Property damage coverage is an essential component of landlord insurance, and landlords should understand how these policies protect their rental property and safeguard their investment. In this article, we'll focus on structural coverage, including fixtures and fittings.
We will also look at the most common exclusions in these policies and the various risks these policies insure against to equip landlords with the knowledge to choose the best coverage and confidently manage property risks.
Structural Damage
Structural damage is physical harm, impairment, or deterioration that affects a building or property's core integrity and stability. It involves damage to essential components that ensure the structure's stability and safety.
Structural damage typically affects:
- Foundation
- Load-bearing walls
- Roof
- Floors
- Supporting beams
The damage usually occurs in these structures:
- The main building or dwelling
- Attached structures like garages
- Detached structures such as sheds, fences, or retaining walls
The coverage helps pay for repairs or replacement from covered perils, which often include:
- Fire and smoke damage
- Wind and hail damage
- Lightning strikes
- Vandalism
- Certain types of water damage (excluding floods)
Are Fittings and Fixtures Covered?
Landlord property damage insurance covers fittings and fixtures. It is part of the landlord's insurance policy, which protects the physical structure of the rental property and any permanent installations.
What are fixtures and fittings?
- Permanent bathroom and kitchen fittings like sinks, toilets, cabinets, and countertops.
- Built-in appliances, such as ovens and dishwashers integrated into the property.
- Boilers, radiators, and other heating equipment.
- Wiring, light fixtures, and outlets.
- Carpets and permanent flooring materials.
Most landlord insurance policies cover fixtures and fittings against perils like fire, flooding, vandalism, and theft. If a fixture is damaged or destroyed due to a covered event, the landlord can claim for repairs or replacements.
In the case of a furnished rental property, landlords can also opt for contents insurance that covers items they provide, including some fittings. This insurance protects against damage from fire, water leaks, or theft.
Some insurers offer specific fixtures and fittings insurance, which provides additional coverage for damages not included in standard policies.
What are the Policy Exclusions?
It's important to note that while property damage coverage is comprehensive and extensive, specific exclusions apply, including:
- Normal wear and tear
- Maintenance-related issues or equipment breakdowns
- Intentional damage caused by tenants
- Damage from floods or earthquakes (requires separate coverage)
- Items brought into the property by tenants
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