Landlords Insurance is designed to provide cover for a property you own and rent to someone else or use on a buy to let basis, instead of being on the property you live in. Landlords Insurance has two main types of cover, which can either be bought as standalone policies or combined within a single policy from the same insurer:
- Buildings Cover: offers protection to the structure of your let property, including the walls, roof, permanent fixtures and fittings (such as fitted kitchens and bathrooms), and any outbuildings (such as garages and sheds). It is usually a condition of every buy to let mortgage offer (or consent to let agreement from a lender whom has a residential type of mortgage secured on the property you wish to let out) that landlords buildings insurance is in place. As optional extras, you can usually choose to add the following to a policy at an additional cost: Accidental damage to the buildings, malicious damage caused by the tenants to the buildings, theft or attempted theft damage caused by the tenants to the buildings.
- Contents Cover: offers protection to the things that belong to you as a landlord and provided for use by your tenants, such as household goods, kitchen appliances and furnishings, which are kept inside your let property. This typically covers loss or damage to your landlords’ contents caused by certain events such as fire, storm, flood, theft, escape of water, impact, subsidence, malicious damage and vandalism. As optional extras, you can usually choose to add the following to a policy at an additional cost: accidental damage to the landlords’ contents, malicious damage caused by the tenants to the landlords’ contents, and theft or attempted theft damage caused by the tenants to the landlords’ contents.