Is a landlord insurance policy legally required?
Landlords do not have a legal obligation to buy a landlord insurance policy to protect their rental properties. However, you must be aware that a standard home insurance policy may not cover your property when it is used for rental purposes.
Your mortgage lender may also require you to have landlord insurance in place before you can let to tenants – if you do not, you may be breaching your mortgage terms.
Furthermore, if somebody is injured in your rental property and you’re found to be legally liable, you may benefit from cover for property owners’ liability and legal liability as occupier or landlord. Both are included as standard with the buildings cover of our Landlord Insurance*.
How much does landlord insurance cost?
Landlord insurance costs can vary per policy, based on your level of cover, location and a number of other factors that we use to assess your level of risk. We recommend that you compare landlord insurance policies before making a decision.
We understand that you may want to find cheaper landlord insurance than your current provider. However, you may come to the conclusion that you need landlord insurance that provides suitable cover and value for money for your property.
Our policy offers 40 covers as standard. If you are looking to compare landlord insurance quotes, you can obtain a quote from us here.
What type of landlord insurance cover do I need?
To help protect yourself and your property, consider having buildings insurance at least. Our policy covers your legal liability as the owner of the property, as well as including up to £5,000 of cover for carpets, curtains, blinds and white goods when the building is tenanted*.
If you’re worried about your tenants falling into rent arrears, you may also want to think about taking out rent guarantee insurance. This is cover that helps protect your rental income against tenant rent default and the cost of evicting a non-paying tenant.
If you have an empty property, you can get a quote for our Unoccupied Property Insurance cover.
What makes the best landlord insurance?
The features that might make a product the best landlord insurance are subjective, so it’s up to you to decide which would best suit your needs.
Our product includes covers that other insurers may charge extra for or not offer at all. If you compare landlord insurance quotes from various providers, we believe you’ll be impressed with the level of cover we offer.
What is landlord buildings insurance?
Landlord buildings insurance covers the cost of repairing or rebuilding your rental property if it is damaged. Our 40 covers include protection against loss caused by industry-specific perils, such as malicious damage by tenants.
We also include cover against unauthorised alterations, such as those carried out if the premises are used as an illegal drug farm.*
What is contents insurance for landlords?
Contents insurance covers the furniture and household goods that could be taken from the property. Although you are likely to take a deposit from the tenant to cover any charges for repairing or replacing your contents, it may not be sufficient.
Taking out contents insurance with your landlord cover helps ensure that you can bring the property back into use if the furniture and household goods are damaged or stolen.
One way to identify what counts as contents is to imagine flipping the property upside down – anything that falls can be covered by contents insurance, rather than buildings insurance.
Can landlords require tenants to have insurance?
As a homeowner, you are not legally required to have home insurance and the same is the case for tenants. Your tenants are not legally obliged to protect their belongings in your rental property.
However, your tenants should understand the importance of protecting their personal contents as well as those owned by the landlord, as these won’t necessarily be covered by your contents cover in the event of loss or damage.
As a landlord, you do not have the right to add into the tenancy agreement that your tenants must have their own insurance. However, you can advise that it is wise to protect their liability as a tenant for accidental damage to your property. You can explain the reasons for this when your tenant comes to sign the contract.
Is landlord insurance tax deductible?
Certain landlord expenses can be tax deductible, including when you buy landlord insurance yourself. More information about expenses can be deducted from your rental income when working out taxable profit can be found on the government website.
I have a commercial property. Can you provide commercial landlord insurance?
We currently only provide cover for residential let properties. However, you can visit www.vasek.co.uk for a quote from Vasek Insurance. Like us, they are part of the Arthur J. Gallagher & Co group of companies. They might be able to provide suitable cover and can provide a policy for multiple properties.
Is loss of rent cover the same as rent guarantee insurance?
Loss of rent provides different cover to that which is available from a rent guarantee insurance policy. The loss of rent protection included with our landlord cover as standard is there to help if your rental property becomes uninhabitable. It can help to cover rental income lost due to this, and can also cover costs for alternative accommodation for your tenants*.
However, rent guarantee insurance differs as it is there to help landlords financially while you are lawfully seeking repossession of your property due to rent arrears.
Our Rent Guarantee Insurance policy also provides cover for various legal expenses. See our Landlord Legal and Rent Guarantee Insurance policy wording for more information.
Do you provide tenant default insurance?
Our rent guarantee cover can help when tenants don’t pay rent. This rent insurance is available with three different excess choices. The prices for these options are on our rent guarantee page.
Does your specialist Landlord Insurance provide legal expenses cover or liability insurance?
Having cover in place to help with legal costs can be helpful when renting a property to tenants. Our Landlord Insurance cover may help with a range of legal expenses. This includes landlord liability insurance, which provides cover for when there is an accident caused by a problem with your property. For example, if a carpet is not fitted correctly, causing a tenant to trip over, and they decide to sue you*.
Other legal expenses covers by our policy include those incurred for property owners’ liability and the Defective Premises Act 1972 is also included*.
What is index linking?
When you insure a property, you will have to state the buildings sum that you wish to insure. This is the cost of rebuilding the entire property. Index linking is the process of tracking changes to the rebuild cost, to ensure the buildings sum insured remains correct.
We provide a monthly check of the rebuild cost for you as part of our index linking cover. Your premium will not increase during the current term of insurance if the rebuild cost goes up, but any changes will be reflected at the renewal period.
For your added protection should the index fall, we will not reduce the sum insured*.
Can I insure more than one property?
We provide policies that accommodate landlords with any size property portfolio. Those with portfolios consisting of up to 100 properties can obtain a quote on our website.
If you have a portfolio consisting of more than 100 properties, we can help you can obtain a quote if you call us or get in touch by emailing firstname.lastname@example.org.
You will be offered one policy that can provide a mixture of Landlord Insurance, UK Holiday Home Insurance, and Unoccupied Property Insurance.
How can I make a claim?
If you need to make a claim on your Landlord Insurance policy, please visit our How to Make a Claim page for full information.
*Policy limits and exclusions may apply, please see our Landlord Insurance policy wording for full terms and conditions.