Landlord home insurance – What your policy needs to include

Purchasing landlord home insurance is strongly advised for any landlord. Although it is not a legal requirement, it is the best way of ensuring you are prepared for any of the potential problems and financial struggles that may unfold. You will want to ensure that the policy you purchase gives you all the cover you will need. So what should you policy include?

The first part of your landlord home insurance policy is the building insurance. This is the section that protects the actual infrastructure of your property. You will be covered against fire and flooding damages as well as such risks as malicious damage and theft. These are all regarded as the typical hazards that could inflict damage upon the physical structure of your building.

You should also be looking into contents insurance. This type of cover will protect the belongings, furnishings, appliances and other décor within your property. Like with building insurance, the contents of your property will be protected from the standard hazards and risks, but some insurance companies may include accidental damage. However, this cover will not protect any belongings that your tenant brings into the property. For this type of coverage, you will need to invest in tenant contents insurance.

A landlord home insurance policy also needs to include public liability insurance. As a landlord, you are legally required to ensure your building is not a risk to tenants and the general public. Should an accident or injury occur on your premises, your policy will assist you with legal expenses and any damages that need to be paid out.

If you are renting out a commercial property, you should also consider employer’s liability insurance. This means that if you are employing people to work in your property, you will be covered for legal expenses in the event of an employee injuring themselves.

These are all features that your policy should include when you invest in landlord home insurance. Make sure you are getting all the coverage you need to ensure a peace of mind.