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What does landlords insurance cover provide?

The only way to be sure that you really understand what your policy is providing you with by way of cover, is to read it carefully.

Having said that, it might be possible to offer the following general categories of risk that you might expect see provided under a typical landlords’ insurance cover policy.

Buildings, fixtures and fittings protection

This is a fairly familiar area of cover and typically offers protection against perils such as fire and storm damage etc.

Over recent decades the cover provided by a typical policy in this area may have changed. For example, it might not be safe any longer to presume that a standard policy will offer cover under this category for events such as subsidence or flooding.

Some policies may do so whilst others may not.

Contents insurance

As the name suggests, this area of protection covers your furniture, equipment and other moveable objects that constitute part of your let.

If you are letting property on an unfurnished basis, strictly speaking you may not need this type of cover included on your policy. However, before deciding to dispense with it entirely, it might be sensible to ensure that, what you consider being fixtures and fittings (and hopefully therefore covered by your buildings policy) are also similarly seen as such by your insurance provider.

Third party liability

This is an important area although some landlords occasionally confess to not entirely understanding what it provides.

If a member of the public or one of your tenants suffers personal injury or damage to their property, which they consider to be attributable to some failing on your part to maintain your property in safe condition, they may well sue you for damages.

You should be clear that if a court happens to agree with their interpretation of events, you may find staggeringly high sums awarded against you.

These are the circumstances that this type of cover seeks to protect you against, financially speaking.

Miscellaneous areas of cover

There is a range of other added-value cover that some policies might provide you with, including miscellaneous damage by tenants, some elements of legal costs and trace and access cover etc.

These additional elements may significantly add to your satisfaction level with a policy and should, therefore, be taken seriously when reviewing your options prior to making a purchasing decision.

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