The Need to Know Basics of Landlord Insurance


You ensure your own property is insured with both buildings and contents cover, so shouldn't you protect any rental properties you own too? The answer is, of course, yes.

Landlord insurance is essential for anyone who rents out a property.

What is Landlord Insurance?

Landlord insurance is a contractual agreement and cover policy that protects you, your property and assets. If damage is done or there is a burglary, a claim on landlord insurance will ensure that you're compensated and can return the property to as it was.

Landlord insurance differs from regular residential cover as a rental property is a commercial venture. As a result, it needs its own special kind of property insurance and a regular residential property will not do.

What Should Landlord Insurance Cover?

Whether your own one additional property or have a vast portfolio, a single tenant or a multiple occupancy dwelling, finding the correct insurance is essential for your buy-to-let venture. Here at Business Compare you can tailor make your insurance for your needs, however a general landlord policy should cover the following:

  • Loss of rent cover
  • Buildings cover
  • Contents insurance
  • Landlord liability insurance
  • Alternative emergency accommodation

Within this, you may also like to select inflation protection, cover for cables and underground pipes, insurance should there be theft or malicious damage by a tenant, and, last but not least, legal cover.

How Much Will Landlord Cover Cost?

The cost of your policy can vary greatly depending on a number of factors, including the rebuild value of the property and the replacement value of its contents. Some insurers may also take into account elements such as the location of the property, local crime rates and the employment status of the tenants.

Although an exact figure cannot be provided without knowing your individual circumstances, expect an annual premium of a few hundred pounds per property.

How Do You Make a Claim on Landlord Insurance?

If an occasion occurs where it is necessary to make a claim against a landlord insurance policy, then this can be done by following the steps detailed on the schedule supplied when the cover is taken out. This usually works on the basis of a claim being lodged, an assessment of the claim, a payment of excess and a pay-out.

Please do be aware that making a claim may cause your annual premium to rise as you will be seen as a higher risk.

Do You Need Landlord Insurance?

To learn more about landlord insurance or to request your online quote, discover our landlord page here

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