A simples guide

Landlords Insurance - A Quick Guide

If you’re renting out a property or a number of properties, you’ll need to consider getting some specialist landlord insurance. Nobody wants to consider things going wrong, but as a landlord there are a number of risks that you face.

What happens if a pipe bursts? If your tenant fails to pay? If a tenant hurts himself at your property? Insurance means you don’t have to worry if any of these scenarios happen.


What does it cover?

There are a number of items that you need to consider covering as a landlord. The good news is that all good landlord policies will ‘bundle’ these together. This means you’ll pay one amount rather than having to arrange a number of separate covers.

  • Building Insurance

Your building itself is a valuable asset. Just as you’d insure your home, you need to consider similar for your rented property. If the building was affected by a fire or flood damage, your buildings insurance will come in to play.

You need to insure your property for the estimated rebuild cost of the property. This isn’t the same as the market value of the property. You can use our BCIS calculator to add this up.

You might want to check that you have malicious damage cover too – just in case anything ever happens.

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What else is covered?

  • Contents Insurance

This is particularly important for furnished properties. Be sure to remember to look at what it would cost to replace your items. You may want to consider adding accidental damage to your policy for breaks, spills and tears etc.

  • Landlords Liability Insurance

As a landlord, you have certain legal liabilities to cover. If, for example, your tenant was to have an accident and injure themselves at your property, they may decide to sue. Liability claims can get very expensive, so you’ll often find that the liability amount insured starts at £1m.

  • Employer Liability Insurance

If you employ staff, for example to clean, garden or repair your properties, you may need to take out employer liability insurance.

You will need employer’s liability insurance if any of the following apply:

- You deduct National Insurance and tax from the money you pay them
- You have the right to control where, when and how they work
- You supply most materials and equipment
- They are treated as other employees, e.g. they enjoy the same terms and conditions

  • Rent Guarantee

Rent guarantee insurance will cover you in the event that your tenant refuses to or can’t pay the rent. This type of cover also comes with legal expenses cover too.

  • Loss of Rent

Loss of rent sounds similar to rent guarantee insurance, but actually covers the event in which your property is empty, say as a result of a fire or flood. Often this may cover finding the tenant alternative accommodation for a period of time as well.

Other considerations

  • Remember that you need to notify your insurer when each tenancy change takes place.
  • Look beyond the insurance price and make sure that you have the right levels of cover in place for the various risks.

We can help you find the best landlord insurance policy. To check prices from leading insurers simply start comparing.

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