Landlord Insurance Coverage | Building | Contents | Others

If you want to know more about landlord building insurance then continue reading as I will be discussing some of the typical areas covered by landlord building insurance. But before going further, let me discuss a general overview of landlord building insurance and its importance to you as a landlord.

As a landlord you must be aware of the importance of insurance as it will give you convenience if your boarder damages the property or fails to pay the rent. If you rent the property then you are heavily dependent on the rents you draw from your tenants and should purchase landlord insurance, especially nowadays that landlords are under more financial risks than in the past. This is the most obvious situation faced by any landlord.

Now let us proceed and discuss some typical areas covered by landlord insurance. The major areas which are covered in the landlord insurance include the guarantee of rent, legal protection and the accidental damage coverage. Landlord insurance also helps you avoid financial loss by covering common perils such as fire, lightning explosion, earthquake, storm, flood water or oil spill, subsidence, theft and malicious damage.

Listed below are discussions of some of the available landlord insurances.

Landlord buildings insurance

With this insurance you can rest assured that damages caused by fire, floods, burst pipes and similar occurrences. Though it covers a lot, remember that landlord building insurance does not cover loss related to contents of your property.

Landlord contents insurance

This type of insurance will cover loses related to the contents of your building. If it suits you, you can also consider getting buying limited contents insurance. But the point is that if you rent a fully or partially furnished building then this type of insurance is a must for you.

Landlords Loss of Rent

If your tenants refuse to pay the rent and other unexpected occurrences that resulted in loss or inability to play rent then the landlord loss of rent insurance is something that you might want to consider. As it protect you from loss of rent.

Emergency assistance

If you are the type of landlord that stays away from your rented property then the Emergency Assistance will be helpful for you in covering emergencies such as failing electricity supplies and cooking facilities, problems with the plumbing, leaking roofs along with its guttering, damaged doors and windows. Get this type of insurance to have a peace of mind while being away from your property.

Legal expenses insurance

Legal expenses insurance will minimize your losses by covering any legal expenses associated with recovering costs legally owed by your tenants or to legally evict them or to recover amounts for deliberate or intentional damage by them. Suppose your tenants refuse to pay the rent and you want to take them to the court to collect your owed rent. This policy will pay the "Legal Expenses".

Being a landlord that deals with legalities, there would also be legal expenses associated with your business. Legally recovering costs owed by your tenants or to legally evict them or to recover fees for intentional damage by them. In cases where you take your tenants to court to collect your owed rent this policy will pay for the ‘legal expenses’.

As a landlord, it is to your advantage to know the types of insurance you can protect your property with and as such, take time to look these types of insurance up as it will be to your great advantage in the long run.