WHAT YOU NEED TO KNOW
Having insurance as a landlord is vital if you are to protect yourself and your tenants from the many risks that can crop up. Issues with the house/flat and its contents or the tenants therein need to be covered by insurance. You may have a troublesome tenant who refuses to pay rent, or flood damage might leave the structure unsafe for living. In either of these cases, your landlord insurance will be paid out so you aren’t left out of pocket. Whilst landlord insurance is not a legal requirement, you will find that most buy-to-let mortgages will only be granted if there is cover in place. There are many risks associated with being a landlord, and your mortgage company will want peace of mind that they will still be paid if a costly problem arises. The cost of landlord insurance varies depending on the breadth of cover you take out and can fluctuate depending on your broker and your policy. With QuoteSearcher, you can get multiple quotes from a range of dedicated brokers who specialise in landlord insurance.
POLICY FEATURES
Landlord insurance is cover for people who lease properties to tenants. You may have one apartment with a single tenant, a block of flats servicing multiple tenants, or even a portfolio of properties that houses a range of people of different backgrounds and income levels. Below is a list of some of the most common features of a landlord insurance policy for you to consider when looking for your own landlord insurance.
BUILDINGS INSURANCE
Protects the property brick and mortar against damage from fires and floods. Find out more about Buildings Insurance for landlords.
CONTENTS INSURANCE
Cover your for carpets, furniture, electronics and possessions. Read more about Contents Insurance.
RENT INSURANCE
Guarantees rental income in the event property becomes uninhabitable.
PUBLIC LIABILITY
Cover legal and compensation costs against you in event of a claim.
BUNSINESS INTERUPTION
Guarantees business income when property is unusable due to renovations.
SHOULD A LANDLORD HAVE HOUSE INSURANCE? 
Yes, a landlord should have house insurance specifically designed for rental properties, known as landlord insurance. It provides coverage that general homeowners’ insurance does not, such as loss of rental income and tenant-related damages.
WHAT IS AN INTERESTED PARTY?
This is anyone, or any organisation, that has a financial interest in the property. For example, a mortgage provider. When applying for landlord insurance, you may indeed be asked how many interested parties there are.
CAN I INSURE MORE THAN ONE PROPERTY WITH ONE LANDLORD INSURANCE POLICY?
Yes, some insurers will offer you the opportunity to insure multiple properties in order to save you time and effort. You will have to check though with specific landlords insurance brokers.
WILL MY COVER CONTINUE WHEN A TENANT MOVES OUT?
To check this you will need to refer to your landlord insurance policy documents. The length of cover will be written into the policy. If you are still unsure then it will be a good idea to contact your insurer directly via telephone, or via email.
DO I NEED A SEPARATE INSURANCE POLICY FOR FIXTURES AND FITTINGS?
It is likely that you will need a separate insurance policy as the landlord insurance policy you have may not extend to cover the fixtures and fittings within your property. Even if it does, the replacement fixtures and fittings, should they need to be replaced, may not be on a like for like basis.
CAN I MAKE A CLAIM FOR LOSS OF RENT IF MY PROPERTY IS DAMAGED TO THE POINT WHERE IT IS UNINHABITABLE?
The majority of landlord insurance policies will offer some form of loss of rent as optional cover. Cover will be provided in the event that your property is so badly damaged, by an insured event, that it becomes uninhabitable, or access to the property becomes impossible. In this event the policy will cover the rent that you would normally receive from the property for up to a specific length of time, or up to the total sum insured, or until such time as someone can then begin living in the building again.
WHAT ARE MY LEGAL OBLIGATIONS WHEN APPLYING FOR LANDLORDS INSURANCE?
Once you have found the right policy that suits your needs and wishes, there will be certain legalities that you should be aware of. This will of course vary between different landlord insurance companies.
IF MY PROPERTY IS LET FURNISHED, CAN I OBTAIN COVER FOR A MINIMUM CONTENTS SUM INSURED?
No, unfortunately not. Instead however, you can arrange landlords’ contents insurance for whatever figure is appropriate to you via your landlords insurance policy. In order to add this on to your policy as an extra, you will need to contact your insurance provider.
DOES MY CLAIMS RECORD MATTER?
Most certainly. For example, if you have made a claim, or claims, in the past after burglaries and you still have not made any changes in order to make your property more secure, then you are a higher risk for an insurer than normal. However, if you have installed a home security system or made your home harder to break into with deadlocks, keylocks etc., then definitely tell your landlord insurance company. You could also ask them what you should do to get a lower premium.
HOW MUCH IS LANDLORD INSURANCE ON AVERAGE?
The cost of landlord insurance can vary widely but on average, it may be about 20-30% more than standard homeowners’ insurance due to the additional risks associated with renting out property.
IS IT ILLEGAL TO NOT HAVE LANDLORD INSURANCE?
No, it is not typically illegal to not have landlord insurance, but it is highly risky. Without it, landlords may be financially responsible for any damages or legal issues that arise.
WHAT INSURANCE COVER DO I NEED AS A LANDLORD?
As a landlord, you need coverage for building, liability, potential loss of rent, legal costs, and, if applicable, contents coverage for furnished properties.
DO I NEED BUILDING INSURANCE AS WELL AS LANDLORD INSURANCE?
Building insurance is typically included within landlord insurance policies, offering protection against structural damages to the property.
WHO IS RESPONSIBLE FOR HOME INSURANCE, TENANT OR LANDLORD?
The landlord is responsible for insuring the building. Tenants are responsible for insuring their personal possessions with renters’ insurance.
CAN I CLAIM ON MY LANDLORD'S INSURANCE?
Tenants cannot typically claim on a landlord’s insurance. Claims usually relate to property damage or liability covered by the landlord’s policy.
IS IT WORTH GETTING A RENT GUARANTEE?
Rent Guarantee can be worth it for landlords who want to mitigate the risk of lost income from tenants failing to pay rent.
WHO PAYS BUILDING AND CONTENTS INSURANCE ON A RENTED PROPERTY?
The landlord pays for building insurance and contents insurance for any furnishings provided. Tenants are responsible for insuring their personal contents.
WHAT IS COVERED BY LANDLORD CONTENTS INSURANCE?
Landlord contents insurance covers furniture, appliances, and other personal property supplied by the landlord inside the rental unit.
WHAT IS LEGAL COVER ON LANDLORD INSURANCE?
Legal cover on landlord insurance provides protection against legal expenses from disputes with tenants, evictions, and damage claims.
DOES LANDLORD INSURANCE COVER TENANTS NOT PAYING RENT?
With a Rent Guarantee add-on, landlord insurance can cover lost income when tenants do not pay rent.
