Updating post from Reddit.
Hi, I’m about to become a first time landlord. What type of insurance do I need? House is mortgage free and let out non-furnished.
Rent guarantee insurance.
Really not trying to be facetious here but: 'Landlord insurance'
You need to decide if you need contents, Legal cover etc etc
Thanks. I just wasn’t sure if normal building and contents (like for my main residence) would suffice.
Technically it would but it leaves you open to issues.
You don't want to cover all the contents because its not all yours. Why should YOU pay a premium if the tenant breaks their bed or has their laptop stolen (sorry was only items I could come up with)
Most landlord specific ones cover your contents like carpet, curtains if you provided them without covering tenants belongings at your expense. Some offer legal costs, if your tenant doesn't pay and you need to take action.
Thank you
You "require" none, but you "need" basic buildings insurance, or you are putting a lot of wealth at risk. You can obtain good policies that include coverage for escape of water, trace and access, storm damage, and so forth, which can be helpful.
It often includes Public liability insurance, if a 3rd party such as people doing jobs hurt themselves at the property.
Contents Insurance is often not required, given most landlords don't provide furniture or freestanding appliances
Landlord liability insurance is an insurance cover that protects you from compensation claims related to your rental property if, for example, someone injures themselves or other property is damaged as a result of your property.
Rent Guarantee Insurance is a nice add-on that gives you some protection in the event a tenant defaults and you receive no payments. It often comes with coverage to pay for court costs. (Always read small print. Got to have good referencing.).