Multi-Property Landlord Insurance

When you own rental properties, one of the most important things to have protected under landlord portfolio insurance is the building’s structure.

Landlord building insurance protects homeowners from any property damage, be it malicious damage (through acts of vandalism) or accidental (such as weather or storm damage).

Repairing structural damage to a property is never cheap and can often mount up as further problems are detected throughout the job.

By choosing to opt for buildings insurance, homeowners can make sure that whatever happens, they are fully covered. The financial responsibility of restoring the property will not fall entirely on them.

Another massive cost sometimes overlooked by landlords who rent out properties is the value of the contents within the flat that they own.

This can include anything from white goods (like washing machines and dishwashers) t0 furnishings such as curtains, carpets, sofas, and anything in between.

Contents insurance does not cover any tenants’ belongings, however; it’s purely reserved for protecting the landlord’s pre-existing property with the flat they rent out.

One of the most stressful things that can happen to a landlord is having tenants within your property who are not paying rent. Rent loss occurs more frequently than you might think, and – without the proper rent cover – there is little landlords can feasibly do.

To protect yourself from falling victim to unpaying tenants, landlords should always incorporate tenant default insurance into their building insurance plan.

As mentioned prior, if you have a tenant who is injured or hurt within the property – or blames you (the landlord) as the cause of their injury, they are entitled to pursue you for compensation.

This can be a messy and expensive problem that, if you are not adequately prepared for, can amount to large deals of stress – as well as a hefty bill.

By opting for landlord liability insurance, all legal fees and costs (including any compensation) will be covered by the landlord insurance provider.

Landlord liability insurance is the sort of insurance you hope you’ll never need to use, but – if it’s needed – you’ll never regret having it.

Accidental damage insurance (as you could probably derive from the name) aims to give homeowners peace of mind in the eventuality that anything within their property gets broken.

Any landlord who has accidental damage insurance will not have to pay the repair costs of getting whatever has broken fixed (such as a boiler, toilet, etc.).

Similarly, intentional damage insurance protects landlords from any intentional damage to the property’s interior and exterior. This includes damage that the tenants have caused themselves or anyone else who has willingly damaged the property.

We’d always thoroughly recommend that owners of residential properties invest in liability insurance.

The principle aim of liability insurance is to protect a homeowner against unforeseeable circumstances in which they are held liable by the tenant.

Instances where liability insurance may prove essential vary massively from case to case but can include issues such as bodily injuries sustained within a property, including illness and death.

Any accidental damage to the property – which the tenant did not cause – will be covered by the residential properties liability insurance.