Buildings Insurance, Contents Insurance and Public Liability Insurance. These are the main three types of insurance that you may need and are sometimes lumped together as Landlords Insurance.
Buildings Insurance is the main one, I don’t want to say most important but it is. Building Insurance covers the cost of repairing the damage to the fabric of the property, including permanent fixtures and fittings. A rule of thumb here is if you can’t pick it up and carry it away, it’s included. Anything else would be covered by contents insurance, which we will come to. Be sure to get an insurance product aimed towards property investors rather than one you would get on your own home aimed towards owner-occupiers.
If you’ve invested in an apartment this will usually be covered in your service charge, make sure you’re not paying for it twice, unnecessarily.
For items that can be taken away, not part of the fabric of the building, those items will need to be covered by Contents Insurance. Things such as furniture, appliances, carpets etc. If you’re renting the property out unfurnished, with some appliances you may not wish to get cover, it all comes down to a matter of preference. It’s important to remind the tenants that their possessions aren’t covered by your contents insurance and that they may wish to get their own.
Public Liability Insurance is the just in case cover! It covers any damages and legal costs payable resulting from any accident that may have occurred in the property.