Landlord Insurance is a form of insurance that is needed if you own a property that you rent out. As a buy-to-let Landlord you probably realise that owning a property as an investment to make an income from it should be treated similarly to running a business.
When you buy a Landlord Insurance policy you buy a core policy which consists of the following types of insurance:
Property Insurance- This will cover the actual property from damage such as a fire or flood. Obviously this is an important cover to have as the building is a large asset that you own and you don't want it to be at any kind of risk of it being damaged or even destroyed whilst you don't have insurance.
Landlords Liability Insurance- You are responsible for providing a safe property for tenants to live in. If a tenant is injured on something faulty in your property you will be liable to pay if they make a claim against you. Landlords Liability Insurance covers you for this type of claim.
Landlords Content Insurance- Contents in your property that you own can be covered by Landlords Content Insurance. If any of your contents are stolen or damaged you will be able to make a claim for the cost of replacing them. The contents that your tenants own should be covered by their own insurance.
As ever greater numbers of people are investing in buy-to-let properties the need for Landlords Insurance is increasing. There is more competition out there between Landlord Insurance providers and so you are now able to find good deals for your insurance.
A good way to find the best deals is to shop around and if you can, compare quotes from different providers to find the one that meets your needs. By doing a little bit of research you might be able to save yourself some money.
