What is Landlord Insurance?
Landlord insurance can safeguard against risks associated with renting out a property, such as damage caused by tenants or legal disputes about rent.
It covers the structure of the building and can help pay for repairs, rebuild or replace property following an incident such as flooding, fire or storm damage. If you rely on rental income, you could be compensated for lost rent if the property is damaged and cannot be occupied by tenants. You may also be able to insure your home if you let it out for short periods of time – perhaps holiday homes let out via Airbnb and alike.
Whether you are a residential landlord or a commercial landlord, each rental property owner requires a different insurance policy – for example a block of commercial properties aren’t likely to have the same risks as a single residential let.
To make sure you are covered for the risks associated with your needs as a landlord, you might want to consider insurance that you can easily alter to your requirements. That’s why we work with a partner that offers fully customisable cover, allowing you to tailor your protection and only pay for what you need.
WHAT DOES LANDLORD INSURANCE COVER?
While every property is different, there are some covers that make a lot of sense for most landlords. Here are the core covers included in every policy offered:
Buildings
If you are a freeholder or indeed a leaseholder with the responsibility to maintain the building that your property resides in, then this element of your landlord insurance covers the costs of having to repair accidental or malicious damage to the building, including:
-Damage to cables and underground pipes
-Fire and flood damage
-Clearing, cleaning or repairing gutters, drains or sewers following damage to the property
-Subsidence damage (optional for commercial properties)
-Sourcing the damage and repairing any tank/pipe caused by a water leak
Fixtures & Fittings
Whether you are the landlord of a leasehold or freehold property, you may also be responsible for maintaining the fixtures and fittings within the property. As part of the policy you will be covered for the repair or replacement costs of fixtures and fitting within the property, including:
-Damage to electrical sockets or light fittings
-Breakage of fixed glass and fixed mirrors
-Theft of the building’s fabric (eg. roof tiles or insulation)
-Damage caused by the illegal cultivation of drugs
Liability
Covers your liability to pay any compensation and or legal costs (between £1 million-£10 million) in relation to an injury to either a tenant or member of the public.
This includes legal costs of up to £1 million for any alleged breaches of:
-Health and Safety legislation
-Consumer Protection legislation
-Food Standards legislation
Policies also include legal costs (up to £1 million) in connection to defense against:
-Manslaughter
-Corporate manslaughter
-Corporate homicide
-Culpable homicide defence
On top of the included options, we also offer a selection of other relevant covers to boost your policy to give you piece of mind and an all in one protection.
Employers Liability- A legal requirement for any landlord that employs staff (for example – administration assistant or handyman) it covers your liability to pay compensation and legal costs
Rental Income- If your property is damaged to the point of becoming uninhabitable, the rental income you would have been paid is covered for a period of up to 24 months while the property cannot be occupied.
Landlord Contents- Covers the value of all items in the rental property that belong to the landlord (such as furniture and upholstery) against accidental and malicious damage, up to a limit of £75,000.
Terrorism Cover- Covers your repair costs for any damage to your property, your financial losses and your property owners liability in the event of an act of terrorism, which would not otherwise be an insurable event
BIG OR SMALL, WE’VE GOT YOU COVERED
From renting out a studio flat to letting a an entire block of apartments with a cafe at the end, whatever property is in your portfolio we’ve got you.
While we insure many different landlords, here are a few popular rentals covered:
-Studio apartments
-Flats and houses
-Mixed commercial and residential properties
-Commercial units
-Portfolios of up to 10 properties
Simply click Get Landlord Insurance – and fill in a simple online form. Change or Cancel Anytime and benefit from Multi-Property Discounts. Easy.
