Landlord Insurance for Tenant Damage
As a landlord, you will not be covered by a standard home insurance policy. There are many companies that provide a specialist insurance service for the protection of your home and rental income. You can insure both your building and your contents and protect from fire, flood and also tenant damage on your landlord insurance policy. Many insurance policies cover you for malicious damage and loss caused by tenants whilst they are occupying the property.
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.
There are many insurers who provide landlord insurance with tenant damage cover included. However, because it is a specialist type of insurance you may end up paying a little more for your premiums. Here are a few tips that you may want to consider when taking out landlord insurance:
- Search for a multitude of quotes and compare their prices and cover.
- Do no assume that the quote with the best price will be the best one for you. The initial policy may seem like a great deal, but the cover may not be right or the excess may be large.