Whether you occupy your own property or let it out to tenants. Landlord insurance can protect your assets from any unexpected damage.
At 360 Protect UK, our expert team of insurance specialists can help you understand the right policy for you and your assets and properties.
What is landlord insurance?
Landlord insurance is a specific type of insurance that protects you against losses suffered in connection to a rental property. It can protect the property itself, as well as related risks such as injury or loss suffered by a tenant as a result of a fault with the building. Landlord insurance can also cover the landlord’s contents within the property.
Do I need Landlord Insurance?
A landlord insurance policy goes much further than standard home insurance. It provides cover for the building and/or contents of your property. It can also protect you for loss of income if your tenants are unable to pay their rent. Furthermore, it can also provide financial cover if you’re deemed to be liable for accidents or injuries resulting from any negligence.
Landlord insurance isn’t a mandatory legal requirement. But having the appropriate cover in place can make a significant difference to you and your property. If you own any type of property – whether it’s residential or commercial – it’s ultimately your responsibility to deal with any issues that could pose a problem for you or your tenants.
The main difference between landlord’s insurance and standard homeowner’s insurance depends on the insurer. They will weigh up the potential risk of claims based on who is occupying the property and for what purpose. A homeowner living in their own residential home is less likely to make a claim than renters in a property they don’t own.
If you own a commercial property and let this out to a business owner, a suitable landlord insurance policy can work in much the same way to cover the building. As well as its contents and your income flow. Additionally, if someone receives an injury in your property, liability insurance will be able to cover the costs of damages.
There are many different types of cover that can fall under the label of landlord insurance. It’s completely up to you how extensive you want your cover to be and you can tailor a policy to match your specific wants and needs. Here are just some of the various different options to consider:
Buildings insurance: this will cover you for the costs of repairing any structural damage to your property.
Contents insurance: if you own any non-permanent fixtures in the property, you can receive cover for your possessions. However, your tenants will need a separate contents policy for their own items.
Accidental/malicious damage or theft cover:
This covers you in case your tenants cause any significant damage to your property.
Rent guarantee cover:
There may be times where your income is often affected. This could be by tenants not paying their rent or if they need to move should the property become uninhabitable.
Legal expenses cover:
If you should be in a situation where a dispute arises between you and your tenants, this can cover the cost of any legal action you need to take.
Unoccupied property insurance:
There may occasionally be periods between tenancies where the property is completely vacant. This cover can keep your property protected as long as you can make regular checks to ensure it remains safe and habitable.
If you’re letting out a residential property, your insurer may also want to know of the kind of tenants you intend to rent to.
If you rent to students, professionals or those receiving housing benefits, this can greatly affect your premium. In some cases, an insurer may not be willing to cover certain tenant categories. Therefore, it’s important to declare your intentions so as not to invalidate your policy.
Reducing the cost of landlord insurance
The cost of landlord insurance depends on a number of factors, some of which won’t be under your control – such as your tenant’s employment status or the location of your property. However, thinking about the following can help you find cheaper landlord insurance quotes:
If your property is in good repair this may reduce your likelihood of claiming, and therefore could mean you pay lower premiums.
Increased security measures also reduce the chance you’d have to claim.
Level of cover
Taking out additional levels of cover will increase the price of the policy.
Your claims history
If you make a high number of claims over the years, you’re likely to pay more.
What is the property owner’s liability?
Property owner’s liability protects you if a third party injures themselves on your property. This covers you for the cost of any claims or damages made as a result of the injury.
As a landlord, you’ll have a desire to protect your building and contents. But you also have a duty of care and potential liability if a third party (e.g. a tenant or a tradesman) gets an injury at your property.
For example, if your tenant trips on a badly-fitted carpet and breaks a leg, they might make a claim against you. If you’re found to be at fault, this will help you pay any costs/damages.
Other types of landlord cover
- Residential Insurance
- Flat or thatched roof insurance
- Boiler Emergency Cover
- Underpinned property
- Home emergency cover
- Commercial landlord insurance
- Listed building insurance
- Rent guaranteed & legal expenses
- Flood risk insurance
- Unoccupied Property
- Landlord legal cover
- Property owner liability
Why get landlord insurance?
Losses can come from many different avenues. It’s important to have protection in place to avoid any substantial losses or expenses.
Landlord Insurance Quotes
Landlord insurance quotes can be one or many different types of cover lumped into one policy to make sure you’re covered from all angles.
How much does landlord insurance cost?
The cost of insurance will vary depending on your properties. As a result, the level of cover you need will ultimately determine the cost.
Insurance policies come in packages, offering a range of different cover and optional extras. It’s important to remember that the cheapest quote isn’t always the best one. It’s about finding the right cover for you and your estates.