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What is Landlords’ Insurance?
Landlords’ insurance is an insurance policy designed to protect property owners from financial losses associated with rental properties. This policy covers the physical building and offers the option to insure any contents belonging to the landlord that are inside the property.
Although often referred to as buy-to-let insurance, buy-to-let insurance specifically covers one property purchased with a buy-to-let mortgage. In contrast, multi-property insurance covers two or more rental properties. Each type of landlord insurance offers different levels of coverage.
What is Usually Covered with Landlord Insurance?
| Coverage Type | Description |
|---|---|
| Standard Perils | Typically includes coverage for fire, lightning, explosion, earthquake, storm, flood, theft, and malicious damage. |
| Optional Coverage | May include: |
| – Accidental Damage | Protection against accidental damage to the property. |
| – Malicious Damage by Tenant | Coverage for intentional damage caused by tenants. |
| – Terrorism | Protection against damages due to terrorist acts. |
| – Legal Protection | Assistance with legal costs related to property disputes. |
| – Alternative Accommodation Costs | Covers expenses incurred if the property is uninhabitable due to damage. |
| – Contents Insurance | Protects the landlord’s belongings within the rental property. |
| – Rent Guarantee Insurance | Ensures rental income in case tenants default on their payments. |
| – Liability Insurance | Protects the landlord against claims made by tenants for injuries or losses occurring on the rental property. |
It’s important to note that landlords’ insurance policies typically do not cover personal property belonging to tenants or protect the interests of tenants. However, liability coverage can benefit tenants in cases of loss for which the landlord is responsible.
To learn more about the right landlords’ insurance policy for your property, please reach out:
- Phone: (855) 543-6476
- Atlanta Office: One Glenlake Parkway, Suite 650 and 700, Atlanta, GA 30328
- Bridgeport Office: 1000 Lafayette Blvd, Suite 11, Bridgeport, CT 06604
- Email: Contact Us
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