Landlord insurance

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What is landlord insurance?

Landlord insurance protects landlords from risks linked to their rental property. It can cover any unexpected costs, like building or contents damage, as well as any disputes.

What does landlords insurance cover?

If you're a landlord, a standard home insurance policy may not provide enough cover. This is where landlord insurance comes in handy.

Also known as buy-to-let insurance, it typically includes both buildings insurance and contents insurance. Buildings insurance will cover you against events such as fire, flooding and subsidence, and if you're renting out a furnished property, contents insurance can protect everything you've put in there for your tenants.

When getting your landlord insurance quote, you could add the following extras to your policy:

  • Cost of repairing damage in an emergency following a gas leak, burst pipe or pest infestation
  • Accidental damage cover for the building and/or its contents
  • Legal cover to get back lost rent
  • Compensation claims due to tenant injury
  • Property owner's liability cover to meet any costs if a member of the public suffers an injury, or damage to their property
  • Loss of rent cover also known as tenant default. This should cover the cost if your tenants have trouble paying their rent

Landlords insurance usually covers the most common risks associated with renting out a property. But policies can vary so it's important to check the small print.

Do I need landlord insurance?

Although landlord insurance isn't a legal requirement, standard buildings and contents policies may not provide all the cover you need. This could mean that your insurer refuses to pay out should you need to make a claim.

If property damage, loss of contents or a dispute with a tenant took place, you could face losing some of your income to pay the bill. Landlord insurance can give you the peace of mind you need in the event that something goes wrong.

If you have a buy-to-let mortgage for the property, some lenders may also specify that you must have at least landlord buildings insurance in place.

It's important to understand what type of landlord's insurance policy you need, rather than just going for the cheapest deal. So you know you have the right level of protection should something happen.

How much does landlords insurance cost?

The cost of landlord insurance varies depending on the type of cover you choose and a range of other factors. Some of these will be under your control and some of them won't be. The policy type and level of cover as well as your property size, location and any extras you choose determine the price.

How can I reduce the cost of landlord insurance?

When you're getting your landlord insurance quote, there are a few things to think about to help you get cheaper landlord insurance:

  • Property condition plays a big part in your premium price. The higher the standard your property is in, the less likely you are to claim. This could bring down your costs
  • Your claims history, so the lower the number of claims you've made before, the less you're likely to pay
  • Adding security measures around your properties, like cameras, can reduce the chance you'll claim
  • The level of cover you choose, with the higher cover levels costing more. Any extras on top could also increase the amount you pay

It's important to remember that the cheapest policy may not always be the correct policy for you. Compare landlord insurance with us to find the right level of cover for your needs.

What do I need to get a quote?

It's worth having the following to hand when getting a landlords insurance quote:

  • Your property's build date
  • The rebuild cost of your home. If you're not sure, we have a guide on how to calculate the rebuild cost yourself
  • Types of locks and alarms fitted
  • The total cost of your personal belongings - our contents calculator can help you with this
  • Types of tenants living in the property and duration of the agreement
  • Details and cost of any claims you've made in the last five years

How has Coronavirus affected landlords?

The Government has put measures in place to protect tennants throughtout the coronavirus pandemic. An eviction ban was imposed earlier in the year, and on the 21st August 2020, the UK government extended the ban on evictions for another 4 weeks.

The government also intends to give tenants greater protection from eviction by requiring landlords to provide tenants with 6 months' notice, until at least the end of March 2021. This however does not apply to those cases with serious issues, such as anti-social behaviour and domestic abuse.

Home insurance FAQs FAQs

What can I do about a nuisance tenant?

Some tenants can cause issues - damaging the property, not paying rent on time or disputing a contract. Landlord insurance can provide cover for things like legal fees and repair costs, ensuring you don't end up out of pocket.

Can I get landlords insurance for multiple properties?

Most insurers will offer the option of adding multiple properties to a policy. Depending on the type of property you're adding, it can increase or decrease the policy price. It's important to compare landlord insurance, to ensure you're getting the best deal for you.

How do I make a claim on my landlord insurance?

When you buy landlords insurance, your insurer sends you your policy details. Included in this is a claims form. Fill this form in and send it to your insurer to make a claim. You may be able to complete this online or over the phone, so check with your insurer.

What if my tenant can't or won't pay rent?

Sometimes a tenant may not be able to pay rent for whatever reason. But there are things you can do to protect yourself. See our guide on rental guarantee insurance for more details.

Home insurance FAQs

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