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A Clearer Understanding of Landlords Insurance

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by Winnie Saunders
(Fort Worth, Texas, USA)

Some people might question the necessity of landlords insurance, you would expect tenants to care about the place they are living in. Regardless, Landlords Insurance is a very prudent move. Even if most tenants do look after the property, it is always the case that a small minority treat their residency otherwise.

Standard home insurance is simply not sufficient; it does not meet the requirements that being a landlord entails.

Similar to home insurance, landlord insurance is divided into building andcontents insurance. Building insurance protecting the property, fixtures and fittings from events like fires and floods. It also covers things you would leave in the house, like wardrobes for example.

Landlord’s buildings insurance is considered effectively mandatory to a lot of landlords, however distinguishably, contents insurance for landlords is only required if you are letting a flat which is furnished to some degree.

It works in the same was as the more conventional contents insurance, with chairs, lamps and vases included. However it is very important to remember that this insurance will only cover the landlords possessions, not the tenants. The tenant will have to take out their own policy in order to protect their own items.

These are the typical types of landlords insurance, although there are a lot of ‘add ons’ available such as liability insurance. It is best to shop around to properly gauge the policies available to you.

Updated: December 15, 2013 — 3:23 am

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