Landlord Insurance: What is it and why is it important?

Landlord insurance is a special cover for both the structure and the rental income.

10:03 19 July 2013

If you’re renting a property to people, a standard home insurance policy isn’t enough. For your investment, you will need special cover designed to protect both the structure and the rental income you will earn from being a landlord.

 

Comprehensive landlord insurance can protect you from the unexpected such as dealing with tenants who refuse to pay the rent, taking the tenants to court, contents or structural damage, etc.

 

There are also standard landlord insurance policies available in the market however, they only cover the basics. 

 

Most insurance companies offer this type of insurance. However, there are many types that you can choose from. Policies differ not just in prices but also in coverage. 

 

The key here is taking out only what you need. Carefully go over each coverage and ensure that you’re getting enough to cover any cost that may arise in case of unexpected events. 

 

Just like when taking out any type of insurance, it’s crucial that you shop around before you pay anything. Ensure that you’re getting the cheapest yet the best policy that meets your specific needs and demands.