Types of residential landlord insurance policies

Those who are landlords and landladies will know the importance of having good insurance cover when renting out a property. Whether you have hundreds of properties, or are simply renting out your outhouse, you need to be covered in the event of an unexpected incident. Insurance can protect you financially if your property is in some way damaged. There are many different types of residential landlord insurance policies.

Perhaps the most used insurance is that which protects against loss of rent. If a tenant fails to pay their rent, and leaves the property without notifying you, so you can no longer contact them, you can claim the rent back on your insurance. This type of insurance can also help if your property becomes damaged and therefore uninhabitable for a period of time.

Most sensible landlords take out public liability insurance. This provides financial protection if a tenant gets injured whilst in your property, and you are found guilty of negligence. In the event that the tenant successfully sues you, your public liability insurance will deal with the financial costs of this.

Buildings insurance can help you financially if your property is damaged in any way. Typically, it covers you if there is a fire, a flood or a windstorm. A number of other risks can also be insured against; if there are any that are significant to your property in particular, it is wise to take out an insurance policy that protects against that risk.

Another popular type of residential landlord insurance policy is contents insurance. This insures you if any items (such as furniture) within the property were to be stolen or damaged. If you have a well-furnished property, or a number of expensive items, it is advisable to take out contents insurance.