If you own a property which you rent out, you’ll need landlord insurance. As a landlord, there’s a risk that comes with renting out your property to strangers. You’ll need to ensure that not only the building is covered, but also the contents.
The Three Components Of Landlord Insurance
Most landlords will need their policy to cover three important aspects. These are:
- Building insurance – this covers the bricks and mortar, the roof, windows, doors etc.
- Contents insurance – this covers the fixtures, fittings and furnishings in the property.
- Property owners’ liability insurance – this covers the landlord if their tenant is injured on the property or damages the property.
The insurance policy you choose to take out can have all of these included. There are other things that can be added on as well to cover additional risks. This includes covering unpaid rent and accidental damages.
Does Landlord Insurance Cover The Tenant’s Property?
No. Landlord insurance won’t cover any contents that belong to the tenant. Contents insurance that’s included in your policy will only cover the items that belong to you. If your tenant wants to be covered, they’ll have to take out their own contents insurance policy to cover their possessions.
Why Is Insurance Important?
If your tenant suffers an injury on the property, they could demand that you pay compensation and legal fees, should they take you to court. The injury could happen as a result of something simple, such as tripping over a floorboard. If this happens and you don’t have landlord liability insurance, you could be held responsible and have to pay out a lot of money. When you have insurance, you can claim for these costs through them.
It also covers you if you have a tenant who doesn’t respect your property. If you’ve found that they’ve caused damage, whether intentional or accidental, your insurance provider can pay out for repairs. When renting to a stranger, you never really know whether they’ll take care of your property, so it’s good to have the reassurance that insurance offers.
For Landlord Insurance, Choose Exe Insurance
If you’re a landlord and need to get a policy in place to protect your property, get in touch with Exe Insurance today. We can arrange bespoke insurance policies that will give you peace of mind.
