What is Landlord Insurance?
Landlord insurance is an insurance policy designed to protect a property owner from financial losses connected with rental properties. Typical landlord insurance policies cover the building itself, and may include an option to insure any contents that belong to the property owner (landlord insurance will not cover property or building contents owned by the renter).
It is important to distinguish between landlord insurance and buy-to-let insurance. A type of landlord insurance, buy-to-let insurance usually covers only one property that has been bought with a buy-to-let mortgage. Multi-property insurance covers two or more rental properties. These different types of landlord insurance policies cover different things.
What Does Landlord Insurance Usually Cover?
Every insurance policy is unique and should be tailored to cover the individual needs of each property owner. In general, however, landlord insurance may cover against damage from standard perils such as:
- Escape of water/oil
- Malicious Damage
Your policy may or may not include some or all of these items. Some policies may optionally cover additional situations such as accidental damage, malicious damage by a tenant, terrorist attack, legal protection, alternative accommodation costs, insurance for property owner content, rent guarantee insurance, and liability insurance.
Most landlord insurance does not cover the personal property of the renter or tenant. It is designed to protect the interest of the landlord, not the tenants. However, some liability policies may be of benefit to the tenants should they incur loss for which the landlord is responsible.
At SunGate Insurance, our goal is to provide you with the right landlord insurance policy to protect your property and offer you peace of mind! Contact us today find the policy that works for you.