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Should You
Buy Landlord Contents Insurance?
Content Insurance for Landlords
When
shopping
for landlord insurance, you often have to decide if buying landlord
contents insurance is right for you. Find out what is content insurance
for landlords and whether it is worth your money with our Rental
Property Contents Insurance Guide.
What
is Content Insurance for Landlords?
Landlord contents insurance protects you against damage to
your furniture, appliances and fixtures inside your rental property.
For
example if your sofa was burnt down in a
fire, you will be compensated by the insurance company to replace it.
Rental property contents
insurance often covers damage to fittings in your garden such or your
fence and sheds but be sure to check with your insurance company
whether you are protected for damage caused by natural disasters.
Naturally landlord contents insurance does not cover the home contents
and belongings owned by
your tenants. If your tenants want protection for their own belongings,
they have to take out a separate renters insurance. Click here to learn
what is renters insurance.
What
Are the Different Types of Landlord Content Insurance?
Most
insurance companies offer two different flavours of content
insurance for landlords: standard and accidental.
Standard
insurance will protect you against normal wear and tear to your home
contents while the accidental package will grant you greater
protection, allowing you to enjoy pay outs for damages caused by
accidents. Let's say if your tenant holds a party and your sofa is
ripped away, you will be paid to replace it.
Depending
on
whether your rental property is fully furnished, you
can choose to
take out a full contents insurance which will cover almost everything
including all your furniture, electrical appliances and fixtures.
If
your property comes unfurnished, then you choose to just cover the bare
basics such the flooring, heating / cooling systems and fixtures.This
will at least halve the costs of your rental property contents
insurance.
If your tenants are students or under
subsidised housing, some insurance companies may charge you more for
premiums
or even refuse you outright.
Should You
Buy Contents Insurance?
Not
every landlord will need rental property contents insurance because for
some
cases,
your tenant's deposit will be enough to pay for any damages caused by
them.
We recommend that you take out a full landlord contents
insurance if
your rental property is fully furnished or you are a resident
landlord who lives on the property with your tenants. In this
case
a full contents insurance will be able to cover your personal
belongings and valuables as well.
Depending on the value of your home contents and
the type of insurance, the coverage amount of contents insurance for
landlords will
generally range from $10,000 to $50,000.
Read
what our visitors have to share below OR Scroll down to
add your own comment
Will You Buy Landlord Contents Insurance?
Is contents insurance for landlords a must buy or waste of money for you? Share your recommendations and valuable experience with everyone here - We will love to hear your tips, comments and real life stories:
What Our Visitors Have to Share on Rental Property Contents Insurance
Click on the links below to read the valuable tips that our other visitors have to share:
My Ideal Landlord Contents Insurance
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Being a landlord for 17 years has taught me one thing - Landlord contents insurance is a must-buy and choosing the right type of contents coverage is critical....
Do you want to learn MORE practical must-know facts on
landlord insurance?
Return
from this Landlord Contents Insurance page to our Landlord House Insurance
guide
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