Looking for landlord insurance?

A landlord insurance policyis an insurance policy that coves a property owner from financial losses or risks associated with rental properties. The policy covers the building with the added option of insuring some of the contents within the property that belong to the landlord. Obviously the property and its contents is at greater risk than a property that the owner lives in.

The policy will usually cover a standard set of potential risks such as damage done by fire, lightning, explosion, earthquake, storm, flood, subsidence, theft, malicious damage, and the escape of water and or oil. Each insurance policy is of course different and may or may not cover all these items. Optional coverage may include accidental damage, terrorism, legal protection, alternative accommodation costs, contents insurance, rent guarantee insurance and liability insurance.

A good place to start is a price comparison website such as moneysupermarket.com or moneysaving expert.com. You could also take a look at websites designed specifically for landlords such as justlandlords.co.uk or landlordinsurance.org.uk.

Landlord insurance is not the same as property insurance. Therefore, even if the property is insured for you to live in, as soon as you let it out, you need to take out a landlord insurance policy to ensure that you and the property are adequately covered against all the previously mentioned types of damage or risk. Bear in mind that there may be several different tenants renting the property which in turn increases the risk of theft of or damage to the property and contents and therefore an landlord insurance policy is crucial.