Landlord building insurance is about protecting your investment. When you rent or lease your property to a tenant it is essential that you have adequate buildings cover to protect you from any financial loss that may be occasioned by damage to your property. It does not matter whether your property is industrial, commercial or residential. A landlord building insurance policy safeguards you for any economic loss occasioned through damage to your property, whether it is by criminal damage, weather related, fire or natural disaster such as earthquake. A good insurance policy will offer new for old replacement, cover accidental damage and any legal fees that you may incur.
Many landlords have been left high and dry when they rent or lease their property to a tenant. Unfortunately it is the case that a lot of tenants don’t treat the property they rent as their own, and careless and or willful neglect by the tenant of your property can end up costing you dearly. After a landlord takes possession of their property from the tenant, there is little chance of recovering the costs of any damage, short of taking expensive legal actions against the tenant. Landlord building insurance covers you for the costs of repairing any damage caused by the tenant.
Nearly all insurance companies and insurance brokers who offer landlord building insurance policies operate online. Most offer attractive premiums with discounts for purchasing a policy online. They also offer discounts for renewing existing policies online. Insurance quotes can be obtained online in an instant, and most landlord building insurance policies can be purchased online immediately after you have received your quote. In some cases a building inspection may be required, but this is generally not the case for residential property.
The cost of a landlord buildings cover policy depends firstly upon the nature of the property to be insured, and secondly, the options, known as inclusions, that the landlord chooses to have included within that policy. The landlord of a residential property may choose only to insure against fire or flood damage, whereas the owner of a large commercial building may have a whole host of necessary inclusions, including, flood, fire, earthquake, lighting strikes etc. As with all policies it is possible to take out a basic insurance policy with limited coverage which would attract a small premium. It is also possible to take out a premium policy which would cover all possibilities of damage, but this would of course be a higher premium policy.