Being a landlord means you bear the responsibility of protecting your tenanted property, be it a small holiday let or a multi-bedroom house, against anything that might incur damage and subsequent financial losses. On the other hand, your tenant carries the responsibility of protecting their belongings that reside at your property.
This means you will need a rock-solid bricks and mortar insurance policy and potentially some extras covering a range of risks. These may include:
In addition to the above, you can get insured for rent default, meaning periods of time during which your tenant is unable to pay rent due to one of the following factors:
Some of the insurance policies covering the above events will only take effect in four weeks following the incident, which is why all landlords should stick to the four weeks’ rent as bond when signing the tenancy agreement. Make sure you have ample coverage against scenarios involving potential damages to your property or sustaining financial losses due to one of the above events.
If you’re renting out a fully or partially furnished property, you might look into getting a contents policy for the following items:
A number of insurance companies will do deals on combined policies. If your tenant and/or their guests cause damage to your property, your insurer will normally cover the damage, although in some cases they may charge a premium for this.