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What is landlord insurance?
Landlord insurance is the cover that property owners take out to cover their rental properties, this could be for one property or several; i.e. a block of flats. It can cover any unexpected costs against buildings and contents damage and loss, as well as any disputes with tenants.
Standard risks such as fire, lightning, earthquake, flood, escape of water/oil, subsidence, theft, and malicious damage are usually covered by landlord insurance policies. Although, each policy will be different and may not cover everything so it is important to double-check.
Types of landlord insurance
There is a whole range of different types of cover for investors and rented properties, it’s important to understand which policy is right for you and your circumstances.
Landlord insurance
Similar to regular home insurance, landlord insurance policies include buildings and contents cover. It is important to have both of these if you are letting out a part or fully furnished property.
- Buildings insurance - covers the property and any outhouses attached to the land the property is on, such as garages, sheds, and extensions. Buildings insurance protects you from any accidental damage or loss due to theft, or natural disaster
- Contents insurance - covers anything that isn’t attached to the walls or floor; for example carpets, curtains and appliances will require contents insurance. Tenants are also encouraged to take out their own contents insurance in case of loss or damage, but this is not the landlord's responsibility
- Public liability insurance - is specific to landlord insurance, as it covers you from having members of the public in your owned property. Should they suffer any injury, you are financially protected if they choose to open a case against you
Buy-to-let insurance
Buy-to-let insurance is a type of landlord insurance that can be covered against one property that has been purchased using a buy-to-let mortgage. These types of mortgages typically have lower interest rates but require a larger deposit for investors.
Multi-buy insurance
Multi-buy insurance is a good idea for an investor with more than one rental property to insure. Whether it’s a block of flats or a scattering of rental properties, by opting for multi-buy insurance, landlords could save money and time by insuring them all under one policy.
Commercial property owners insurance
Also known as commercial landlord insurance, this policy is intended to provide specialised cover for landlords who rent out commercial properties to third parties, such as shop fronts, hair salons, and restaurants etc.
Unoccupied property owners insurance
Unoccupied home insurance covers you if you leave your house unoccupied for longer than your normal policy allows. This could be due to working abroad, having a gap in the tenancy or the property is waiting to be sold. Typically, you’ll only be covered if your house is vacant for up to 60 days.
Renovation insurance
Renovation insurance covers you for the pitfalls that may occur while building works are being carried out at the property. As a result, you'll almost certainly need buildings insurance to cover your property when it's unoccupied, as well as against threats like fire, theft, flood, and subsidence.
Is landlord insurance a legal requirement?
Whilst it isn’t a legal requirement in some instances, it is better to be insured should anything go wrong whilst it is tenanted or vacant.
If you own the property outright then you’re under no legal obligation to have buildings insurance, although it is highly recommended should anything happen to the property. If you have purchased the property with a buy-to-let mortgage, then the mortgage provider will require buildings insurance as a minimum.
It is a good idea to consider contents insurance if the property is being let part, or fully furnished to cover any damage or loss of contents. These could include appliances and soft furnishings, such as sofas and curtains.
What protection do you get with landlord insurance?
Each policy has a standard cover for landlords insurance, usually, it’s worth looking around to find the right one for your particular circumstances.
What’s covered
Public Liability Insurance: If a tenant got injured at your property, this cover protects you financially should they open up a case against you.
Cost of repairing damage in an emergency following a gas leak, pest infestation or burst pipe.
Accidental damage cover: for the building and/or its contents.
Loss of rent insurance: this covers the rent you would lose, if your property becomes uninhabitable due to an insured event and your tenants are forced to move out.
What’s not covered
Tenant's contents: this type of cover is up to the tenants to look after and not the responsibility of the landlord.
Policy add-ons
Malicious damage by tenants cover
This cover can be used to claim when tenants cause damage to the property or contents on purpose
Landlord emergency cover
This can help reimburse any payouts for out-of-hours callouts and subsequent repair fees from emergency situations
Rent guarantee cover
Also known as tenant default insurance; this covers the cost if your tenants have trouble paying their rent on time, ensuring you that you can earn your rental income
How much does landlord insurance cost?
The price of landlord insurance is determined by the type of cover you require (buildings, contents, both) and a range of other factors. As well as the level of cover, the price is determined by the size of your property, its location, and any optional features you choose.
What do I need to get landlord insurance?
Factors that affect the cost of landlord insurance:
- The type of property: whether it’s a flat, a terraced house or a detached house, this will affect the cost of the insurance premium, other factors such as age and build of the property will have an impact too.
- Who your tenants are: this is usually the tenant's occupation and income that is taken into consideration in terms of their risk to the property and paying rent on time.
- The policy type and level of cover you choose: whether you’re opting for buildings, contents, or both, will affect the cost of your premiums.
- Optional extras: any extras that you add to the policy such as malicious damage by tenants.
- Your property's location: if your property is situated in a high-crime area then premiums will rise in accordance with the location.
- Your insurance history: insurers need this information to understand your financial background and whether you are prone to making claims against policies.
- Insuring multiple properties: if you are insuring one or more properties this is something you will need to declare when getting a landlord insurance quote.
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Landlord Insurance FAQs
What is landlord insurance?
Landlord insurance is an insurance policy that investors take out against their rented property or properties.
What does the policy cover?
Each policy is different, but most landlord policies will offer buildings, contents, and public liability insurance as a standard. There are a number of optional add-ons which are worth having, too.
Is it a legal requirement?
Whilst it’s not a legal requirement to not have landlord insurance, it is highly recommended.
How much is it?
The price of landlord insurance is determined by the type of cover you require (buildings, contents, both) and a range of other factors. As well as the level of cover, the price is determined by the size of your property, its location, and any optional features you choose.
Other factors that affect the price are: the type of property, who your tenants are, your insurance history, and whether you’re insuring multiple properties
Can you get insurance for multiple properties?
Yes, this type of cover is called multi-buy insurance and is useful if you are an investor with more than one property to insure.
Is it tax deductible?
Yes, typically investors can claim the expenses of running and maintaining the property, which includes the cost of landlord insurance, to reduce their tax bill.
Do you need landlord insurance if you live in the property or is home insurance enough?
If you live in the property, then regular home insurance is sufficient. However, if you plan on letting it out to tenants for an extended period of time, landlord insurance would be the next step.
Is loss of rent included?
Loss of rent insurancecovers the rent you would lose, if your property becomes and your tenants are forced to move out - this is typically part of a standard landlord insurance policy quote.
What information do you need to get a quote?
- The property's build date
- The rebuild cost of the property
- Types of locks and alarms fitted
- The total cost of contents
- Types of tenants living in the property and duration of the agreement
- Details and cost of any claims you've made in the last five years
How do you make a claim?
Making a claim will depend on the insurer, however they usually have a helpline for customers and you can find your policy details in the agreement.