Landlord Buy-To-Let Insurance Guide & Competitive Quotes

Surprisingly, Landlord insurance isn’t a legal requirement. And yes, that is particularly mind-boggling considering some of the bogus regulations that do exist; enforcing insurance by law would actually make sense. But I digress.

So while you can legally let out a property without any form of insurance, the reality is, the risk of opting to go without suitable coverage is, quite frankly, bonkers! Moreover, I’d seriously have to question the mental state of anyone that dares to run that kind of risk. It may not be a legal requirement, but I’d argue that having adequate insurance is essential for all landlords.

The only dilemma is, with so many types of landlord insurances to choose from, it can seem like a bit of a minefield.

So, let’s dance through some of the need-to-knows, including your options…

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If you have absolutely no desire to learn the theory (maybe because you know it already), and you simply want me to recommend a landlord insurance provider, then I’m going to point you in the direction of QuoteSearcher. I’ve successfully used (and subsequently partnered with them) for several years now, which is why I don’t hesitate when it comes to recommending their services.

If you slap the ‘quote’ button below, you will be directed to a landlord insurance form. After completion, a specialist broker will contact you to run through your requirements and the options available. There is no obligation and receiving the quotes is 100% free.

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Types of landlord insurance products

There was a time when the issue of “Landlord Insurance” was a relatively simple process, you either opted for a policy that covers the building against damages or one that covers both the building and the internal contents (e.g. furniture). Simply, “Building insurance” or “Building & contents insurance”

Typically, landlords with furnished properties opt for building and contents cover, while everyone else heads towards the bog-standard building cover. Easy peasy.

Those options are still available, and they’re still undoubtedly the most common policies landlords opt for.

However, in today’s thriving BTL market – where many of us are in the line of fire more than ever before (for various reasons) and consequently require more protection – there’s a lot more on offer!

Below is a list of the different types of insurances available, or at least, the ones I feel every landlord should be aware of.

Landlord insurance policies are very much like any other type of insurance- you can have a policy that covers the bare essentials, but you can also apply a bunch of add-ons for extra protection. It really boils down to how much protection you want and how much you’re willing to pay for it.

Please note, some insurance providers might be able to provide all the types of insurance below into one policy, but in some cases you may need to get separate policies from different companies. For example, my “building insurance” cover and “rent insurance” is provided by different companies.

1) Landlord/BTL Building Insurance

Even though there are several types of insurances available for landlords, the term “Landlord insurance” usually refers to building insurance.

Out of all the various types, building insurance is definitely the one that is the most important. It’s the bare minimum coverage every landlord should have.

Landlord building insurance covers the cost of repairing the structure of your BTL property if it’s damaged/destroyed by an “insured event”, which usually includes fire, weather damage, subsidence, burst pipes, theft and vandalism.

There are hundreds of policies available on the market, and new ones are being introduced regularly, and one of the most important steps is picking a policy that is suited for your specific circumstances so you avoid over or under insuring.

An insurance broker should be able to provide assistance and guide you in the right direction when it comes to picking a suitable policy. You can talk to a broker today, by filling in this quote form (there is no obligation and it’s completely free)!

For more information, go to the Landlord Building & Content Insurance Guide.

2) Landlord Contents Insurance

As mentioned, Landlord building insurance is considered essential, but the same isn’t typically said about “contents” cover, even though it’s incredibly popular. Whether it’s suitable for you generally depends on the contents of the property you’re renting out.

If your property is “furnished” then it’s worth considering contents insurance, because it will cover the financial cost of repairing or replacing any household furnishings, white goods (cooker, oven, fridge, freezer etc.) and personal possessions.

If the property is unfurnished, then it’s ultimately down to the tenant to get their own suitable Tenants Contents Insurance policy to cover their personal belongings. Landlords are NOT obligated to insure their tenants’ possession.

Content insurance is often purchased with building insurance as part of the same policy provided by the same insurer, so you don’t need to get them separately if you require both. However, that doesn’t have to be the case, you can get separate policies (although, I’m not sure that makes much sense, because it’s usually cheaper to get them both together from the same provider).

For more information, go to the Landlord Building & Content Insurance Guide.

3) Rent Guarantee Insurance (RGI)

This type of insurance protects landlords against loss of rent.

It’s most commonly relied on when tenants fall into arrears and are unable to pay rent, or simply refuse to pay rent (for whatever reason). If that happens, the insurance company will cover the rent, or at least a percentage of it, depending on your policy.

This type of insurance has nothing to do with the property or the contents, it only insures against rental loss.

Personally, I’m a massive fan of rent insurance, because it’s a relatively cost-effective policy, which can save landlords thousands in rent arrears and legal fees (which sadly, is a common occurrence). And actually, RGI has become incredibly popular among landlords because it provides an incredible peace of mind.

