We consider it imperative that landlords and
tenants understand whose responsibility it is to have insurance to make
sure that both parties are protected against loss. Below is a general
guideline for landlords and tenants. The most
important factor to remember when selecting insurance is to inform your
insurance company that the property is a rental property. LandlordThe
landlord must have insurance for the property, that is the physical
buildings, section etc, against fire, storm, flood, damage from burglary
etc, if they want it protected against loss. For these types of
policies it is imperative that you advise the insurance company that the
property is tenanted to ensure coverage. These policies often cover
chattels, e.g. carpets and curtains, which is preferable, however this
should be clearly defined and clarified with your chosen
insurer. It is also often recommended that landlords
take some form of Property and Income Protection insurance. This is an
additional insurance taken out by a landlord to cover
for:  Loss of rents due to
abandonment
Loss of rents due to
eviction Malicious
damage/theft by tenants Rent recovering
whilst malicious damage is being
repaired TenantsThe tenant must
ensure they have personal contents insurance for their belongings to
ensure they are protected against loss.
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