Tenants are typically viewed to be of higher risk than owner-occupiers, and for this reason regular homeowner insurance policies are often invalid for tenanted homes.
Most mortgage lenders will require that you have buildings insurance in place. Landlords building insurance will cover you against a number of eventualities, and is specifically tailored to offer a policy which covers damage that more frequently occurs in tenanted properties. Each insurance policy differs, and you should ensure that you are aware of exactly what is covered by your own policy.
Landlord contents insurance covers the cost of any damage to contents owned by you the landlord. It also generally protects you in the event of a theft committed by the tenant.
As a landlord you can also protect yourself against tenant related incidents. If a tenant refuses to pay rent or attempts to hold you liable for a personal injury, the following insurances will provide cover.
- Public Liability Insurance – This covers you if a tenant holds you liable for an injury caused by a fault in your property and includes your legal expenses and damages awarded to tenants.
- Legal cover – This will cover your expenses if you need to take your tenant to court.
- Rent guarantee – This will ensure you’re still paid, even if your tenant defaults on the rent.
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