Common features of a landlord insurance policy

If you're in the market for landlord insurance and have already started your search, you will no doubt have realised that not all policies are the same.

Some will say they offer cover that is superior to the rest of the market, while others will give added extras they claim you can't live without.

However, the key to securing a top quality landlord insurance policy is to look at the specifics of what it covers. Once you get down to the nitty gritty, you'll probably find that most providers are offering the same basic cover.

These are some of the most common features you can expect to find in any landlord insurance policy.

Malicious or internal damage to a property

This is a feature that can be extremely worthwhile for landlords. It's impossible to keep an eye on what your tenants are up to all the time, so having this cover in place will make sure you can afford to repair any damage.

Whether the damage has occurred by accident or intentionally, any good landlord insurance policy should have you covered.

Protection against defaulted payments

As any seasoned landlord will no doubt be aware, there can be times when your tenants are unable to pay their rent on time.

While this isn't an ideal situation, as a landlord you can be safe in the knowledge your insurance policy will protect you against financial loss if it should occur.

Theft

Another downside of being a landlord is the prospect of items being stolen from your property, either by tenants or their guests.

The majority of insurance policies will provide protection against this happening, alleviating some of the financial strain of making replacements.

Legal expenses

In very few cases, you might find the need to take legal action against a tenant or former tenant. Your insurance provider should help cover some or all of the cost.