Renters Insurance is compulsory for all new tenancies. Process is simple, pay a monthly sum each month into the landlord's account & landlord will then be liable.
rental property insurance
With Rental property insurance landlord will be fully liable for your actions and/or that of any guests who stay in property. What this means is that they could be prosecuted, fined, even imprisoned.
It’s a way to insure a property free of house owners liability. If a fire or other damage occurs on rental property then insurance company takes responsibility.
Benefits of rental property insurance:
Like home insurance, rental property insurance will protect your property and belongings from damage and theft. You pay for rental property insurance out of pocket to protect financial investments.
Pros -No extra premiums -No legal fees -No rental permit Cons -Less for each paying tenant -Because of limited coverage, loss would likely -bankrupt a renter
Pros & Cons of rental property insurance:
If you have rented a property for two or more years and the property is in a good location, or you have received no major repairs, you may have to pay a monthly premium for rental property insurance.
Its a type of insurance that covers landlord's personal liability to any damage caused by their property (renters can generally access property but cannot damage it).
bout rental property insurance:
Any property owner who lives on a portion of their rental property may have a special relationship with their landlord. This can cause problems for other owners who may be injured by a tenant damage.