Are you renting an apartment or house? Do you have landlord insurance? If your answer is no, keep reading and find out why having landlord insurance is a good idea.
What is landlord Insurance?
Landlords insurance protects your responsibilities as a landlord if your tenant is injured in your property and the legal fees and expenses associated with a claim.
Most house insurance policies will insure your property for the standard benefits including fire, flood, earthquake and storm. You may also have cover for legal liability if someone has an accident or is injured while on your premises, however, this does not extend to include tenants living in your property.
In addition to landlord’s insurance, your rented property should cover the rebuild cost of the property in event loss or damage.
What can be covered?
Landlord insurance can vary widely among different insurers but a comprehensive home insurance policy with FBD can be extended to include:
- Landlords Liability
FBD Insurance will provide you with cover for amounts you legally have to pay as the property owner for accidental death or injury or illness to tenants living at your property. FBD Insurance will also pay the legal costs, fees and expenses of the person making a claim against you. FBD Insurance will pay up to a maximum of €2,600,000 inclusive of cost and fees for any one claim.
- Loss of rental income
Loss of rental income can be included to provide financial protection if your property becomes unfit to live in because of damage insured under the buildings section of your policy. The maximum amount FBD Insurance will pay is the amount declared to them and noted on the schedule.
- Buildings and contents
As a property owner, cover for loss or damage to your property is crucial to protect you against several risks including:
- Fire, lightning, explosion and earthquake
- Theft or attempted theft
- Storm and flood
- Escape of water from fixed water or heating installation or domestic appliance
- Subsidence, heave and landslip
Contents cover will protect the contents that you own and have provided for tenants use. Items such as electrical appliances, carpets, curtains and other furnishings can be protected should a loss occur.
Your tenants should have their own renters’ insurance for the belongings they own.
- Home emergency assistance
Home emergency assistance is an optional cover that provides assistance in the event of a household emergency. It is a 24 hour, 365 days a year service. If you select this cover FBD Insurance will provide an emergency repair service to secure the property and prevent further loss or damage arising from the following events:
- Broken or damaged piping to sanitary fixtures and fixed water installations.
- The property being made insecure or if entry is obstructed due to loss of keys, damage to locks or because of theft.
- Broken glass to outside windows and doors which make the house insecure
Storm damage
Anything else I should know?
Short term lets – there are higher risks associated with property that is rented out on a short-term basis, such as Air B&B, due to the lack of regulation in the industry. If your property or part of your property is let through Airbnb, you should contact your insurer to check your cover.
If you are in any doubt as to the cover you currently have on your property you should contact your insurance company to discuss your needs.
Landlord insurance protects both you and your tenant, so you have peace of mind knowing that should the unexpected happen your insurer is here to help. If you are renting out your property landlord insurance is worth it.
If you are a Landlord and you want to cover the things your property contact FBD Insurance or check out their Home Insurance page for more information.