There are many things that you will need to arrange if you are purchasing a property that you are going to let out on a commercial basis. One of those things is landlord insurance as this will provide you with peace of mind should anything untoward happen to the property, fixtures and fittings or any contents that you have placed in the property. It also usually includes landlord liability insurance (public liability insurance) to cover claims by third parties.
There are numerous insurance companies that provide landlord insurance with some insurers offering different types of cover. So, let’s briefly have a look at some of these: –
Landlords Buildings Insurance
If you have established that it is your responsibility to insure the building, landlords building insurance will provide cover should the premises be damaged due to such things as fire, water, storm, subsidence or theft.
Things that would be covered under landlords buildings insurance are the building and any fixtures and fittings that are attached to the premises such as fitted wardrobes and kitchen units.
Do bear in mind that a tenant is less likely to take as much care with the property as they would if they were to own there home so landlords buildings insurance would be a sensible thing to consider.
Landlords Contents Insurance
If you have provided any contents for the tenants to use in the property such as a TV, table and chairs and beds then landlords contents insurance will cover them should they be damaged due to such things as fire, theft and water damage. It is also possible to include this type of cover within a landlords insurance policy that is covering the building and fixtures and fittings. Accidental damage cover is often available as an optional extra.
Any contents contained in the property that are owned by the tenants would not be covered so they would need to consider arranging separate cover.
Landlord Liability Insurance
Landlord liability insurance is also known as public liability insurance. It will provide cover should a third party such as a tenant be injured or killed as a result of having an accident caused by your rental property, fixtures and fittings or contents and you be sued for damages.
Other types of cover
There are several other risks that may be covered within a Landlord Insurance policy such as employer’s liability cover, loss of rent or alternative accommodation cover, trace and access cover, tenant theft or attempted theft cover, malicious damage cover, equipment breakdown cover, home emergency cover, unauthorised alteration cover and legal expenses cover.
We will be pleased to arrange a no-obligation, competitive landlord insurance quote for you through our partner.