What are landlords insurances?

Posted: 3rd Jun 2014

Landlords insurances may fall under a number of different categories:

  • buildings and fixtures insurance – a conventional and typically well understood form of cover, this type of policy offers financial protection to the physical structure of your building and its fixtures;
  • contents cover – this may not be entirely essential if you are letting out your property on an unfurnished basis but if it is furnished, this cover may be essential if your movable property is to be fully protected (note that different policies may apply different definitions of what is a fixture and what is movable content so if you decide to skip on landlords contents cover, it might be wise to be clear that you understand that what you consider to be fixings and fixtures is the same as your policy’s definition);
  • landlords liability cover – this is a form of protection that may help to cover any legal court awards against you, should you be successfully sued by one of your tenants or another member of the public due to their having sustained injuries or damages attributable to your property;
  • miscellaneous cover – your let property insurance quote may outline other elements of landlords insurances cover providing things such as malicious damage protection, elements of legal cover and loss of rental income protection (in certain situations) and we would be happy outline some of the terms used in more detail;
  • unoccupied property insurance – this is typically a separate form of cover that may be required in situations where your property is going to stand unoccupied for periods in excess of (typically) 30 consecutive days and it may be prudent to note that this cover may be required even if you have had no control over the situation that has resulted in your property standing without tenants;
  • the various forms of landlords insurances may appear to be slightly complicated, however, as they are all that may stand between you and serious financial losses against one of your major assets, it may be advisable to ensure that you are fully familiar with them and all related issues that may arise.