Landlord and home insurance are two different types of insurance aimed at different people. Home insurance is insurance for homeowners, who live in the property. Landlords insurance is for property owners who rent out their property. Renting out a property you don’t live in can be risky, therefore by having landlords insurance North Wales you can cover yourself against a lot more than what home insurance does.
Public Liability Insurance
Some home insurances include public liability insurance however, this would only cover for domestic usage such as if a delivery guy was to trip on uneven paving. However, public liability for home insurance isn’t likely to cover liability for property rentals.
As a landlord you have responsibilities and one of them to ensure the safety of your tenants, so even if your tenant happens to trip and fall on the property due to the property being ill maintained, landlords insurance Llandudno can cover against any claims against you.
If for any reason your property was to flood or be damaged, home insurance would only cover the owner of the building. By having landlord’s insurance, you will be covered against finding alternative accommodation for your tenants.
Loss of Rent
With landlord’s insurance you can claim for loss of rent too if your property becomes uninhabitable due to an event such as flood or fire.
Landlords insurance will cover you against any act of wilful damage to the property such as stealing pipework. Whilst some home insurers can cover you for malicious damage this would only be for a case of vandalism or riot.
By having landlord’s insurance, you will be able to cover legal expenses that may occur when taking your tenant to court. This may be due to the fact they have failed to pay their rent. Home insurance wouldn’t be able to cover for this type of legal insurance and would only cover you if you need to take legal action against a tradesman for instance if they have carried out faulty work.
So, to be safe rather than sorry, it is best if you are renting out your property or using your property as a business to have landlords’ insurance. Landlords insurance, as you can see, can cover you for a lot more than what home insurance would and it’s the safest and most sensible option to save you money in the future.