If you are the owner of a house which you are going to give on rent, you should ensure that you have landlord insurance. It is quite similar to house owner’s insurance with some basic differences. Usually landlord insurance covers liability, structure and medical claims. There can be some ‘add on’ clauses as well. However the ‘add on’ clauses will vary form one insurance company to other.
Let’s have a look at the covers offered by landlord insurance.
Structure: If the structure is damaged by some natural hazards your house will be protected. However before buying the insurance you should go through the terms and conditions carefully. It is necessary to be fully aware of what you can claim and what you can not before you actually buy the policy. If you want to add damage made by perils, you can check whether the ‘add on’ clause can offer you the protection. For example some insurance companies offer coverage for damages made by mold. But this will be offered as an ‘add on’ clause and you may need to pay a little extra for this.
Liability: In case if you are sued for some reason, the company you are insured with will bear all the legal expenses. If the verdict goes against you the insurance company will also pay the liability up to the highest level of the policy. For example if your tenant falls and get injured and sue you, the medical bill of that person will be paid by your insurance company.
Medical: Landlord Insurance also offers medical cover. Some portion of the total amount is set aside for non-policy holder and non-resident injuries. But in most of the cases, the insurance companies discourage the policy holder to use this.
If you want to get all these benefits you should look for a reputed insurance provider like Endsleigh.
