When you think about the whole range of properties that are can be rented out including houses, flats, commercial buildings, offices and holiday rentals, then add to that the different types of tenants that these could accommodate, you could be forgiven for thinking that landlord insurance must be a very complicated thing.

In some respects you could be right. That’s why there are specialist providers of insurance for landlords around, typically on the internet, who can help you decide what are suitable options in terms of cover for your property and your circumstances.

The basic principles of landlord insurance cover may, though, be fairly straightforward and break down into a few main categories.

The building

Whether you own your property outright or have a buy to let mortgage on it, your property is an important asset, which also hopefully provides you with an income.

Protecting this asset and your income against unforeseen events may be a high priority for you. Indeed, if you have a buy to let mortgage it may be mandatory condition of your loan.

Buildings insurance provides cover against what the insurance industry terms the perils. The perils include things like fire, flood, storm damage and earthquakes etc. Things that typically can damage the fabric of the building or even destroy it.

So, building insurance will cover the property itself and basic fixtures and fittings such as the bathroom fittings, kitchen units and sink. It helps provide the finance for the repairs or, in extreme cases, the rebuilding (subject to any policy excess).

The contents

Contents insurance for landlords typically covers those things that can be moved. If you were to sell your property, you may possibly take these things with you or include them in the sale as additional extras. Buy to let contents insurance typically covers things like carpets, furniture, curtains, the cooker, fridge etc.

If you rent out your property as furnished or partially furnished then you are agreeing to let other people use these belongings.

It may be that you may think that your contents are not worth very much and are therefore not worth insuring. That may be a costly mistake. If your were to add up how much it could cost to replace them, then you may come to a very different conclusion.

Contents cover for landlords may be sold as a stand-alone policy but may also typically be found as part of a buildings and contents landlord insurance package.

The people

Buildings and contents insurance for buy to let properties may provide financial protection for accidental and possibly malicious damage caused by your tenants note that not all insurers will cover malicious damage).

However its not just tenants that you may have to worry about.

If a third party suffers an injury caused by your property then they could sue you for damages.

If you were to be found liable, then without public liability landlord insurance cover you may find that you would have to fund these damages yourself. Even if no case was proved against you, you may still have to cover your own legal costs – which could be substantial.

A complete package

It may be easier than you thought to purchase buy to let insurance. Specialist advice is available on the internet (and on the telephone too, if you use our service) to point you in the right direction for the landlord insurance package that may be suitable for your property.