Landlord homeowners insurance
The term ‘landlord homeowners insurance’ can refer to several different things as there are a range of insurance policies available to landlords, however there are some policies that provide cover for multiple facets.
When looking at different landlord insurance policies some things that a policy may include or offer as an optional extra include:
Buildings insurance will save you from paying the full cost of repairs resulting from damage to the walls, roof and permanent fixtures. What you are covered against will vary by policy but might feature:
- Fires and explosions
- Theft, vandalism or malicious damage
If you let a property fully or partially furnished you may be looking for a policy that also provides cover for those items. A landlord contents cover policy will protect the furniture, appliances and other items you provide in a property.
You will have to choose between:
- An indemnity policy which will base payments on the current market value of the item, factoring depreciation of value the item may have sustained since its time of purchase.
- A new for old policy which will replace the damaged or stolen item with a brand new one. Because of this these types of policies may have higher premiums
Some policies may give you choices of landlord’s liability and employer’s liability cover, which could help you cover legal and potential compensation costs if a tenant, visitor or a employee of the property respectively was to make a personal injury claim.
Loss of rent cover
If an insured event occurred which meant that you could not let out your property for a time period this loss of rent cover may be able to pay you the loss of rental income you sustained.