Landlords Building Insurance: What To Look For

2007-03-08 10:33:40

( Insurance )



If you are landlord or a building owner, you need to get both building and contents insurance to protect your investments. You should get building insurance because you own the property. You should also purchase buildings contents insurance along with it to protect the property and personal effects located inside the building against theft or damages.

When getting landlords building insurance, you have to make sure you are covered up to the full replacement value of your property. The full replacement value is the total cost of restoring your building or your home to its initial state. To determine the full replacement value, you have to take into account the costs for rebuilding the property, the fixtures and fittings. You should also consider the costs of debris removal and architect costs. Besides the costs of rebuilding your property, it is also prudent to get coverage for unforeseen events if your property should become unfit to live in. Most insurance carriers have policies that cover alternative accommodations up to a certain period of time.

A landlords building insurance can also include coverage for loss of rental in the event of peril like fire and earthquakes that makes your property uninhabitable. Some policies also offer coverage for damages intentionally induced by your tenant. Most insurance companies if your tenant is unable to pay also offer coverage for rent. If you are a landlord, it is also a good idea to get a policy that covers your legal fees if you have to take one of your tenants to court.

Before getting landlords building insurance, you have to make sure you are getting what you pay for. You have to get a policy that offers coverage if your home is damaged beyond repair or even destroyed. Make sure you are aware of the restrictions and exclusions stated in your policy before you purchase one.


All rights Reserved © Tradenet Services srl
Do not duplicate or redistribute in any form.