The buildings cover offered by most landlord insurance companies will protect you from having to pay for damage caused to the walls, roof, and permanent fixtures of the property what events you will be insured against will vary by provider and some may offer optional extras to cover additional types of event.
Things which buildings insurance may cover includes:
- Fires, explosions and smoke damage
- Floods, earthquakes and storms
- Theft, vandalism and intentional damage
If you let a property as fully or partially furnished then contents insurance is there to provide protection from having to pay the cost of repairing or fully replacing all of the things that are not included in buildings cover. Generally contents insurance will provide cover for the items of furniture, furnishing and appliances but not your tenant’s possessions.
Things which a contents insurance policy may cover include:
- TVs and stereos and electronic equipment
- Laptops and PCs
- Kitchen appliances and utensils
You may find that a landlord insurance policy includes landlord’s liability insurance. This cover will pay your legal expenses if a tenant or visitor makes a personal injury claim against you. If you are found to be at fault it should also cover their legal costs and the compensation payment you have to pay them.
Landlord insurance providers will have broadly similar policies; it is the extras offered that will make some landlord insurance policies more comprehensive than others.
Some popular extras offered by companies are:
- Rent guarantee cover will protect you from damage done by unpaid rent
- Accidental damage cover extends you insurance to unintentional damage caused by accidents
- Landlord emergency cover will help you get an approved tradesperson to the house following an insured emergency which may be something like a gas leak.
If you are going to compare landlord insurance policies, here are a few useful things to judge them on:
- It is important to read the small print and to confirm exactly what is included and excluded from each policy. With buildings cover you will need to know what kind of occurrences will qualify you to make a claim.
- Can you voluntarily increase your excess payments to lower your premium payments
- What kinds of discounts are available from each different provider, and what are they awarded for. Many companies will offer cheaper landlord insurance quotes for applications online
- Can you transfer a pre-existing no claims bonus to the new landlord insurance policy?