When you decide to have tenants living in your house, it is safe and wise that you conclude an insurance policy that will offer you protection against various damages. Such a policy is represented by the landlord house insurance.
What is a landlord house insurance?
A landlord house insurance is a type of insurance that covers your property and your assets while allowing tenants to live in your property. There are various types of policy, that favor the owner, the tenant and a third person.
What types of cover are there?
New landlords who let a house out do not realize they need a special insurance that will cover their property
What does landlords insurance cover?
Many mortgage request that you have a valid landlords buildings insurance the moment you decide to , in order to cover some of the insurable risks such as vandalism, fire, water leakage, storms or earthquakes and impacts caused by animals, vehicles or trees. Some covers are compulsory and some are optional, depending on the type of landlord house insurance you own.
What does landlords Home Emergency insurance cover?
Home Emergency is an optional cover of the insurance that you can add in order to protect your property and your tenants in case of loss of essential services. This cover protects you 24 hours a day for emergencies such as lost keys, power supply damage, roofing and construction problems, door and window security, drain blockages, and pest infestation.
What does landlords Legal Expenses Insurance cover?
Legal Expenses is another optional cover you can add to your landlord house insurance policy which will provide you with legal protection in cases of repossession, accommodation costs or property damage and trespass.
What excesses apply?
The applicable excesses in a landlord house insurance vary depending on the type of insurance and the claim you are making. The most frequent excesses are subsidence, vandalism, moist excess and water and oil leaks. Depending on the nature of the claim, excess cost may vary from 250$ in property damage to over 1000$ in terms of subsidence.
What are the costs of this insurance?
The cost of landlord house insurance can vary depending on certain factors. Based on your individual insurance history, as well as the property’s former insurance, the premium is calculated and the costs can vary depending on the property’s type and location, the amount of tenants, the number of contents cover you opt for and whether you select to benefit of property security measures such as door locks.