Landlord Insurance

Written by The Landlord on 11 Feb 2011

Looking for quick and easy Landlord Insurance quotes for your Buy-to-let property? Then you’ve come to the right place.

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Why is Landlord Insurance Important?

Buy-to-let properties are investments, in which you most likely have a considerable amount of money tied up into. This is an investment you need to protect for a whole variety of reasons. But for example, what if there’s a fire? Even if you think, “it won’t happen to me”, it just might, consequently investing in a landlord insurance policy might save you from possibly the costliest expense of your life.

Additionally, another important part of landlord insurance is the public liability schedule. This means that if someone falls down the stairs, is injured in the garden etc you will be insured.

Since the UK is becoming ever more litigious, every landlord should have public liability insurance to cover themselves. Tenants are becoming much more savvy about getting “no win, no fee” solicitors involved!

It’s worth checking to see if your policy covers public liability.

Do I legally need landlord insurance to let out my property?

No – building insurance is not legally compulsory, but for the reasons mentioned above, it’s not worth going without.

Is there a difference between “Home Insurance” and “Landlord Insurance”?

Yes, there is a difference, and it’s crucial to get “Landlord Insurance” if you’re letting your property.

Landlord insurance can be slightly more costly than regular home insurance, so a lot of landlords opt for “home insurance”, assuming they’ll still be covered but at a lower rate. It’s a common mistake that can cost thousands and thousands of pounds.

In most cases, “Home Insurance” polices will NOT cover any claims made in a buy-to-let property. In fact, the insurance policy will most likely be invalid.

Home Insurance covers an individual residential home. Landlord Insurance covers buy-to-let properties.

Is there a difference between “Landlord Insurance” and “Buy-To-Let Insurance”

They are actually the same thing. No matter which you ask for (either Buy to Let or Landlord Insurance) you will be given the same quote and it will be to protect the building that you rent out.

Do I need Landlord Insurance content cover?

Landlord building insurance is essential, but the content cover is optional, and it depends on the type of property you are renting.

If your property is “furnished” then it’s definitely worth getting content insurance. Additionally, if white goods (cooker, oven, fridge, freezer..etc) are provided by the landlord, then it also maybe worth getting content insurance. However, the decision is down to the landlord’s discretion.

If there property is unfurnished, the tenant may want to get his/her own policy to insure their personal belongings.

Why do I pay more/less for Landlord home insurance policy than other people?

Insurance premiums are generally based on the risk and crime levels in different areas. Usually insurance companies use postcodes to cross reference police records and their own insurance claims history for the area to assess the risk. So your landlord insurance premium will directly reflect with what the results the reports produce.

Does landlord insurance cover loss of rent if my tenant doesn’t pay rent?

A policy which covers rent loss by tenants is known as a “rent guarantee” policy. This kind of cover is widely available, but it doesn’t usually come with standard “building/content landlord insurance” cover. If you require rent guarantee cover, ensure to ask your insurer if your policy comes with it, or whether you add it to your policy. Bear in mind, rent guarantee cover may reflect your premium.

I have 6 home insurance quotes so far but with all of them if my property is unoccupied for more than 30 days then the company will stop covering. Is this the case with all policies?

There are several available. Although, they will most likely impose additional terms when a property is empty for a period, their period of cover is for eiher 60 or 90 days.

The best thing to do is get a free Landlord Insurance Quote and then ask the insurance companies their policy on the matter.