If you own property and you want to let out that property to tenants, then you need to look for landlord home insurance. It will protect you and your tenants against risks that may affect your building or contents. If there is a mortgage on that property your mortgage contract requires you to have this kind of insurance. This article is a guide to landlord home insurance.
Why landlord insurance
Although a standard home policy can cover you to a certain extend if you are a landlord, it is advisable to take landlord home insurance cover. It will specifically cover your needs and will provide specific protection.
The building owner As the building owner you need to make sure that the building is protected against fire risks, theft, natural occurrences like floods and storm damage. What else is covered? Contents cover If your house or property is furnished then you need to make sure that the contents are covered. Contents face the main risk of theft and accidental damage, for example an item can fall or get damaged accidentally and all these losses will be covered under your contents policy. A household contents policy is cheaper if its combined with your home insurance.
Legal cover This will pay for legal costs if anything happens to your tenants. There is also need for you to have third party property and injury cover. Visitors or contractors working on your property can suffer injury or have their property damaged. You need to make sure that you are protected against such losses. Rent insurance This will ensure that you get your rentals in cases where the tenant fails to pay your rentals. Landlord home insurance cost The amount of premium that you pay for your buildings insurance will largely depend on the value of your property and the location of your property. If you live in a high risk, you are likely going to pay more premiums. It will also depend on the amount of cover you need for public liability and legal cover but insurance companies usually have a minimum limit. Make sure you get the right cover You need to shop around for the best cover; there are many landlord home insurance companies to choose from. You may need to use a specialist landlord insurer, so that you buy a home insurance policy that is specific to your requirements.