Landlord insurance helps reduce the risk of financial loss when renting out property. Compare quotes from these companies to get the best cover for your furnished and unfurnished lets.
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Landlord insurance is a type of home insurance for people who rent out furnished and unfurnished properties. It’s a broad term and covers several different types of policy, including:
landlord building insurance
landlord contents insurance
landlord accidental damage insurance
landlord liability insurance
landlord unoccupied property cover
landlord rental protection insurance
You can find standalone policies, as well as policies that combine two or more of the above. Landlord insurance provides financial compensation if something goes awry at the property and is a prudent way to protect your investment and income.
This depends on your policy, but typical policy elements include:
the building itself (structure)
features of the property (like fitted kitchens and bathrooms)
theft, fire and flood
your belongings, such as furniture and flooring
accidental damage caused by tenants
disruption to rental income – if you can’t rent out the property because it’s damaged
rent arrears – if your tenants don’t pay
damage caused while the property is empty (between tenants)
legal costs
boiler breakdown
malicious damage by tenants
alternative accommodation – if your tenants have to move out while repairs are made
There are lots of options, so here’s a quick rundown of the different types of cover available. Bear in mind that the more cover you have, the more you pay.
Landlord building insurance: this covers the cost of rebuilding your property if it suffers significant damage due to a fire, lightning strike, earthquake, burst pipes or subsidence. The rebuild cost isn’t the same as the market value or the price you paid for the property: it’s how much it would cost to rebuild your home today. Use a rebuild calculator to work out the cost before you take out your insurance
Landlord contents insurance: work out how much it would cost to replace all your belongings inside the property. If the let is unfurnished, you should need much cover
Accidental damage: this covers the cost of accidental damage caused to your property or its contents by your tenants. Some insurers may charge extra to add this
Landlord liability: this covers you if your tenants are injured or become ill because you're deemed not to have taken proper care of your property. You can choose a limit of up to £5 million
Rent guarantee: rental protection insurance covers your rental income if your tenants fail to pay. Some landlord policies automatically include it but if not you can get standalone rent guarantee cover
Unoccupied property cover: your property is at greater risk of being broken into or damaged when it's empty because nobody is around to quickly spot and report problems such as leaks that could go on to cause a great deal of damage.
It’s not a legal requirement to have landlord insurance, but you may need to get it to satisfy your lender if you want a buy-to-let mortgage to purchase the property. Check your mortgage requirements carefully.
Even without a mortgage lender, it's worth considering landlord insurance because it provides more suitable cover than regular home insurance. This applies whether you're renting to paying tenants or family members.
No, regular home insurance is unlikely to cover you, because you’re not living at the property. You don’t know whether your tenant is causing any damage and can’t rely on your tenants to address issues before they spiral.
Worse still, if your tenant is injured inside your rental property, you may have to compensate them from your own pocket if you don’t have the correct landlord insurance.
If you sublet a room in your own house, you don’t need landlord insurance but you must check that subletting is permitted with your current home insurance. and mortgage arrangement.
If you have a holiday home, you need holiday let insurance rather than landlord insurance.
How much you need to pay depends on a range of factors, including:
Your property’s condition
The better condition the property is in, the cheaper your insurance.
Security measures
Better security, such as alarms and locks, means lower premiums.
The level of cover
Costs will rise if you add on extras.
Your claims history
The more claims you make, the more future insurance costs.
Your tenant
The cost of rent-guarantee cover depends on your tenant's employment status.
Your property's location
The safer the area, the cheaper your insurance will be.
There are a few steps you can take to make extra savings on your landlord insurance. For example:
Compare landlord insurance: shopping around means you can get a quote that gives you the cover you need at a good price
Choose your tenants wisely: the type of people renting your property impacts the price. For example, a group of students is a higher risk than an older professional couple, so your insurance costs more
Check if you need buildings insurance: if you own a flat, the building’s freeholder might have buildings insurance, so you may not need your own
Don’t get too much contents insurance: if you let the property unfurnished, you only need a small amount to cover carpets, light fittings and the like
Think carefully about what extras you need: only pay for the cover you want
Keep your property in good condition: if you stay on top of repairs and wear and tear, you’ll get a better quote
Invest in extra security measures: ensure your property has decent locks, for example
Only make claims when you need to: the fewer claims you make, the cheaper your quotes are
Set a higher voluntary excess: if you make a claim, you pay a voluntary excess fee. The higher you set this, the cheaper your insurance is
Pay annually: annual insurance is always cheaper than monthly insurance, because when you pay monthly, the insurance company is essentially giving you a loan, so you pay interest for the privilege
Don’t leave the property unoccupied: you need extra cover if you do, which can be expensive
Once you’ve decided what cover you need, compare as many quotes as possible to get the best price. Cost shouldn’t be your top consideration, though, because while discount insurance might be more affordable, if it doesn’t give you the cover you need, it’s useless.
Don’t forget to check the minimum excess you have to pay towards claims. You can talk to your insurer about discounts for choosing a higher excess.
Our landlord insurance comparison can help you find the right policy for your buy-to-let property. Start by deciding what cover you need, then you can get a tailored quote.
Whilst landlord insurance isn't a legal requirement, if you're renting out a property it's worth thinking about. Regular home insurance won't cover a property you don't live in.”Florence Codjoe, Personal Finance Editor
Some insurers might offer multi-property landlord insurance, which covers several properties under one policy. This can sometimes work out cheaper than individual policies, but compare all the options before deciding which kind of policy suits you best.
Yes, you can claim landlord insurance – as well as some other costs of running and maintaining your property – as an expense to reduce your tax bill.
It’s a good idea to gather the necessary information before you try to arrange your landlord insurance. The sort of information you need includes:
the property’s address
when it was built
the rebuild cost (use a rebuild calculator to work this out)
the type of tenants you have and the length of the tenancy agreement
details of locks and alarms fitted at the property
the total value of your personal belongings at the property, including furniture
details of any claims you’ve made over the last five years
which type of landlord insurance you want
how you’d like to pay – monthly or annually
Making a claim is simple, but do make sure you understand the terms and conditions of your policy when you take it out.
If your claim is for theft or damage, you need to report it to the police and ask for a crime reference number. Always submit your claim as quickly as possible as they can take a long time to process, so it’s best to get started early.
Getting the right cover for your rental property is vital to protect it if the worst should happen. Here is how to choose the right landlord insurance.
Read MoreIf your rental property is damaged or your tenants stop paying rent, your insurance could help you recover the costs. Here is how to claim on your landlord insurance.
Read MoreGetting the right landlord cover is vital for protecting your rental property, but there are lots of ways to save money on your policy. Here is how to cut the cost of your landlord insurance.
Read MoreBy comparing landlord insurance you could save money on the policy. The best value landlord insurance will offer you the cover you need, at a price you can afford. Choose a cover plan from the best UK insurance companies and see the online discounts they offer.
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Last updated: 28 June 2022
