What are the typical features of most Landlords insurance policies?

There are many differences between landlords insurance policies.  Buildings are normally sold with contents such as carpets, curtains, furnishings and appliances etc.  These are considered insured contents.  Fixed items, such kitchen or bathroom fittings, are normally included under the landlord’s building insurance policy.  It is always wise to have loss of rent insurance also.  If you find yourself with widespread damage, or needing many repairs, you may lose money due to being out of business.  Your rent from tenants may be reduced or stopped all together.  This would help you regain some of that lost income.  You may not realise how much how a landlords insurance policy can help you until it is too late.  Any renovations or damages that are incurred due to disasters are often very devastating even when you have insurance cover.  When you add the loss of your rental income, the situation can be even worse for your business and financial situation.

If you are a landlord of any property or business, you want to make sure that you are covered from every angle in order to protect your financial wellbeing and property.  You can get the exact cover that you need without having to pay for cover you do not need, or leave out cover that you do need.  It is very easy today to get the ideal cover for very reasonable prices.

Being a landlord brings much responsibility and many possible risks.  Being a responsible landlord means making sure that you have the proper cover in the event that something unexpected occurs.  You are protecting your investment and income by making sure you have the cover you need.

Here are some typical landlords insurance features.

New for old means that any insured property that is damaged or stolen would be replaced as new by a landlord’s insurance policy.  However insurance policies may choose to repair the item instead.  If an item is lost or destroyed, it will be replaced with a new item of the same type.  There are policies that go by age limit on items.  Items are often so old that they can’t be replaced.  If this is ever your case, make sure to have an accurate amount for the item’s value. Indemnity is the amount that the landlord is compensated with for loss and/or damage, for instance it could be the depreciated value of an item.  Remember many items lose worth over time and the current value is what many insurance companies are willing to pay.

Accidental damage coverage is something that is very handy. This landlords insurance coverage may increase your insurance premium slightly but may be worth having, especially if there are children on the premises who love to play ball. Excess is a set amount that insurance companies require that landlords pay as their share of the claim.  Many times this price will be higher in return for a lower premium cost.

Liability insurance will protect a landlord in the event that a claim is filed by a third party.  It is very important that if you are in a situation that someone is threatening to sue that you do not admit fault.  Someone may have suffered an injury or death while on your property. Property Owners Liability insurance is designed to cover landlords when it comes to most risks.  During a time when buy-to-let properties increase, so do personal injury claims.  These can be devastating to those landlords who are caught with a claim uninsured.  Very high claims rewards are not uncommon to the point of financial wipeout.  It is much better to be safe than sorry.  Life events can be very unpredictable.  Although you may feel that a claim will never be brought against you, you never know.  By the time it creeps up it is often too late to protect yourself financially.  Always make sure that you have liability cover as a landlord in order to protect your livelihood.  One large claim could lead to a huge financial burden.