Landlords insurance explained

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As the proprietor of premises for rent, be it to residential or business tenants, you will need specific insurance that will keep you well protected in today's compensation culture. Many types of insurance products are available for you to cover your property from natural disasters, fire, arson, accidental damage and malicious damage by problem tenants.

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Two must have insurance policies for landlords

Buildings insurance: this covers your property against all insurable risks, ensuring you are reimbursed for the cost of clearing the site in the event of a catastrophe, for any professional fees and, vitally, for the full replacement cost. It is crucial not to under-insure your buildings.

Contents insurance: this covers any valuables, furniture or other specified items within the premises, as well as the contents of communal areas if the property is shared by more than one tenant. Some insurers will include a certain level of contents insurance with buildings cover.

It is wise to also consider landlord liability, emergency assistance and a rental payment default cover. Check the details of the buildings and contents insurance you are purchasing, some insurers will include elements of these. Always check all the inclusions and exclusions of a particular policy you are looking at purchasing.

Landlord liability:

Covers against any claims for damages made against you because of bodily injury sustained by others within the premises. If conditions were found to be dangerous as a result of negligence on your part, this could affect your insurance claim. This is a legal requirement for all employers.

Emergency assistance: