Letting out your property to strangers will always entail some degree of risk, but investing in a landlord insurance policy can provide peace of mind and legal protection if needed.

A type of homeowner’s insurance, it is specifically designed for owners who rent all or part of their property to others.  Standard policies cover the building itself, with the option to insure any contents belonging to the landlord such as ovens, refrigerators, and other large appliances.  An insurance policy for landlords also covers liability for the property as well as medical expenses for non-residents who are injured whilst on the property. 

Landlords searching for insurance will find several different options to choose from.  If more general coverage is preferred, a comprehensive policy provides for all types of situations with the exception of those specifically excluded in writing.  Other policies will only cover certain types of damage, listing the eventualities that will be covered.  Many of eventualities that will not be are commonly known as “Acts of God”, such as lightning damage, earthquakes, storms and floods.  Other more standard threats that are likely to be included in your policy are theft and malicious damage, water leaks, or oil leaks.

Other coverage options for landlords to consider include cover for accidental damage, acts of terrorism, legal protection and representation, providing alternative accommodation, rent guarantee insurance, and liability insurance.

While not a legal requirement, landlord insurance is highly recommended to all landlords, protecting both the property owner and the tenants of the building.