storms, fire, burst pipes, fuel oil leaks, theft, smoke and lightning. It may also include cover for events such as the property being damaged by falling trees or vehicles involved in a road accident. Always thoroughly check your individual policy to see what is and is not covered. Fitted furniture such as kitchen units or built in wardrobes will also fall under buildings and contents insurance, but it is important to note that all possessions belonging to tenants should be covered in their own contents policy.
Depending on the nature of your landlord insurance policy, you may find yourself not covered in certain situations. It may be worth upping the premiums so that your property is covered for periods of vacancy between tenants; although it is worth noting that this would not extend to long unoccupied periods or holiday lets, for example. Similarly, it might be worth checking your policy to see that the cost of re-housing tenants is covered, in the event of serous damage or major repairs.
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