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If you are a landlord, meaning that you rent out a property you own to someone else, you must protect both your property and your possible loss of income if something happens to the property and the rent stops. Normal home insurance is not valid when you are collecting income from the property. You need a residential landlord insurance policy.

With that in place, you can relax knowing that you are protected against the financial consequences should any damage be caused to the property. Here are some examples of claims which Landlord’s Insurance covers you for:

Your property is badly damaged by a fire. Your tenants have to move out and it takes builders and decorators months to repair the damage. Your landlord’s insurance policy will pay for all the repair work to the property plus the rent that you are missing out on by not having tenants living in the property during this period.

You fall out with your tenants. They stop paying the rent and refuse to leave the property. You get a court order to evict them and collect rent owed to you. If you have purchased the “Legal Expenses” cover as part of your Landlord’s insurance policy then all your costs accrued in fighting the court case would be compensated.

How to find cheap landlord insurance is a common question. It’s much like looking for cheap car insurance - get a few different auto insurance quotes to start. Remember how you handled the subject of finding cheap car insurance? You start off with auto insurance quotes and move on from there, checking one cheap car insurance policy against the other and calling for more auto insurance quotes as you go along.

Finally you will have list of all the companies with their insurance quotes and details and you can decide which cheap car insurance policy is best for you. Do the same exercises with the Landlords Insurance and you will save considerably.

Remember that normal home insurance policies will not pay when the property is being used to generate income. You must therefore buy a Landlord’s Insurance policy which is especially designed and rated for these circumstances.

If you are renting out more than one property, you can buy one policy which covers as many properties as you have. Using an online quotation system you can receive instant quotations from many insurers.