Having landlord insurance is not compulsory by law but it is highly recommended for any landlord who has property to let. Nobody knows what could happen and having landlord insurance is the best way of preparing yourself for any problems you may face. It is always important that you are receiving the cover you need for a price that you can afford. So what sort of protection will this insurance give you?
Your insurance policy should cover your building against all the typical hazards that can occur. This includes fire damage, water or flood damage and other problems like theft or malicious damage. Some policies may also include damage from falling trees, branches or other harmful debris.
You may also receive complimentary cover within your policy. For example, some insurance providers will give you free accidental damage cover when you take out a policy with them. Comparing the quotes available will help you find out which policy will give you the most for your money.
Landlord contents insurance is also available from insurance providers. This cover will protect the contents that you have purchased for the property. This will include the furniture and other items that are owned by you. However, you may be required to purchase separate cover if you want to protect your tenant’s contents.
A cheap landlord insurance policy should also give you public liability cover. As a landlord, you are legally responsible to ensure that your property is safe for both tenants and the general public. Landlord insurance will help you with any damages and legal expenses if you ever encounter a problem.
If you are always comparing the quotes, then you are increasing your chances of receiving all the protection you need for an affordable price.