Landlord insurance for tenant damage
Although a landlord can be covered for tenant damage, landlord insurance does not cover loss or damage to a tenant’s contents or belongings. As a landlord, you are responsible for the structure of the building, the fixtures and fitting. If you have offered to rent the flat furnished or partly furnished you may wish to cover your own possessions in the property.
When comparing landlord insurance for tenant damage polices you, you may want to consider a policy whose cover includes:
Buildings cover will protect your property’s actual physical structure such as the walls and roof, it may also provide coverage for external structures which are part of the property for instance an unattached garage.
If you let property as fully or partially furnished then you may wish to find a policy that will protect your contents from tenant damage. Contents insurance will generally cover items such as furniture, furnishings and white goods against damage. When looking at different contents policies you may find you have a choice between indemnity or ‘new for old’ polices. If you opt for indemnity cover and make a claim, the insurer will factor in any depreciation of value the item might have undergone since the time you purchased it and pay you an amount of money based on this. a new for old policy will simply provide you with a brand new version of the same item, as a result new for old cover may be more expensive.
Before you take out a policy
When looking for landlord insurance for tenant damage you should shop around thoroughly and check exactly what each policy covers and if you need to purchase any optional extras. For instance you may find that policies from some insurers do not include cover for malicious damage by tenants as standard. By thoroughly comparing the market you may be able to find the plan which most comprehensively suits your needs.