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Landlord insurance is a type of policy specifically designed to protect property owners who rent out their properties. It covers financial losses connected with rental properties, such as damages to the property or loss of rental income. This insurance is crucial for landlords looking to safeguard their investments against the unforeseen.
What is Typically Covered:
Property Damage: Covers damage to your property from insured events like fire, storm, and vandalism.
Loss of Rent: Compensation for lost rental income if your property becomes uninhabitable due to an insured event.
Liability Coverage: Protection in case a tenant or visitor sues for injury or property damage related to your rental property.
Legal Expenses: Covers legal fees if you need to take action against a tenant or defend a claim related to your rental property.
What is Not Typically Covered:
Unforced Entry: Damage caused by tenants without signs of forced entry may not be covered.
Wear and Tear: Gradual deterioration of the property over time is not covered.
Personal Property: Unless specified, landlords' personal property left on-site may not be covered.
Legal Expenses: Covers legal fees if you need to take action against a tenant or defend a claim related to your rental property.
Agreements Outside the Lease: Financial losses due to verbal agreements or arrangements with tenants that aren't documented in the lease agreement.
The Broad Risk Difference
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"You First" Principle
Your business comes first. We align our services with your values and needs, providing expert advice and insurance protection that allows you to focus on what matters most—growing your business with peace of mind.
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Accountability
We take full responsibility for the services and recommendations we provide. Every action is designed to deliver results, fostering trusted, long-term relationships with our clients. Your satisfaction and security are at the forefront of everything we do.
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Expert Solutions
With over 15 years of experience, we specialise in delivering tailored advice and solutions to protect your business. We customise our offerings to your unique needs, ensuring comprehensive coverage and peace of mind.
Frequently Asked Questions
1. Is Landlords Insurance mandatory?
While not legally mandatory, it is highly recommended to protect your investment and income.
2. Does Landlords Insurance cover tenant belongings?
No, tenants need their own contents insurance to cover their personal belongings.
3. What should I do if my property is damaged by a tenant?
Document the damage and contact your insurance provider to file a claim.
4. Can I get Landlords Insurance if I only rent out a room or a part of my property?
Yes, there are policies available for various rental arrangements, including partial rentals.
5. How does the loss of rent coverage work?
If your property is uninhabitable due to an insured event, this coverage can compensate you for the rental income you would have received during the repair period.