Landlord Property Insurance
Property insurance consists of several types (building, contents, liability, and employer insurance), and some or all of them are a must for any landlord. If you are providing services to your clients (tenants) and are making a profit on your property (e.g., renting it out), then you are a business, which requires your property and your liabilities to be insured.
The truth is that many landlords pay more than they should for their insurance, when in fact; there are quite a few ways to reduce their costs. At the same time, other landlords are not sufficiently covered, which may result in large losses in the case of any accidents.
It often happens that the property is covered for unneeded aspects, or that the landlord is overpaying for some of the aspects. For instance, if you have fire alarms installed in your buildings, then you may be overpaying for your fire coverage. In this case, you may want to reassess your policy with your insurance company, and point out the aforementioned aspect, which may help you to reduce your premium costs.
On the other hand, there are some vital aspects that may not be covered in some cases. For example, a landlord whose property is fully furnished may not have a vital type of landlord insurance - contents insurance. Thus, in case of a fire, burglary, or flood, the owner will lose their furnishings, flooring, and appliances, which may be extremely expensive and hard to replace on their own.
There are several main types of the landlord property insurance: building insurance (fire, flood), contents insurance (damaged flooring, stolen furniture), and liability insurance (injury to a tenant or a guest). If you have employees who work on your property, you may also need employer insurance.
Free Property Insurance Quote Online
Building insurance will rebuild your buildings in case of a fire, flood, etc. However, if you don't have landlord contents insurance at the time of an accident, then your contents will not be replaced. Also, if your tenants or their guests get injured at the time of this accident, the medical expenses may not be covered in this case.
What else should your policy cover? The aspects you may want to look into include: coverage of legal council and legal expenses in case you have a suit filed against you, coverage of the loss of income if your property becomes temporarily uninhabited, and coverage for terrorist attacks and vandalism, if your property is in a prime location.
Before you settle with any insurance company or decide to renew your current policy with your current company, it might be a good idea to compare a few quotes. Take time, look for low premiums, but remember to compare similar policies.