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As a landlord, standard home insurance might not protect you from various risks. Whether you rent out a single house or multiple apartments, a landlord insurance policy is designed to cover unforeseen risks beyond your influence.
What is landlord insurance for?
Landlord insurance is meant to safeguard you, your property, and your tenants. Regular home insurance doesn't account for rental activities, and many mortgage lenders insist on having landlord insurance. The goal is to shield landlords from potential risks related to their rental properties. While building and contents insurance are usually part of a landlord's policy, there are additional options like property owners' liability, loss of rent, and tenant default insurance covers that can be added for extra protection.
Different types of landlord insurance
Various types of landlord insurance provide coverage for different risks. Your choice of coverage depends on the specific risks you want protection against. Here are a few examples of different types of coverage:
- Landlord contents insurance. This is especially important if you rent a furnished property as it can pay for any repairs or replacements if your possessions have been stolen, damaged or destroyed. Find out more about landlord contents insurance.
- Property owners’ liability insurance. Accidents occur all the time, things like loose or slippery flooring are quite common amongst rented properties and can lead to slips and trips. Landlord liability insurance is designed to protect you from injury or damage claims related to your rental property. This is a type of public liability insurance built specifically for landlords.
- Unoccupied property insurance. Landlord insurance for unoccupied properties is a type of cover you can take out to protect your property while you don’t have any tenants living there.
- Tenant default insurance. If your tenant fails to pay their rent, tenant default insurance can cover your rent for a set period of time. Rent guarantee insurance protects landlords from the real risk of non-payment of rent.
- Landlord buildings insurance. Your landlord insurance covers the property itself as long as you have buildings insurance as part of your policy. It can cover the costs of rebuilding or repairing your property if it damaged by events such as fire or vandalism.
Is landlord insurance mandatory?
While it's not mandatory by law, having landlord insurance is a smart move if you're a property owner with tenants. Regular home insurance won't provide adequate coverage for potential costly incidents, so many landlords opt for landlord's insurance to safeguard their properties.
Do I need landlord insurance if I have tenants?
Similarly, if you lease a portion of your property, standard home buildings and contents insurance policies are probably not applicable, even if you reside in the property as well.
In such cases, you typically require a specialized landlord insurance policy, and it's crucial to inform the provider about your residence in the house when purchasing it. Additionally, having a valid tenancy agreement is essential for the legitimacy of your landlord insurance policy.
According to the tenancy agreement, the tenant is typically granted exclusive use of at least one room, and you cannot enter without their permission.
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Our friendly advisors are always happy to help with your insurance enquiries, so call us for a no-obligation chat.
Can I get landlord insurance for multiple properties?
Many insurers provide the choice of including several properties in one policy, and you might even qualify for a premium discount. However, you might discover that separate policies for each property are necessary, so it's advisable to compare your options before finalizing with a provider to ensure you secure the most favorable deal.
How do I make a claim on my landlord insurance policy?
Start by contacting your insurance provider. You may need to complete a claims form on your own, or you could receive assistance over the phone. Your insurer will guide you on the next steps and provide instructions on paying the excess to initiate the claims process. Additionally, you might be requested to submit relevant documents or evidence to support your claim, and there's a possibility of a visit from a claims assessor.
What is loss of rent cover?
Loss of rent insurance safeguards the income you receive from tenants in case they need to vacate the property due to a covered event. These events may involve incidents like fires, floods, or burglaries. In addition to compensating you for the lost rent, this insurance also assists in covering the expenses of alternative accommodation for your tenants..
Do I need to take out boiler cover as a landlord?
While it's not legally mandatory to have boiler cover, you are accountable for the repair of heating systems, hot water, gas appliances, pipes, flues, ventilation, wiring, and sanitary fittings. Having boiler cover might be beneficial in managing these responsibilities. Additionally, you are required to arrange an annual service for the boiler and other gas appliances to ensure their safety. It's essential to maintain records of these checks for at least two years.
Is landlord insurance a legal requirement?
While landlord insurance isn’t a legal requirement, it may be a condition of securing a buy-to-let or landlord mortgage. Not only that, but it gives you added protection that you won’t find in standard home insurance policies.
Insuring your rental properties gives you a safety net that protects your finances, your property, your reputation and more.
Does the tenant or landlord pay for buildings insurance?
Typically, landlords are responsible for covering the cost of buildings insurance. In fact, as a landlord, you might need to secure it before obtaining a buy-to-let mortgage, depending on the lender's specific terms and conditions.
Is landlord insurance a legal requirement?
While landlord insurance isn’t a legal requirement, it may be a condition of securing a buy-to-let or landlord mortgage. Not only that, but it gives you added protection that you won’t find in standard home insurance policies.
Insuring your rental properties gives you a safety net that protects your finances, your property, your reputation and more.
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The level of insurance you need will depend on your individual circumstances. Our experts will work with you to establish what the right level of cover is for you to ensure you are fully protected.
Call us on 0203 835 6263 to receive an insurance quote from our experts.
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Many price comparison sites only offer ‘standard’ or 'basic' insurance policies and won’t necessarily take your personal circumstances and needs into account. Equally, because comparison sites don’t provide one on one advice, you could be left with unanswered questions or worst still be unaware that you are underinsured or unable to make a claim because of small print or legal complexities you weren’t aware of during the application process.
By arranging your insurance through us, you can ensure that you speak with an expert who can guide you through the process and ensure that the policy you are being sold is right for you and your individual circumstances.