To protect the tangible assets of the individual.
This type of insurance provides cover for the structure of the property – the walls, doors, roof, plumbing, wiring, insulation and permanent fixtures and fittings (fitted bathrooms or kitchens). The definition of buildings also extends to include outbuildings, garages, greenhouses, sheds, patios, walls, drives, fences, gates (fences and gates are at times restricted).
Gives you the peace of mind of having cover for all the contents within your property and outbuildings which belong to you or a member of your family whom are living at the property. The policy would also provide cover for items that you do not own such as a rented TV for example.
As a landlord, you need to protect your financial well-being against the risk of damage to your property. It’s vital that you have buildings and contents insurance cover so that, in the event of a storm, flood or other incident or accident, you won’t be left out of pocket. Specialist landlord insurance provides cover for buildings and contents, landlord liabilities, malicious damage and loss of rent.
An extension of Contents cover, would be to add additional cover for your personal possessions whilst they are taken away from the property usually worldwide. Most insurers provide a lump sum away from the property as unspecified cover; this would generally provide cover for individual items up to an amount of £1500.00 per item. Anything that exceeds this amount would then need to be specified, and dependant on the value of the item, a valuation or proof of purchase requested. This would also usually extend to personal money, credit card and money cover.