Landlords Insurance is an insurance policy that protects landlords against loss or damage to their rental property. The cover usually includes protection against the same perils normal home insurance does, including cover for buildings and the landlord’s contents (if any) from standard perils such as fire, lightning, explosion, earthquake, storm, flood, escape of water/oil, subsidence, and theft.
The cover under a standard Landlords policy is for loss, or destruction of, or damage to the property insured caused by:
Loss or damage resulting from most types of fire is covered, but not: explosion resulting from fire (note that the Lloyd's of London standard fire policy covers this risk) fire damage caused by earthquake or other below-ground fire spontaneous fermentation or heating, or the property undergoing a heating process.
All damage or destruction caused by lightning is covered whether it results in fire or not.
Gives very limited cover for damage caused by explosion of boilers or gas used for domestic purposes only.
Storm or Flood
Excluding damage, resulting from frost, subsidence, ground heave, landslip or attributable solely to change in the water table levels.
Escape of Water/Oil
From any tank apparatus, pipe or sprinkler installation but excluding damage: to any portion of the Building which is vacant or disused. To Buildings caused by frost other than to internal plumbing installations not in any outbuildings.
Theft or Attempted Theft
Excluding damage to any portion of the Building that is vacant or disused. Any damage caused by your employees, tenants or any other person lawfully in your premises.
All risks Cover
This type of policy extends the basic fire and special perils cover by including all accidental loss or destruction of or damage to the property insured that is not specifically excluded.
Unlike normal household insurance, Landlord’s Insurance can also protect landlords against:
- A Tenant damaging the property (Malicious Damage)
- Theft by Tenants
- Legal Expenses
- Loss of Rent and rehousing costs should an insured event occur and the tenants have to move out
Property Owner’s Liability
Covers the landlord if they are held accountable for injury to the tenant or a third party at the property and claims against them.
Content's insurance for unfurnished properties
It’s important to note that even if a property is let unfurnished, there still may be some contents you want protecting; namely carpets, curtains, light fittings and kitchen white goods; there are landlord insurance polices out there that can offer specific limited cover for these properties.
Landlord Insurance policies won’t protect the tenant’s belongings. It’s up to the tenant to protect their own belongings. But some tenancy agreements do stipulate the tenant has to cover their liability, in case they damage any property of the landlord’s, they can do this with a Tenant’s Liability Policy.
Cover for multiple properties
Landlord’s Insurance can also cover multiple rental properties all in one portfolio policy, these policies usually have one renewal date and allow landlords to add or remove properties as required.
The main examples are:
- riot or civil commotion (unless insured as a special peril)
- war risks
- radioactive contamination
- riot, civil commotion and associated malicious damage in
- Northern Ireland
- pollution or contamination, except where a connected insured
- peril operates
- risks which are or should be insured under a marine policy
- items more specifically insured elsewhere
- consequential losses.
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