what is the difference between homeowners insurance and insurance? regular home insurance?
what type of property needs homeowners insurance?
flats in dedicated tower blocks or converted houses or buildings
what should the policy cover?
Buy-for-let building coverage
homeowners liability insurance
tenant default/loss of rent
owner’s contents insurance
accidental damage insurance
legal protection of owners
what does all this mean?
Homeowners Liability Insurance: protects homeowners against compensation claims when the property causes injury or damage to tenants or visitors.
Tenant Default/Rental Loss: Provides coverage if active tenants with a lease default on rent payments. this policy will not cover you for loss of income when the property is vacant.
Owner’s contents insurance: Covers damage to or theft of any fixtures, fittings, or furnishings you provide with the home. this could include carpet, appliances, curtains, etc. And you should always check the wording of what is and is not covered, as not all policies are created equal.
accidental damage insurance: even the best renters can cause accidental damage. Adding this to your policy gives the landlord and renter peace of mind that no one will have to pay anything if accidents happen.
Buy-to-let buildings coverage: or owner’s building insurance covers you for property damage resulting from fire, lightning, water, explosion, or malicious damage. make sure you have enough coverage to cover the cost of repairing or rebuilding the property after damage or destruction.
Employer Liability: If you pay someone to help you manage the property, you are legally required to have employer liability insurance to protect you from claims for accidents that occur on the property .
Homeowners Legal Protection: If you are facing legal action or claims for negligence or injury, legal bills can add up quickly. Homeowners Legal Protection may cover some or all of your legal fees.