It is vital that Landlords have adequate Landlords Insurance in place. A Household policy will not cover a Landlord for third party risks.
No unnecessary risks with Landlords Insurance
Landlord's Liability Insurance
As a Landlord you are responsible for the safety of the property that your tenants are living in. This means that should a tenant harm themselves due to something dangerous in the property, they can make a claim against you for damages.
For example, a tenant may electrocute themselves on a faulty light switch and badly burn their hand as a result. The Landlords insurance cover will pay for any damages that are awarded to the tenant. It will also cover all legal costs.
The building itself is insured against most risks such as flood and fire for the cost or repair or rebuilding. Even risks such as terrorism or subsidence can normally be purchased as optional extras from most insurers.
For further information on setting the correct buildings sum insured, or if you need a professional valuation, please contact us now.
For a Landlord’s insurance policy, when an insurer talks about insuring contents, they are not talking about the tenant’s contents. Insuring these is the responsibility of the tenants themselves and can be done through a normal home insurance policy.
The contents that you can insure are items that you own in the property but which may become damaged such as carpets, sofas, tables, chairs and pictures if you are renting the property as furnished.
Many insurers also insure communal contents which will cover contents such as those named above. These can be situated in communal areas in blocks of flats, or properties with multiple types of tenants.