If you’re renting out your home, you need landlord buildings insurance

January 13th, 2010 by admin

Renting out your home is a very different situation from living in it yourself, and brings a whole host of insurance matters with it that do not apply when you are the owner-occupier. These issues can be addressed with landlord buildings insurance.Landlord buildings insurance differs from standard buildings insurance because it offers additional policy elements specifically to meet the needs of landlords and their tenants.One example of additional policy requirements is that insurance includes public liability cover. Landlords are responsible for the safety of their property and public liability covers you for any claim a tenant makes against you for damages, including any legal costs.Such a claim could be if a tenant is electrocuted when they touch a faulty plug socket or if an old floorboard gives way underneath them. Your public liability cover is effectively business insurance, which you need even if you’re not making any money from renting out your home.Landlord buildings insurance can also cover you whether you own the property outright or have a buy-to-let mortgage. It can also offer locks and keys cover should a tenant not return their keys when they move out.Many policies can also be extended to insure against the non-payment of rent by a tenant who has signed an assured shorthold tenancy. The policy may also cover rent you would have been due if the insured property became uninhabitable following a claim, up to a specified amount.Even if you’re renting out your house to a friend for a few months while you work abroad, you still need landlord buildings insurance to ensure you have the right level of insurance cover.

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