Some landlord insurance policies may look similar, but it is worth comparing to ensure your investment has suitable protection. Property insurance for landlords can vary depending on your needs.
You might primarily be looking for protection from damages caused by tenants and financial support with legal issues. However, property insurance for landlords, as is the case for standard homeowners, can come with different covers as standard.
Depending on the tenant type or property type, some covers will be more important to you than others. As each landlord’s property portfolio is different, it’s hard to pinpoint what the ‘correct’ amount of cover can be. A comprehensive policy that covers many risks as standard might be what you need for peace of mind.
The types of property insurance for landlords
You need to consider what your property will actually be used for. Will you let it to a single household or is it big enough to be used for multiple tenancies? If the latter is your answer, then you will need insurance that is valid for houses in multiple occupation (HMO).
Will you be letting it on a long-term or short-term basis? Is there a chance it may become unoccupied for a period of time? If you specifically let to students, this can also impact your available options.
The terms and conditions of an insurance policy may exclude certain scenarios.
Tenanted Property Landlord Insurance
This can be a combination of protection for the building and its contents. We believe that a comprehensive policy provides the best protection for rental investments, which is why ours comes with 40 covers as standard.
It is specifically designed for landlords to help protect against the financial burdens associated with letting a property. Risks like loss of rent, damage by tenants and unauthorised alterations are included in policies such as ours.
Unoccupied Property Insurance
Some invest in a property purposefully to let it to tenants only for it to become unoccupied between tenancies. If it’s going through a void period, check that your insurance is still valid for that length of time.
To be on the safe side, you can purchase unoccupied property insurance, designed to offer protection whilst it sits empty. Whether it’s undergoing renovations or simply awaiting new tenants, it can give you peace of mind.
We have designed our Unoccupied Property Insurance to be easily moved over to Landlord Insurance once a tenant is living there again.
Holiday Home Insurance
If you also own a property that is used as a holiday home, there are different insurance risks to consider. Whether for personal use, holiday let use, or both, some holiday home insurance policies can offer more suitable protection.
Overseas Holiday Home Insurance
This one is similar to the above, but for properties outside of the UK. If English is your first language, you may feel more comfortable with a policy that has been underwritten in the UK. Understanding the documents for the cover you are receiving is important!
Some will provide cover similar to UK Holiday Home Insurance but will adhere to the rules and regulations of that country.
Our sister company Insure My Villa can provide cover in Spain, Portugal, France, Italy, Republic of Ireland, Gibraltar and Monaco.
Rent Guarantee Insurance
Tenants falling into rent arrears is a worry that a lot of landlords have. It can put you in a difficult situation, especially if you rely on that money to pay the mortgage. This is where Rent Guarantee Insurance can help. Some policies will cover legal expenses as well as rent arrears, so it’s worth reading the policy wording for the product before making a decision.