Landlord Homeowners Insurance

It may seem at first that landlord and homeowners insurance would be the same, and while they are the same in many respects there are important differences.

Because as a landlord you own a property but rent it out to paying tenants, there is a whole new level of potential risk to insurance companies. While this may not translate into noticeably higher premiums, it will mean that you will have to get a more comprehensive policy than most homeowners. See below to compare landlord homeowners insurance deals to find the right one for you:

Landlord homeowners insurance will take care of the physical structure of the buildings and protect the contents kept within depending on the arrangement with the tenant.

Building insurance

Buildings insurance will save you from paying the full cost of repairs resulting form damage to the walls, roof and permanent fixtures caused by:

• Fires and explosions
• Weather
• Theft, vandalism or malicious damage

Contents insurance

You will be renting out your property as either furnished or non-furnished, so, depending on the amount of your own possessions in the property, you will either want to take out a contents policy yourself or leave it in the hands of the tenant.

You will have to choose between:

• An indemnity policy which will base payments on the current market value of the item 
• A new for old policy which will replace the damaged or stolen item with a brand new one

There will be a number of extras available to you from different companies, such as rent guarantees or legal cover, so take the time to weigh up each landlord insurance quote and decide which one best suits your needs.