Landlord Insurance

Protect your investment property


What is landlord insurance?

Landlord insurance protects landlords against the financial risks associated with renting out a property. These risks can include malicious damage or loss of income from irresponsible tenants, accidental fire and weather damage and unexpected legal expenses.

A standard landlord insurance policy normally includes covers such as buildings insurance, contents insurance, property owners’ liability, alternative accommodation, accidental damage, malicious damage, employer’s liability and unoccupied property cover.

This means that if, for example, your property is damaged, burgled, becomes uninhabitable or your tenants fail to pay their rent, you will not be liable for repairs, replacing the stolen contents, the costs of alternative accommodation for your tenants or loss of rent, plus much more, depending on the policy you choose.


How does a landlord insurance work?

Both the cover and cost of landlord insurance varies depending on your needs and the policy you choose. Typically, the more covers you add, the more expensive your cover will get, so it’s important to understand both your options and requirements.

The cost of landlord insurance also depends on the condition of your property, how secure your property is, and your claims history. Normally if your property is in good condition, has good security and you have not previously made many claims, the premiums for a standard level of landlord insurance cover will be quite low.

Indeed, the amount of cover you would need will depend on the type of property you’re letting out, and what level of security blanket you want. For example, if you own the whole building of your investment property then buildings insurance would be a crucial cover for you, however, if you do not own the whole building, fixtures and fittings insurance would more than likely be sufficient.

The best option is of course to build a policy that’s right for your specific investment property.


Do I need landlord insurance?

A rental property is not only a big investment, but it is also a big responsibility, both for yourself and for your tenants. Financially speaking you need to be able to cover any unexpected costs including any sudden loss of rental income or damage to the property to keep your investment up and running.

Normal home insurance typically won’t cover you for rental activities and although landlord insurance is not a requirement by law, many buy-to-let mortgage providers will insist that you have landlord insurance to protect your investment property against things like loss of rental income or malicious damage to the property.

For this reason alone, landlord insurance is a fantastic ace to have up your sleeve if disaster strikes. For without the right cover, unexpected events could leave you seriously out of pocket.

If you are interested in acquiring life insurance or are still unsure if it is necessary for you and your family, please contact us today to speak to an advisor and discuss your requirements.

Alternatively, you may be interested in Building & Contents Insurance or Income Protection Insurance.

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