Landlord Insurance FAQ.

Landlord insurance is a crucial component of owning a portfolio, however, we see many people who are unaware of its importance. These FAQ’s have been encountered numerous times and aim to help people who are uncertain about the importance of landlords insurance, or what landlord insurance actually is:

“Is Landlords Insurance a Legal Requirement?”

• The simple answer is no, it is not a legal requirement. However, it must be noted that a standard home insurance policy may not cover you when the property is used for rental purposes and can leave you vulnerable. Therefore it is always a good idea to have landlords insurance.

“Can landlords ask tenants to have their own insurance?”

• Your tenants are not legally obliged to have insurance for their own belongings, but this does not mean that they will be covered by your policy. It is important that tenants are aware that they should protect their own belongings.

“Can I insure more than one property?”

• Yes. A landlord’s policy provides the advantage of having all investment properties under the one policy. One policy, one premium, one renewal date. Making it far more convenient and far less time consuming to protect your assets.

“What does a landlord’s policy provide that a home insurance policy doesn’t?”

• A landlord’s policy comes with several other benefits. It will cover many of the same things that your regular home insurance does, but goes a step further by covering risks that are commonly found in a rental business. Such as loss of rent cover and property owners’ liability.

“What are Landlords Contents?”

• These are items which belong to the landlord within the premises. If the house were to be tipped upside down, everything that falls out (belonging the landlord) can be considered as landlords contents.