Landlord insurance for rental property
Although policies will vary from one insurer to another, there are usually several basic elements that are commonly included as part of your landlord insurance for rental property. This can include:
- Contents Insurance – which provides cover for the contents of the property if you rent as fully or partially furnished covered items might include: appliances, furniture and carpets policies may vary on what you are protected against for example some may not provide cover for malicious damage or theft.
- Buildings Insurance – which will cover the cost of any damages or repairs to the property’s structure and permanent fixtures, it may also cover external buildings that belong to the property such as unattached garages.
- Liability Insurance – a liability policy will cover the cost of any legal fees and expenses that may need to be met. Such as if a tenant or visitor made a personal injury claim. If you were found to be at fault it may also meet the compensation award and legal costs of the claimant.
A number of optional extras may also be included as part of a policy, these extras however will usually increase the cost of the insurance quote, but should always be carefully considered. For example loss of rent cover, can help you recover the loss of income you would incur if an insured even meant you could not let out the property for a period of time.
There are a number of factors which may also increase the cost of landlord insurance for rental property, the following are some examples:
- The location of the property
- When the property was built
- The type of tenancy agreement
- Whether the property is a flat, cottage, detached house etc
In order to find the best possible insurance policy, it is always recommended to shop around as much as possible, as different insurers will offer highly competitive agreements to suit the needs of different property owners. Use our free, simple service to compare different quote providers.