If you are renting out a property then it is highly advisable you get landlords insurance to cover the spiecific risks associated with doing so. While functioning very similarly to standard home insurance but it varies in a few distinct ways that give you greater protections.
Protect your investment
Cover the specific contents that you provide to a home (white goods, carpets, beds etc.) without incurring a significantly higher premium by covering all goods.
Property owners liability can be included to cover you if a tenant gets injured on the property and blames you.
Rental reimbursment if you face loss of rent due to the home becoming unsafe after an event such as a fire.
Malicious damages covers damage caused intentionally by tenants.
If you are a landlord then you should strongly consider landlords insurance on our rental property. Without it you will liekly end up paying significantly more in maintenance and repair costs than neccessary. But further than this you are increasing your risk of loss of earning through lost rent, or lawsuits stemming from a tenant that blames you for an injury.
Frequently Asked Questions
While not strictly a legal requiremnt many mortgage lenders will seek buildings cover for a home. If you are intending to rent out a property ensuring that this is landlords insurance protects you significantly more than standard home protection.
As standard your policy will cover you for loss of rent in the event of an insured event, such as a fire. However it is possible in many cases to get additonal protection for defaulting tenants.
As a Property Owner or Landlord, your policy covers you if a member of the public (including tenants) injures themselves on your property or damage is caused to property belonging to someone else.
