Rental insurance for landlords

As a landlord, taking out rental insurance can protect you from the financial implications of an empty rental property or tenants unable to pay their rent.

What’s rental protection insurance?

Rental protection insurance, or cover for loss of rent, is one of the features that you can choose as part of landlord insurance. Although not a legal requirement, landlord insurance can provide very useful cover, such as buildings insurance to cover your property if it’s damaged by fire or flood, and contents insurance to cover damage to the contents you own if your rental property is furnished.

If you opt for rental protection insurance and you can’t let out a property for an insured reason, say because of flood damage or a fire, you could claim for the amount of rent you would’ve received over the unoccupied period.

As rental protection isn’t typically included as standard with landlord insurance, you should check your policy if you feel you need this type of cover – you may have to pay extra to add it.

Should I consider unoccupied property insurance?

Along the same lines as rental protection, and also an optional feature of landlord insurance, is unoccupied property cover.

While it’s not uncommon for a property to be empty between tenants – in fact, this is often useful if you need to make any necessary repairs or renovate a property – there could be an issue if that property is left empty for more than 30 days. In the eyes of most insurance providers, that property would be classed as unoccupied and might not be covered by landlord insurance should something happen. By choosing unoccupied property insurance, your empty property should be covered against a range of risks, including theft and damage by storms, fire or flood. As always, it’s advisable to check the policy for any exclusions.

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What is rent guaranteed insurance?

A rent guaranteed insurance policy can cover your rental income should your tenants be unable to pay their rent, giving you peace of mind that you won’t be out of pocket.  

What’s covered by rent guaranteed insurance?

To start, it’s worth noting that before you apply for rent guaranteed insurance, you must have a tenancy agreement in place and the tenants must have been successfully referenced.

Rent guaranteed insurance policies differ among home insurance providers, however you will find standard terms associated with the maximum number of months and the total value from which you can claim unpaid rent from your tenant. It’s important to check the policy you opt for provides sufficient cover so that you’re not left in financial difficulty should you need to claim.

A guaranteed rent insurance policy doesn’t just cover unpaid rent. It can also provide cover for legal expenses (the amount varies among policies), as well as cover for any disputes relating to the recovery of rent arrears or repossession or eviction processes, for example.

Some rent guaranteed policies will also provide access to a panel of solicitors who can help you with legal advice, should you need additional support. Their advice isn’t limited to the letting of the property, but covers a wide range of services.

How can I get a good deal on rental insurance?

We’ll do all the hard work for you. Start a quote with us and we’ll provide you with a list of great-value deals on rental insurance for landlords. Be aware that the cheapest option might not be the best for you – always check the levels of cover to make sure a policy meets your needs.

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