Landlords with a residential property rented out need insurance for the building as well as any contents provided for the tenants. However there are a range of other risks involved in renting out a property that a landlord needs protection for. They include loss of rent if the building is damaged and becomes uninhabitable, intentional damage by a tenant or their guests, tenants that disappear once they get behind in the rent, and legal liability if a tenant is injured.
Why Landlords Insurance Should be Taken Out
The major reason most people invest in residential property is to create income. Therefore it makes sense to have insurance that protects the rental income a property generates, as well as the property itself. Most tenants treat the property they are leasing with reasonable care, but there are people who will deliberately cause damage, and intentional damage is not covered by standard home insurance policies.
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