Landlords' insurance is an insurance policy that covers a property owner from financial losses connected with rental properties. The policy covers the building, with the option of insuring any contents that belong to the landlord that are inside. Landlords' insurance is often referred to as buy-to-let insurance, however, buy-to-let insurance is a type of landlords' insurance. It is important to distinguish between buy-to-let insurance which generally covers one property that has been purchased with a buy-to-let mortgage, and multi-property insurance, which covers two or more properties. Each of these types of landlords' insurance covers different things.
The policy will normally cover standard perils such as fire, lightning, explosion, earthquake, storm, flood, escape of water/oil, subsidence, theft and malicious damage. Each insurance policy is different and may or may not include all these items. Optional coverage might include accidental damage, malicious damage by tenant, terrorism, legal protection, alternative accommodation costs, contents insurance, rent guarantee insurance, and liability insurance.
Landlords' insurance policies typically do not cover any personal property belonging to tenants, or otherwise protect the interest of tenants; although a liability policy protecting a landlord or property manager will be of benefit to tenants should they incur a loss for which the landlord is responsible.
Contact us to learn more about the right landlords' insurance policy for your property.
Renters' insurance is an insurance policy that provides most of the benefits of homeowners' insurance. This includes liability insurance. The tenant's personal property is also covered against named perils such as fire, theft, and vandalism. Renters' insurance does not include coverage for the dwelling, or structure, with the exception of small alterations that a tenant makes to the structure. The owner of the building is responsible for insuring it but bears no responsibility for the tenant's belongings
The cost of renters insurance and the amount of personal property coverage you need depends on how much your property is worth.
To get a better understanding of your coverage needs, ask yourself the following questions:
And one more thing. If you have ever asked yourself "Do I need renters insurance?" the answer is probably yes.
Contact Us to learn more about the right renters' insurance policy for you.