As a landlord, a standard home insurance may not provide enough cover, so that's where landlords' insurance comes in handy.
Also known as buy-to-let insurance, it typically includes buildings insurance to cover against events such as fire, flooding and subsidence. And if you're renting out a furnished property, it's worth considering contents insurance as this can protect everything from your furniture to the TV you provide to your tenants.
When getting a quote for your landlords' insurance, 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 recoup lost rent
- Compensation claims due to tenant injury
- Loss of rent in the event the property is left uninhabitable
- Loss of income cover if your property is damaged, and your tenants are forced to move out
- Property owner's liability cover to meet any costs and damages if a member of the public suffers an injury, or damage to their property
Don't forget, if you have a number of properties, you can usually insure them under a single policy.
Landlords' insurance usually covers the most common risks associated with renting out a property. But they do differ in their coverage so it's important to check the small print.
Although it’s not a legal requirement, standard buildings and contents policies may not provide the level of cover you need. This could mean that your insurer refuses to pay out should you need to make a claim.
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.
So don’t just find the cheapest deal, make sure you check that the policy you want gives you all the protection you need.
It's worth having the following at hand when getting a landlords' insurance quote:
- Your property’s build date
- Your house’s rebuild cost - here's our guide on how you could calculate it yourself
- Types of locks and alarms fitted - check out our locks guide for more information
- 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
It'll only take you a few minutes to get a quote from our selection of insurers. Plus you can compare policies by benefits, as well as price.But, if you're struggling with any of the technical terms, don't worry - our help text will assist you along the way.
Does landlord insurance cover loss of rent?
Standard landlord insurance typically doesn’t include loss of rent, but you can opt to add this to your policy when getting a quote. This cover pays out in the event of damage caused which results in your property being uninhabitable.
How much does landlord insurance cost?
The cost of landlord insurance varies depending on the type of cover you choose. Factors that contribute to the cost include policy type and level of cover, property size, and location to name a few.
Does landlord insurance cover tenant damage?
Property damage cover provides protection against incidents such as fire, storm and theft. Some policies will offer cover for tenant damage, but not all policies will. Rental deposits usually cover for any risk associated with tenant damage.