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.

What is 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).

About 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.