For more information on RGI, go to the Landlord Rent Guarantee Insurance (RGI) Guide.

4) Landlord Maintenance, Emergency & Boiler Cover Insurance

These are relatively new products, but you may have seen them popping up- they’re becoming increasingly popular with landlords, especially since they cover boiler maintenance, which is particularly useful (because boilers can be an expensive pain in the ass when they decide to break down, and usually at the most inconvenient of times!).

This type of insurance generally covers gas and electrical breakdowns in a BTL property. You may have seen British Gas heavily advertise their landlord insurance cover on TV. Essentially, you pay in the region of £15 per month, and British Gas (or whoever is providing the cover) will attend to your gas and electricity related issues within 24 hours. This can be a very useful product, particularly for old houses with old fittings that are prone to frequent breakdowns.

One call out alone can cover the cost of an annual policy. It’s seriously worth considering.

For more information and available suppliers, go to the Landlord Maintenance, Emergency & Boiler Cover Insurance Guide.

Most RGI insurance policies come with legal fee insurance (it’s usually part of the overall package), but I know you can also get it as an isolated extra (e.g. you can get legal fees insurance without the rent guarantee option). You can also usually add ‘legal fees cover’ on as an extra to most policies, but for a small premium of course. When I applied for my landlord building insurance cover, my insurer wanted £50 extra for legal fee cover.

Landlord legal fees insurance covers any legal expenses. For example, in the event of a tenant eviction. Generally, if you’re dealing with a tenant that falls into arrears and is reluctant to vacate, the legal expenses to evict the tenant can quickly start stacking up, especially if it ends up in court. All those fees can be covered with this type of policy/extra.

6) Public liability Insurance

Public liability cover typically comes included with most insurance policies, however, it’s better to be made aware of what it means so you can ask the question when you’re getting your insurance policy.

The public liability schedule refers to being insured for accidental injuries incurred by your tenants within the confinement of your property e.g. if they suffer any injuries from a nasty fall down the stairs.

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 pretty sad, but everyone wants that easy buck)!

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

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Do I need landlord insurance?

Currently, there is no legal requirement for UK residential landlords in England or Wales to have any form of insurance policy. Most policies are available to provide ease and reassurance, nothing more. However, in all honesty, you’d have to be a complete and utter fool not to at least have a building insurance policy.

It really doesn’t make any sense not to have a BTL building insurance policy.

The maths is simple: pay approximately £150 a year for insurance, or stand to lose your entire investment by an accidental fire.

Not to mention, you’ll still be liable to pay the mortgage. imagine how demoralising that would be, paying off debt for a pile of burnt rubble.

Buy-to-let properties are large investments, probably your biggest investment, so you should be protecting your money from unexpected dilemmas (which sadly, occurs more frequently than we’d like to think).

Assess your needs and get the insurance policy(ies) you feel necessary. There’s a lot to be said about feeling at ease when you know you’re armed to the teeth with adequate insurance.

Quick and easy Landlord Insurance quotes

If you’re interested in getting landlord insurance, then I would highly recommend talking to an insurance broker. Not only will they provide you with specialist advice, but you’ll also get access to the best products on the market at the most competitive rates. There is no obligation and receiving the quotes won’t cost you a penny, it’s 100% free.

If you click on the link below, you will be directed to a landlord insurance form, where you can compare some of the best quotes around by talking to specialised brokers! I recently renewed my landlord Insurance policy by using the quote form and saved £260 and it only took 20 minutes to get everything up and running.

Even if you currently have a policy, it’s well worth shopping around and preparing yourself for when your current one is due to expire, because it’s an incredibly competitive market.

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Top tips for buying your landlord insurance

  • Read and understand all the terms and conditions in your proposed policy. Often the cheapest isn’t always the best suited for your circumstances, and that’s especially true with insurance! If there are any details you are unsure about, ask your policy provider for clarity.
  • Make sure your policy is suited for your specific circumstances so you avoid over or under insuring.
  • Check if your policy requires you to pay an excess fee with any claims, and check the amount. Generally speaking, policies with higher excess fees have a lower premium.
  • Get written confirmation of any discussed details that are not specifically written in your policy, which you feel could come under scrutiny and impact future claims.
  • If any circumstances change through an existing policy (e.g. you build an extension or there is a change in tenancy), you should contact your insurance provider immediately to update their records. Otherwise they may refuse any future claims.
  • Auto-renewing or remaining loyal to your existing insurance provider is often the most expensive way to renew insurance products. Always get new quotes before your current policy is due to expire. Often, your current provider will even match your best quote (as long as it’s a like-for-like product), even if their initial renewal quote was significantly more expensive.
  • Don’t forget, landlord insurance is tax deductible :)

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