Best Landlord Insurance

Best Landlord Insurance

If you have built property for rent, you should insure it with the best landlord insurance. The insurance covers rental properties against financial losses. Only the building is covered although the policy has an option of covering the belongings of the landlord that are in the property.  The policy covers the building on losses brought on by fire, vandalism, explosion, earthquake, smoke, storm and lightning, escape of water, theft and damage depending on the provider. It is important to find good landlord insurance that will cover you on all important areas at an affordable rate.

Qualities of the best Landlord insurance

Landlord insurance only covers the building structure and not the possessions inside except if they belong to the landlord. In addition to the standard coverage, the policy may include accidental damage and malicious damage by tenant, legal protection, alternative accommodation costs, rent guarantee insurance and liability insurance. It does not cover the tenants, their personal properties, or any interests of the tenants. It is upon you to determine the coverage you need and get the best landlord insurance.

·       Buildings insurance

If you take cover on your buildings, you are protected in case the buildings are damaged by any of the risks listed such as fire and theft. The insurance will pay for rebuilding or repairing for the damage.

·       Contents cover

 You can include this in your cover if you have furnished your rental property or some of your properties are in the premises. The cover protects your possessions against loss from damage and theft. The amount of cover should depend on the value of your possessions.

·       Loss of rent

The best landlord insurance cover also covers against loss of rent through rent guarantee. The landlord can benefit from the cover if there is loss of rent if the premises cannot be inhabited due to loss which has been covered until they are repaired. This helps the landlord not to lose income if there is damage to the property. The other option is the provision of alternative accommodation for the tenants.

·       Liability insurance

Since there can be accidents on the property occurring to tenants and visitors, the policy protects the landlord against claims on physical injury on the premises. Some covers may include legal fees and counsel and the amount sued. That means that the landlord does not carry the burden of liability if there is an accident on the premises and the tenant or someone else gets injured. You should include this cover when you are buying the landlords insurance.

A standard insurance cover should contain buildings cover and liability cover. You can add contents cover if you premises have your possessions. Loss of rent cover is also important. If the premises are damaged and you cannot rent them out, the insurance will pay you for lost rent. You may take an add-on such as an employer liability cover if you have an employee. This will cover you if the employee is injured while working.

Taking landlord insurance cover is important to protect your property. Make sure that you do your research and comparison to find good landlord insurance. The type of insurance you take should depend on your needs. Make sure you include all the covers that are important to you including add-ons depending on your needs for the best landlord insurance.