Product Description
Landlord’s insurance is a great form of protection for those who rent out their properties. The policies can cover damage to the building, damage to landlord contents including carpets, curtains, fixtures and fitting and liability coverage in case anyone gets injured on the property. You may also wish to add the following types of coverage: Loss of Rent, Rent Default and Tenant Damage just in case your tenants do a moonlight flit.

Main Players
The number of insurance companies that now offer landlord insurance is steadily growing. The biggest names at present include Simple, Direct Line, CIA Landlord, AXA, Firstlet Property Insurance and Endsleigh. It is also possible to get this type of insurance through a few of the high street banks however their prices may be higher than those of the specialised companies.

Pros of Landlord Insurance

• All policies cover any damage done to the building itself and any personal belongings of the landlord.
• It can also cover loss of rent, non-payment of rent and tenant damage however these options are extra in some policies.
• Gives the landlord assurance that damages can be paid for if necessary.

Cons of Landlord Insurance

• Policies are an additional cost for the landlord and they can be expensive depending on what is covered.
• It may be that you never need to claim and so these policies can be a waste of money.

Things to Consider When Choosing a Provider
If possible you should find a provider that specialises in this type of insurance so you can be confident they know what they’re talking about. You don’t want to spend way more than you need to on unnecessary extras but at the same time you don’t want to find yourself underinsured and having to pay out additional money.

Major landlord insurance companies will know how to assess your risks based on several factors. Where the building is located, what type of crime if any is happening in the neighbourhood, and what shape the building is in are just some of the questions they should ask. If you haven’t been asked to provide the landlord insurance company with an in-depth account of these and other things, you may want to look at another provider. The more knowledge they have of your situation and how much risk you are comfortable with will give you the best rate possible.

BUYability Summary
The coverage of landlord insurance is best described as a safety net for your investment. If you don’t have the proper insurance and something goes wrong, you have just lost a source of income. You may only want to cover your building and any injuries that could occur. Any company can assist you with this. However, if you want to include extra coverage like loss of rent or default rent you may need to seek out a more specialised insurer and get a proper landlord insurance policy put into place.