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One of the first things any property owner usually organizes is house insurance. The reasons for this are fairly obvious – any asset of large value is worth protecting and insurance is a requirement for acquiring a mortgage.

If you own an investment property there are other insurances you need to consider. Likewise, there are insurance products designed to protect you if you are renting a property.


Landlord insurance

As a landlord, there are extra risks that need to be covered to ensure you have fully protected your investment. While exact coverage will vary from product to product, as well as covering catastrophes such as fire, storm damage or damage from other natural disasters, it will usually also include coverage for fittings and fixtures, such as carpets, curtains, drapes and blinds, ovens and light fittings.

Just as importantly, landlord insurance protects you from any financial problems that could arise through damage that is caused by your tenants or their visitors. Landlord insurance also covers loss of income in the case of unpaid rent.


Renter’s Insurance

While your landlord will have insurance on the property you are renting, which will include the building, fixtures and fittings, this insurance will not cover your own personal property. All your own possessions – your laptop, furniture, TV, white goods and other valuable belongings – will not be covered by any insurance your landlord takes out.

It makes good sense, therefore to look at a policy that will cover the any of the contents you own. These products will protect against loss from the risk of fire or theft. They can also protect you from any accidental damage to the fittings of the property you are renting. Some may also provide coverage to your possessions in a move between properties.

Whether you are a landlord or tenant, there are insurance policies to help protect your assets – it is worthwhile exploring the types of products available to you and finding the one that will suit your situation and afford you peace of mind.