Getting landlord insurance right
Question from Philippa updated on 10th November 2016:
Having read some information in my property investor magazine the other day I am concerned that my insurance isn't sufficient for my two investment properties.
Please can you advise whether I need both building insurance and tenancy insurance for my properties? What are the key attributes that I should consider including in my policy?
Also, while I am sure you can't recommend a particular product, are there specialist brokers that may offer better products at better value? Or even a comparison website that allows me to compare products on the market?
Our expert Myles Noble responded:
Landlords' insurance cover needs to provide some extensions specific to tenanted properties such as loss of rents, malicious damage by tenants, etc.
In terms of whether you require building insurance and tenancy insurance for your properties there are single products available that will encompass all aspects.
Ideally, I would recommend that you seek the advice of an insurance broker with experience in rental property cover and a product tailored to the needs of landlords.Myles Noble is head of claims and earthquake response for Crombie Lockwood. He also holds various advisory board positions in the insurance industry.