Landlords Insurance is a common form of insurance coverage for people who own and rent properties. This form of insurance is required by law of anyone who is going to rent a building. These insurance policies cover any buildings or structures on the property owner’s land or site, which also insures the contents of the landlord that may be inside the buildings.

This insurance covers what is called standard perils, these include fire, lightning, explosions, earthquakes, storms, floods, escaping water or oil and the residue it leaves behind, subsidence, theft and vandalizing damage. However keep in mind each policy may be different and their views on what is considered standard peril may vary.

There are even additional coverage you can obtain on top of this initial coverage, this is called Optimal Coverage. Optimal Coverage may also include accidental damage, terrorism, legal protection, contents insurance, alternate accommodation costs, rent guarantee and liability insurance.

It is also important to remember that Landlords Insurance does not cover personal property that belongs to anyone other than the landlord themselves. This insurance type also does not extend to tenants or their interests; however the liability policy does benefit a tenant or renter who has a loss that would fall under any of these policy holdings and cover the landlord’s responsibility of restitution. This form of insurance exists to help cover any unforeseeable damages that may occur outside of the control of the landlord. They also can cover any damages which the tenant may incur during their stay in the landlord’s building or premise.

This insurance can sometimes be a bit costly and is in most cases required by law wherever the landlord has property that is either in use or not in use. Along with keeping up this insurance policy a landlord also has to be subject to regular and irregular inspections of the property.

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