Monthly Archives: July 2012

How to Choose Landlord Insurance for Your Own Home

Landlord InsuranceAre you a landlord wondering which kind of insurance you should be getting for your own home? Check out which category you fall into and look up to the policy that you should be getting.

Landlord insurance policy

Recalling landlord insurance policy, we learn that landlord insurance should be taken by the person who lets his property to his tenant for rent in return. Landlord insurance is only for the property from which income is earned. It may be a newly constructed property, occupied or unoccupied property. If the purpose of the property is to earn income out of it by letting it to others then the landlord should be getting landlord insurance policy with insurance-landlord.org.uk for that property.

Though the landlords do tenant screening before renting out their property to an unknown person, the way in which the tenant is going to treat our property is not known. They may intentionally and unintentionally damage the landlord’s property. Another reason to get landlord insurance is for repairs and replacement in the property so that you don’t have to shell out money all the time.

Residential property Insurance for landlords

Now comes the question of which insurance policy should a landlord get for his house where he resides. Landlord insurance policy is not applicable since the landlord does not get any income out of it. Standard buildings and contents insurance will cover all the risks of landlord’s personal home. Building insurance will cover the landlord’s building, external and all the fittings, personal contents are also covered. If a landlord already has landlord insurance for his property with contents add-on in it, chances are personal contents of the landlord will also be covered in that policy. This is because a few insurers cover the contents of the let property along with the personal contents of the landlord. So verify with your landlord’s contents insurance before you opt for buildings and content insurance.

A portion of landlord’s residential property is let, which insurance should be taken

In the whole of property where a landlord resides, if one portion is left to the tenant, and the rest is used by the landlord for residential purpose, shared house insurance can be taken for it. Shared house insurance covers the liabilities of the tenant residing as well as the risks of the landlord. Click here to find more information regarding home insurance.