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Landlord buy-to-let insurance

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What is landlord buy-to-let insurance?

Buy-to-let insurance is a type of home insurance designed to minimise the risks posed when you lease out your property. It’s more specialised than standard home insurance, which, in itself, doesn’t typically offer cover if something goes wrong with your tenancy. 

Do I need to have landlord buy-to-let insurance?

Although it’s not a legal requirement, many mortgage lenders will insist you have the right kind of insurance in place when you apply for a buy-to-let mortgage.  
 
You may also find that standard home insurance won’t cover a rental property that you don’t live in.

What does landlord buy-to-let insurance cover?

Most buy-to-let insurance policies will cover you for the following:

  • Buildings insurance - to cover damage to the structure of the property or any permanent fixtures, as a result of vandalism, fire, floods, storms or subsidence.
  • Contents insurance - to protect your belongings if you’re letting out a furnished property.
  • Liability insurance - protection if a tenant or their visitors sustain an injury in your property, for which you can be blamed.
  • Alternative accommodation costs - if the property isn’t fit to live in after a fire or flood, for example.
  • Rental income protection - cover for periods where the property is empty due to unliveable conditions.

Some insurance providers also offer additional cover that includes:

  • Rent guarantee protection   
  • Legal expenses for tenant-related disputes 
  • Accidental damage

Frequently asked questions

Can I reduce the cost of my landlord buy-to-let insurance?

The best way to get a good deal on your insurance is to shop around and compare a range of quotes, rather than letting your policy auto renew. But you might also be able to reduce the cost of your premium by:

  • increasing your excess – however, you’ll need to make sure you can afford to pay it if you do need to make a claim.
  • installing security features – having good locks on doors and windows may help you get a better quote.
  • avoiding higher-risk tenants – insurance will cost you more if you rent to students, for example, as insurance providers consider them higher risk.
  • keeping your buy-to-let property well maintained – this is part of your responsibility as a landlord, but having a well-maintained property also means you’re less likely to make a claim. Plus, insurance policies won’t pay out for damage caused by wear and tear.
  • Pay for your insurance annually – you may have to pay interest if you make monthly payments.
  • Keep the property pet-free – allowing tenants to keep pets could raise your premium.

Can I insure more than one buy-to-let property?

Yes, but you may not be able to do so under standard buy-to-let landlord insurance. However, many insurance providers offer multi-property insurance, also known as portfolio insurance. With this type of cover, you can insure all your properties under one policy, which makes admin easier and ensures you only have one policy to renew. It may also work out cheaper than having separate policies for different properties.

Where can I find a landlord buy-to-let insurance quote?

Getting the most suitable landlord buy-to-let insurance is easy with Compare the Market’s handy comparison tool. Why not compare landlord buy-to-let insurance with us today and see if you could save?

How much does landlord buy-to-let insurance cost?

The price of your premium depends on a number of factors, including:

  • property size 
  • property location 
  • whether you’ve made a claim before

The type of tenants you have can also make a difference to your premium. For example, in insurance terms, students are considered a higher risk than working professionals or a family with a secure income.

Start a quote

What do I need to get a quote?

You’ll need to give us a few details about you and your policy, including:

  • location 
  • type of property – a house or flat for example 
  • how long you’ve owned the property for 
  • whether it’ll be occupied when the policy starts 
Start a quote

Why use Compare the Market?

We compare prices for 15 landlord insurance products**  94.0% of users would recommend Compare the Market to friends or family***

**Correct as of May 2020. 
***For the period 1st March 2020 to 31st May 2020, 11,723 people responded to the recommend question, 11,015 responded with a score of 6 or above, therefore 94.0% are likely to recommend. 

Emily Kindness

Business Insurance expert

What our expert says

“Having a buy-to-let property can be a great investment, but it’s also a big responsibility.  
 
“Remember that traditional home insurance policies won’t cover your buy-to-let property. But knowing you have the right cover can give you peace of mind and allow you to focus on your property and landlord responsibilities.”

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