What is the Landlord's Insurance?
Landlord’s insurance is a policy that protects a property owner from financial losses involved with rental properties. The Policy covers the building, with the option of insuring any contents belonging to the landlord inside. Landlord’s insurance is often referred to as buy-to-let insurance; this term, however, refers to a specific type of landlord’s insurance. It is important to distinguish between buy-to-let insurance, which generally covers one property that has been purchased with a buy-to-let mortgage, and multi-property insurance, which covers two or more properties. Each type of insurance covers different things.
What is Usually Covered With Landlord’s Insurance?
The Policy will normally cover standard perils such as fire, lightning, explosion, earthquake, storm, flood, escape of water/oil, subsidence, theft, and malicious damage. Each insurance policy is different, however, and may or may not include all these items. Optional coverage might include accidental damage, malicious damage by tenant, terrorism, legal protection, alternative accommodation costs, contents insurance, rent guarantee insurance, and liability insurance.
Landlord’s insurance policies typically do not cover any personal property belonging to tenants or otherwise protect their interests. A liability policy protecting a landlord or property manager will be of benefit to tenants, however, should they incur a loss for which the landlord is responsible.
Contact us to learn more about the right landlord's insurance policy for your property.
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