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How to choose Landlord Insurance for your specific needs

Two men discussing Landlord Insurance options
04 March 2024

By UKinsuranceNET In Landlord Advice

Investing in real estate is not without its risks. Whether you’re a seasoned property owner or just dipping your toes into the world of real estate investment, one thing is for certain: protecting your assets is essential.

This is where Landlord Insurance (also known as “landlord house insurance”) comes in. This vital safeguard is designed to shield landlords from the various perils associated with renting out a property.

With countless providers and an array of different policy options available, how do you ensure you’re choosing the best policy for your needs?

In this guide, we’ll explain all, equipping you with the knowledge and tools necessary to make calm, collected decisions when it comes to protecting your investment.

Why Landlord Insurance?

For any modern landlord, Landlord Insurance is essential. It provides specialised cover for rental properties, protecting against risks like property damage, liability claims, loss of rental income, tenant-related issues, and legal expenses.

It offers tailored protection that standard homeowners insurance just doesn’t provide, ensuring you benefit from an added layer of financial security and peace of mind, which is vital in today’s market.

For more information about what this insurance entails, check out this related blog: Do I need Buy-to-Let Insurance? Everything landlords need to know.

How to choose the right policy

Choosing the right policy involves several key steps before committing to one that’s right for you. Firstly, you should evaluate your property type, location, and rental income to determine your coverage requirements.

Then go ahead and compare insurance companies, considering a range of factors, like their reputation, financial stability, and customer reviews.

Familiarise yourself with the types of cover available, such as buildings, contents, liability, loss of rent, and home emergency cover.

You’ll want to tailor your insurance policy to match your specific needs by selecting appropriate cover and endorsements, paying close attention to exclusions, coverage limits, terms and conditions to ensure they align with your risk tolerance and to avoid any nasty surprises if you ever need to make a claim.

Most landlords will want to balance the cost of premiums with the level of coverage provided, aiming for comprehensive protection at a reasonable price.

So, it’s a wise idea to ask prospective providers about discounts for bundling policies, installing security features, or maintaining a claims-free history to reduce your insurance costs.

Then review your policy periodically, adjusting as necessary to accommodate any changes to your circumstances.

Things to consider

Look for comprehensive cover that includes protection against perils such as fires, flooding and storm damage.

Ensure the policy includes an option to add liability insurance to safeguard you against potential legal claims and court proceedings stemming from injuries or property damage sustained by tenants or visitors at your property.

You might also want to select a policy that covers loss of rental income in case your property becomes uninhabitable due to a covered peril, helping to mitigate financial losses.

Check if the policy also offers cover for tenant-related risks, like non-payment of rent, malicious damage, or home emergency cover for urgent repairs.

You should also seek policies that include assistance with legal expenses related to landlord-tenant disputes, eviction proceedings, or other legal matters.

This added layer of protection can give you much-needed assurance, confidence and support in challenging circumstances – especially when dealing with rogue tenants.

Find the right policy for you at UKinsuranceNET

UK-based landlords should consider sourcing their Landlord Insurance through UKinsuranceNET.

As one of the nation’s leading independent brokers, we offer specialised expertise, access to multiple insurers, customised solutions, and excellent customer service.

We’ve been providing bespoke policies for more than 20 years, which is why so many landlords up and down the country trust us to provide the cover they need.

UKinsuranceNET can arrange cover for all types of residential and commercial properties. Whether you’re just entering the market as a first-time landlord or an experienced multi-property portfolio holder, we can present you with a range of tailored options from leading insurers.

You can gain access to instant online quotes or, if you’d prefer to talk through your options, our knowledgeable advisers are always on hand.

Still need convincing? Read these 9 reasons to buy Landlord Insurance through UKinsuranceNET.

If you’re ready to buy Landlord Insurance at UKinsuranceNET, you can get an instant online quote now. Or feel free to contact us on 01325 346 328, from 8:30-19:00 Monday to Friday or 9:00 to 13:00 on Saturdays.

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