Excite

What does landlord insurance cover?

If you are renting your property to tenants then it is worth considering taking out a landlord insurance policy. This can help to protect against financial damage that may occur as a result of a tenant or guest in your property. Read on for some advice on what landlord insurance covers.

Landlord Insurance

Having landlord insurance protects one of your most valuable assets, your investment property. No matter how careful you are there is no guarantee that accidents will not happen. Because of this it is important to know what is and is not covered before settling on a policy.

What is covered?

Most landlord insurance policies cover your property for accidental loss or damage caused by you and also vandalism and malicious damage caused by tenants. The building is also covered for certain events. The events listed depend on the insurer but often include fire, lightning and storm protection.

You will also be covered for your financial losses should a tenant default on their rent payments. Landlord insurance policies will also cover you for the loss of rent in the event that your property becomes uninhabitable.

What is not covered?

The amount of exclusions usually depends on the insurance company. However general landlord insurance exclusions are damage or loss caused by lack of maintenance for the property, flood damage and soil movement or erosion.

Your policy document should set out any other specific events that may not be covered and any applicable circumstances that must apply for claims to be valid.

Shop around for the best cover

As with all types of insurance, when it comes to landlord insurance it's a good idea that you shop around to make sure that you get not only the best deal price-wise, but the best amount of cover for your money. Compare at least three different providers before purchasing.

United Kingdom - Excite Network Copyright ©1995 - 2017