There are numerous kinds of landlord insurance policies available to you, meaning that for all kinds of landlords there are all kinds of covers. Simply taking out a comprehensive cover might not be the right thing to do, and taking out a minimal cover is simply irresponsible. Before you decide what kind of landlord insurance policy you need, you must consider the many kinds of policies available and choose which ones are most relevant to you and your business.
Rental property fire insurance is a basic form of insurance which will cover the owner for all damage that would arise from a fire. Naturally, this is desirable, but is not often used as a lone policy. By just having the kind of policy, the event of your property being damaged by anything other than fire would not result in an insurance payout.
Landlord liability insurance cover is a more popular option, and this kind of cover is known for taking care of all legal onslaughts which might be directed at you by either local competitors, or your tenants. This kind of insurance isn’t necessary, but will mean you will be protected if you are ever threatened with legal or court action. It’s a wise thing to have when you never quite know if you can fully trust your tenants or not.
A fully comprehensive cover would vary from insurer to insurer, however, you can be sure that this kind of cover will be an effective insurance. Comprehensive cover will cover damage to the contents of the property, as well as cover for the outside of the building and any fixtures like garages, greenhouses or conservatories. It’s important you choose the right policy, as it could stop you having to make huge payouts in the future!