Landlord
Insurance
If you are a landlord, you are highly recommended
to take out landlord insurance to cover the properties
you are renting out. This type of insurance generally
covers your properties for damage not only to
the inside of the property, but also the exterior
of the property.
As a landlord,
you should also ensure that your tenants have
suitable cover in the event they damage your property
through their own use, as it is then their insurance
policy which pays out for the repairs rather than
your own landlord insurance policy. Tenants should
generally have at least a basic home insurance
policy that covers them for internal damage and
accidents, and as the landlord you may wish to
view the level of cover they have shortly after
they move in, and request additional cover if
you feel it does not meet minimum requirements.
Tenant insurance
will very often not cover the buildings, so you
should ensure you are covered in the event of
fires or floods to protect your investment. A
house could be worth several hundred thousand
pounds and this type of damage could lead to a
very large bill if you did not have suitable insurance
in place to cover you in this eventuality.
