Are you a landlord looking to take out an insurance policy on your rental property? You're in the right place! Read on for information about the options available to you and guidance on how to get a landlord insurance quote today.
Utility Saving Expert allows you to easily compare landlord insurance policies. We're guaranteed to get you the best deal on your insurance, whether you want simple buildings cover or extras like rent guarantees and key cover.
Landlord insurance is a type of home insurance that provides financial protection to landlords renting out their property.
Landlord insurance is designed to insure landlords against the potential risks of renting out domestic or commercial properties. Many different levels of cover are available, from property owners liability to loss of rent cover. These covers protect you against the many risks and expenses that come with rental properties.
Landlord insurance can include:
Although landlord insurance isn't a legal requirement, it is recommended for all landlords. It gives you peace of mind by protecting you against any manner of risks, from tenant's claims to accidental or unexpected damage.
A regular home insurance policy will not cover your property if it is rented. Renting to tenants will invalidate your home's usual policy, so it's vital that you instead upgrade to a suitable level of cover.
Additionally, if you have a mortgage, your lender may require you to have landlord insurance cover before you let out your property in any capacity. In this case, you must secure insurance before advertising to prospective tenants.
Landlord insurance can vary greatly, so it's important to understand the different types on offer. Within their landlord insurance, most providers offer buildings and contents insurance, unoccupied properties insurance and liability cover.
Landlord buildings insurance covers the cost of repairing any malicious or accidental damage to your property. Provided you're insured for it, this can apply to damaged caused by fires, floods and even storms.
As the name suggests, landlord contents insurance insures the content of your property (that which belongs to you). This can include furniture, from carpets and curtains to chairs and sofas. It doesn't include any of your tenant's belongings, however. This is necessary if you're renting a furnished property, or if you have valuable items that you want to be protected, like expensive light fittings or garden features.
Unoccupied property insurance covers your rented property in-between tenants. It ensures that you're covered, even when the building is temporarily unoccupied. The time window that this applies for varies between suppliers but is often around a month.
If your tenant or any of their guests injures themselves or has their belongings damaged because of your property, they are entitled to make a claim. If they do, landlord liability insurance covers the price of your legal fees and any compensation you may have to pay.
You don't necessarily need to pay for all of these types of insurance- you can just select the ones which are relevant to you. Most insurance providers will allow you to combine the different covers listed above. You can create a unique policy tailored to your specific requirements as a landlord.
Whether you rent out a single property or have a large portfolio, landlord insurance is a practical necessity. It can protect you against a wide range of risks, from rent non-payment to a damaging fire. It's vital for the protection of both landlords and tenants.
Luckily, it's never been easier to compare landlord insurance options! Our free services are almost guaranteed to find you the best deal. Use Utility Saving Expert, the UK's leading socially responsible comparison website, to weigh up the types of policy available to you.
Our service provides you with a landlord insurance quote in no time. All you have to do is fill out a short questionnaire about your property on our website. Using the information you provide, we'll offer quotes tailored to the needs of you and your tenants.
Landlord insurance isn't a legal requirement in the UK. However, a regular home policy won't cover rental activities. You may also invalidate an ordinary home policy if you rent out your property without amending your insurance.
If you have a mortgage on your property, your lender will most likely require you to take out landlord cover before you begin letting to a tenant. This means that many landlords are contractually obliged to have landlord buildings insurance, even though it is not legally required in the UK.
On top of standard buildings and contents insurance, there are many additional features you can add to your policy. These include:
While standard home insurance covers the risks of your home, landlord insurance is a form of business insurance that caters to the unique potential issues that come with rental properties.
Landlord insurance has four key features which apply specifically to tenants:
For more information on the difference between landlord insurance and regular home insurance, check out Direct Line's helpful guide here.
The average cost of buildings-only landlord insurance with no add-ons is £170 per year. The exact price varies, depending on the rebuild value, building type and size, and the year that your property was built. The prices also depend on the level of risk involved in insuring your rental property.
For a semi-detached house, landlord insurance costs around £150. For a detached house, this figure is closer to £179, while an individual flat in a converted building averages around £200 per year.
Extra cover, like key replacement or rent cover, will add to the annual price of your insurance.
The location of your rental property also makes a difference. Just like with regular home insurance, some locations can pose a higher level of risk. Areas with high crime, or those prone to environmental issues like flooding, will cost you more. All types of cover are cheaper in areas that operate a 'Neighbourhood Watch' scheme. This may be something to consider if you're looking to expand your portfolio. A slight reduction in insurance costs can make you a large saving in the long run, especially if you own multiple properties!
There is a wide range of insurance cover levels available. Your policy can be tailored to suit your individual needs as a landlord.
Here are three things to consider when deciding what level of insurance you need:
Having insurance is more than worth it in the long run. It protects you against a whole host of financial headaches, from unexpected property damage to tenants' claims. With a good policy, you can sit back and let your insurance do the work.
Many landlords are put off by the price of insuring their rental properties. Although landlord insurance costs more than domestic cover, it doesn't need to break the bank! With Utility Saving Expert, there are several ways you can get cost-effective landlord cover.
The insurance comparison technology we provide includes the following insurance companies and brokers: