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22 January 2021

What Landlord Insurance Do I Need?

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If you’re just getting set up as a landlord, you may be finding that there are a lot of hoops to jump through when it comes to getting your paperwork in order. Insurance can be a particularly thorny issue, and it’s an important one to get right – not being covered in certain situations can get very expensive. Luckily, at One Insurance Solution, part of Brightside Insurance, are on hand to give you some top tips and help you navigate the tricky waters of Landlord Insurance.

What kind of Insurance do I need as a landlord?

As a landlord, there are no insurance types which are legally mandated. However, many lenders will require you to have coverage, and so not having adequate insurance could still land you in hot water legally. Don’t forget that if you buy your house to live in and then decide to move out and rent the property to tenants instead, this will void your personal home insurance policy, so it’s important to get in touch with us to make sure you’re insured.

Having Landlord insurance is highly recommended, and almost always a necessity when renting out property in any capacity. There are a number of other insurance policies which can also be considered. These may well be rolled into your landlord insurance policy, so you should check what you’re covered for carefully.

What is Landlord Insurance?

Landlord insurance, which is also sometimes known as Property Owners Insurance, buy-to-let insurance or landlord building insurance, is basically what it says on the tin: cover for individuals or companies who own property and wish to rent it out to others. Landlord Insurance can cover a number of different situations such as renting to tenants, family members, holiday lets or for business use.

Landlord insurance could cover you for up to Four things: (Flats for instance may not require buildings insurance)

  • Physical material damage to your property or the contents therein
  • Injury to those visiting the property
  • Financial Loss such as legal costs 

Losses due to the property not being able to be let following a loss e.g. flood or fire.

Our Landlord insurance can cover you for a broad range of circumstances, which are known as perils. These commonly include incidents such as damage from fire, lightning strikes, storms, theft, leaks, impact from vehicles or aircraft and so on. However, if you believe that you will need cover for other circumstances, such as malicious or accidental damage, or any other circumstances, speak to our specialist agents about your individual needs.

As with any insurance, there are a range of things you will need to do to ensure you continue to be covered by your landlord insurance. These could include anything from regularly inspecting and maintaining the property, to informing the police of any relevant crimes. It’s important that you check your policy to make sure you understand the terms.

Financial Loss such as legal costs

If you’re letting your property fully furnished, it may be worth checking that valuable items are covered. Even if you are not letting your property fully furnished, contents insurance will be required to cover such items as carpets and other types of floor coverings, window dressings, white goods and light fittings. Call us to speak about your individual circumstances.

What other cover types could I consider?

There are other insurance types which are commonly available to landlords, although they are often included as part of landlord insurance. For example, this includes: 

Public Liability Insurance - Your landlord insurance will likely cover an element of this, but it may be worth looking to see if you need to extend this based on your personal circumstances such as renting via local authority or if you are required to have an HMO License.

We would recommend that you encourage your tenants to take a contents policy which also includes tenant’s liability cover.

Should I get Landlord Boiler Cover

Boilers are not commonly covered by your main Landlord Insurance policy, so this is an area which may be worth looking at, as it can be a headache to get this sorted when you don’t live on the property. This isn’t a service we currently offer, so you may need to look at third party suppliers if you want to cover the boiler on your rental property. – Misleading. If the boiler was to be stolen or leak casing an escape of water claim this would be covered. Is this meant to be referring to if the boiler breaks down? If it is Boiler breakdown then we do have a couple of insurers who can add this onto their quotes.

How much does Landlord Insurance cost?

The price of landlord insurance varies depending on a number of factors. For a full quote, be sure to get in touch and we can provide you with all the details. Some of the factors which are most commonly taken into account include:

  • The location, construction and type of property you’re looking to insure
  • The type of tenants who will be living at the property
  • How much your property would cost to rebuild
  • Whether you’re also insuring contents and their value 
  • The level of cover you require

There is no option to amend excess on Property owners polices, they are set by the insurer with no voluntary available.

 

For more information about our Landlord Insurance, or to get a quote online or request a call back about your particular personal circumstances, visit our Landlord Insurance page, which has more information to help you get started.

 

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