The type of landlord insurance you need depends on what you want the policy to cover. The most common types of landlord insurance are:
Buildings cover protects the structure of your property against damage from fire, flood, storms and subsidence. It should also cover outbuildings and sheds, if you have them.
Contents cover protects all furniture and possessions that belong to you. This is useful if you're renting out a furnished or part-furnished property. If your property is unfurnished, your tenants should arrange cover for their own possessions.
Fixtures and fittings cover should come as part of a landlord buildings insurance policy. It protects your kitchen and bathroom fittings from theft and damage. A bildings insurance policy should cover any fixtures you wouldn't take with you when moving home.
Rental protection or rent guarantee insurance, lets you claim back lost rent if your tenant doesn't pay. There are usually time limits and exclusions, so it's worth checking the policy details.
You can choose from a selection of extras to add onto your policy, including:
The cost of landlord insurance depends on how likely you are to make a claim on the policy. The higher your risk, the higher your landlord insurance costs will be.
The average cost of landlord insurance depends on a lot of factors, including:
The size and value of the property as more expensive properties mean more expensive claims. And a large, 6-bedroom house has a higher risk of something going wrong than a 2-bedroom flat.
Location can determine certain risks. A house in the city could be more at risk of burglary than one in the suburbs. And houses built on certain types of ground could be more at risk of subsidence or flooding.
The type of tenants you have could be important, too. Letting a property out to a group of students, for example, comes with a different set of risks than a family or a professional couple.
How you pay for your policy could impact your price. Usually, paying for your landlord insurance upfront is cheaper than a monthly direct debit.
Your claims history influences your risk of making a future claim based on claims you've already made.
If you want to find a cheap landlord insurance policy, it's important to compare prices and insurers. You should also check the policy you choose gives you the right amount of cover and isn't just the cheapest option.
You could get cheaper landlord insurance if you:
protects the permanent fixtures and structure of your home.
protects your household belongings against theft, loss and damage.
can protect your belongings while you're living away from home.
covers your belongings against loss, damage and theft while in your rental property.
can offer some protection for your home and belongings if you live in a flood risk area.
can be tailored to cover the building, content or both depending on whether you own or rent your flat.
protects properties that are of national historical significance.
To make a claim you will usually need to contact your insurer on the phone, although sometimes this can be done online or you can start the process this way. You’ll need to give your policy number along with details of the reason for the claim. Give as much detail as you can, and keep hold of receipts if you have had to pay for work, or communications between you and your tenants.
Yes. It’s a business expense and therefore it is tax deductible. When you fill in your self-assessment tax return you can add it onto the section for tax-deductible expenses.
This depends on a technicality. If you have a tenant who pays you, and they have their own area of the home which you don’t go into, then you should take out a landlord insurance policy if you want to be covered for things in relation to them. If you have a lodger, and you are allowed into the area of the home they live in, you can usually add them onto an existing home insurance policy. Either way, check with the insurer first to find out what the best option is for your circumstances.
Our collection of UK home insurance statistics for 2023, such as average UK home insurance costs, UK home insurance market share and property insurance claim statistics.
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