Landlord Insurance

Its advisable for all landlords to have some kind of insurance. The insurance can cover a wide rage of things from, loss of rent, damage to property and its contents, to relocation of tenants in case of disasters.

It does not matter how much you vet your tenants or maintain your property the unexpected can always happen.

The different types of landlord insurance are listed in more detail below:

Buildings and Contents insurance

Buildings

This typically covers the property, including any outbuildings and the cover is normally for full replacement or repair costs. Policies normally cover against loss or damage caused by:

* Fire * Theft * Vandalism/malicious damage * Lightning * Oil or water leakage * Smoke * Storm (other than gates and fences) * Subsidence * Burst pipes * Impact from vehicles, falling trees, animals, aircraft, aerials and masts * Civil commotion * Earthquake

Whenever you rent out your property you can cover your contents against fire and theft. This includes furniture, household utensils, kitchen electrical goods and soft furnishings. You cannot normally insure personal effects or valuables but you can extend contents cover to include Accidental Damage if you need it.

Rent Guarantee Insurance

With this cover you can protect your rental income, whether you have a single investment or a large portfolio of properties, late or missing rent payments are a serious problem for lots of landlords.

This insurance can be used to help evict non-paying tenants as well protecting your rental income. Some insurance companies will pay 50% of the rent for 3 months between the successful eviction and finding new tenants.

If you are unsure what cover you need the speak to your local landlord association and/or the possible insurance