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There are different landlord insurance types, so what they cover will depend upon the exact nature of insurance that you buy. However, this is a general guide that may help you get cheap house insurance and landlord quotes.
Buildings and Contents Insurance
The bulk of the expense of your landlord insurance will be in covering the building and its structures. It will include fitted interior units and may cover the cost of replacement or repair should they be damaged in any way.
This kind of insurance will usually cover Fire, Theft, Lightning, Vandalism, Smoke, Storms, Burst Pipes, Fuel Oil Leaks, Subsidence, and impact items such as vehicles or falling trees. These are generally standard situations in which your buildings cover will apply.
Landlord insurance will also cover contents that belong to the landlord. It is important to remember that this insurance will not cover the tenants’ materials, which should be covered separately in their contents insurance.
Other Risks That Landlord Insurance May Cover
Landlord insurance is there to protect landlords not only against damages to the structure of the building and contents but also against several other risks. It may include the cost of re-housing the tenant should the need arise and covering loss of rent following damage to the property.
What Does Landlords Insurance Not Cover?
When it comes to your property’s contents, the insurance usually only covers theft cases where there was forced entry. It means that your tenants could decide to take some of the property’s materials or fixtures without any compensation for you. It is essential to have a sufficient deposit if your landlord insurance still places certain items at risk.
Placing contents insurance on items, especially in a furnished property, can insure against any damage. Again this will not cover theft, so your deposit is always essential.
There will typically be several other exclusions from your specialist landlords insurance, which will vary from company to company. It could include the first few hundred pounds (or different fixed amounts) of individual claims. Landlords policies may also not be suitable as home insurance for properties used for holiday lets, or those that are unoccupied for long periods.
To benefit from all the cover, you will have to have several measures in place in your property. It may include a boiler that’s checked annually by a registered Corgi engineer and proper measures regarding the building’s structures.