What can be covered by commercial landlord insurance?
Commercial landlord insurance can cover you whether you have a portfolio of residential properties, commercial properties, or a mixture of both. Some of the cover options to look for when choosing a commercial landlord insurance policy include:
- Buildings insurance – The most basic type of landlord insurance usually available, it normally covers the building’s structure and rebuilding costs, if an insured event resulted in the destruction of the property. Having at least this level of landlord’s insurance is a requisite of many buy to let mortgages.
- Public liability insurance – could help compensation and legal costs if a tenant or visitor went into litigation with you over a reason such as personal injury.
- Cover for replacement locks & keys.
- Accidental damage insurance.
- Unauthorised use of electricity, gas or water – If someone occupies one of your properties without your knowledge (for example, squatting), you could claim for any unauthorised use of property utilities.
- Glazing repair cover
- Landlord rent guarantee insurance – if an insured event meant you suffered a loss of rent this cover could reimburse you your lost income.
- Contents cover – if you rent a property as furnished this type of policy will provide cover for the items of furniture and furnishing that you provide.
- Tenant rehousing cover – if an insured event meant that your property could not be used by your tenant, this cover would pay to provide alternative housing for them.
- Boiler cover – sudden boiler breakdowns can be expensive.
- Multi-property discounts are often available – check with your intended commercial insurance provider.
- Employers Liability insurance –if you have employees managing your properties.
- Vandalism cover.
- Cover for theft by tenants.
Using a landlord insurance comparison service can be helpful to find out what policies might be available to you and which might be most suitable for your specific circumstances. Some providers may have reservations about what landlord insurance cover they can provide. For example some providers may not be able to provide commercial landlord insurance for certain types of building or for certain tenancy lengths.