Put simply, landlords insurance is a way of protecting your investment - and could save you from possibly the most costly expense of your life.

Therefore, landlords building insurance is essential if you are thinking of renting out your property. A quick Google search and you'll be able to compare all the deals on the market to find the best cover and deal that suits your needs - if you have multiple properties, ensure you look for policies that offer the applicable discount to ensure you're not paying over the odds. Anyway, back to explaining landlords building insurance...

Let's get into the nitty gritty of landlords insurance, or buy to let insurance as it is commonly referred to, and what cover and benefits to look for:

Buildings Insurance: The structure of your property would be insured against most risks for the cost of repair or rebuild - be sure to check it gives you the cover you need, eg to include flood or fire. A buy-to-let insurance policy from most insurance providers can cover up to £2million in costs so is well worth it.

Contents Insurance: It is your tenant's option whether to insure their own contents in case of damage or theft. However, do not make the mistake of many landlords and thinking building insurance will cover things such as carpets and curtains - it will not!

So ensure your landlord insurance covers you for contents insurance too - meaning items such as carpets, sofas, chairs and even pictures are insured against theft or damage. Many will cover you to up to £50,000 for your possessions on a new for old basis.

Many potential landlords will stop there and think that's all the cover I need... wrong! You should look for a landlord insurance policy that covers you for all possible scenarios such as:

Liability Insurance: With personal injury claims rising every year, claims against landlords are not uncommon so look for a policy that covers you.

Loss of Rent Insurance: Bet you didn't think of the rental income you would lose due whilst repairs are being made to your property did you? Look for a buy to let insurance policy that covers you.

Accidental Damage Cover: Buildings insurance will not cover you for accidental damage cover on your property - Ensure you're covered for damages by your tenants. A very important cover most new landlords think about - like it or not tenants will damage your property at some time or another so cover your back!

Lastly, and by no means least, look for something called ‘Alternative Accommodation Insurance' - if there was damage to your property, repairs could make your property inhabitable. Unless you want to pay hand-over-fist for your tenants to stay in a hotel for a period of time, look for this cover in your landlords insurance policy.

In a nutshell landlords insurance is a way of protecting your investment - you need it, go get it!

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