A comprehensive landlord insurance policy should have the
following features available. (Some may be included automatically, some
may be optional extras)
-
Accidental Damage for Buildings
-
Accidental Damage for Contents
-
New for old Cover for Contents (no deduction for wear
and tear for most article)
-
Reinstatement Cover for Buildings (no depreciation)
-
Loss of rent - should the property be uninhabitable
after an insured event
-
Liability cover as a property owner.
-
Employer's liability insurance - if the landlord
employs maintenance staff etc.
-
Legal Expenses Insurance - to cover costs of
reclaiming the building if the tenant refuses to leave as well as
contract disputes and possible tax investigations
-
Rent Guarantee Insurance (may be an optional extra to
the Legal Expenses policy), to cover loss of rent if the tenant
refuses to pay it - usually only available if references are taken.
