Landlord Insurance vs Home InsuranceWritten By PropertyLoop March 03, 2021
It’s essential that all landlords protect their properties from the everyday risks which may occur within them such as fire and drainage problems. However, it’s also a very good idea to take out specific landlord insurance with the help of an online property agent to guard the house against any misuse on the part of the tenants.
The risks to property which may present themselves as a landlord are often vastly different to those likely to be experienced by an everyday homeowner. Should your home be damaged or your tenants move out suddenly, you could well face being out of pocket when using regular home insurance which will not cover you for accidents or damage caused by your tenants, putting your finances at risk.
Once you’ve obtained landlords insurance, always let your provider know immediately about any changes in circumstance. This includes any renovation work you’re doing which will take longer than 180 days, if your tenants move out or if the house is left empty, creating what’s known as a “void period.”
What Is Covered by Landlord Insurance?
- The loss of rent or alternative accommodation costs, if the property is deemed uninhabitable following an insurance claim
- Malicious damage to the property by tenants
- Key loss and lock replacement
- Stolen items
- Property Owners Liability, covering loss or damage to third party property
- Emergency repairs
Many packages contain different elements to assist with claims over property as well as contents relating to you or a third party, so it’s important you read up on what your chosen package offers and does not.
When it comes to factors such as bad weather and “acts of God,” you as a landlord are often not liable when it comes to standard insurance. However, with comprehensive landlord insurance, you’ll be able to protect your property against events and mishaps caused by bad weather, such as frozen or burst pipes. And as climate change ushers in more extreme weather front each year, making sure your property has the correct cover for your peace of mind and your finances has never been more important.
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