What Should Be Covered by Landlords’ Contents Insurance
Landlord contents insurance is usually a part of a landlord’s insurance policy and compensates the landlord for any damage or loss of property in a home or property. There are a number of things to look for when choosing the right contents insurance package.
There are a number of things that are almost always covered. Furniture, fixtures and appliances are very commonly covered in a rental property if they belong to the landlord. Sometimes outdoor fixtures, fences and garden fittings are covered, depending on the coverage provider. If you have an outdoor area in your rental property this may be an important feature to look for.
There are two types of landlord contents insurance available. The first is called standard contents insurance. This covers damage and loss of any fixtures, appliances and furnishings that result from the normal course of occupancy. This type of insurance is not always necessary, depending on the landlord’s situation. If a security deposit was required of the tenant, that amount will usually cover this type of every day damage and can be used for that purpose. If the landlord provides no furniture or appliances the insurance is definitely unnecessary. Standard contents insurance is best for landlords that rent a fully furnished property because the insurance will cover all wear and tear.
The second type of contents insurance is accidental insurance. This insurance covers any damages that result from neglect on the part of the tenant, as well as any natural disasters like floods or fires. Make sure your accidental insurance covers theft and vandalism, although most do. It’s also important to check if the policy covers outdoor furniture and structures if it applies.
Landlord contents insurance is necessary for landlords that wish to protect their property in a rental home or building. It’s designed to cover furniture, fixtures and appliances provided by the landlord and can cover damage in a variety of situations, making it great for almost any landlord.
