If you are a Landlord renting out your property a regular home insurance policy will not be sufficient, you will require landlord insurance. Landlord insurance policies differ from one another, so checking the terms and conditions of every policy is vital, as exclusions and limitations may apply. The insurance can typically cover Landlord Insurance legal cover, landlord liability cover, rent guarantee cover, and employers' liability cover.
The cost of Landlord Insurance will vary according to the location, type and age of the property, and it also varies according to the type of cover you chose. Generally there are two types of Landlord Insurance; Landlord Buildings Insurance and Landlord Contents insurance. Landlord buildings insurance will cover the actual structure of your rental property and any permanent fixtures and fittings present in the property. Landlord contents insurance covers the items present inside the property that is, the furnishings you have chosen to include as part of the let. Only the items belonging to the landlord are covered by the Landlord contents insurance, and not the items belonging to the tenant in the property.
If you have or are looking to get Landlord Insurance, you must make sure that your property inventory is in order, as this is essential should you need to make a claim. A Property Inventory is also essential regardless, as it allows you to identify any missing items or damage caused by the tenant.