Landlord insurance cost

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Landlord insurance cost

Running a buy to let business is careful balancing act between the income you are able to generate from rents and the overheads you need to pay to keep your business running. Sadly, those operating expenses seem to grow ever more expensive.

Since it is likely to prove a major component in your running expenses, how much does landlord insurance cost?

Why do you need landlord insurance?

The cost of landlord insurance is something likely to have been taken into account by your lender if you are buying your let property with the help of a mortgage – the mortgage lender, after all, is almost certain to have required a basic level of property insurance to cover the amount of any outstanding mortgage loan.

Whether you have a mortgage or not, however, cost is likely to be a consideration when arranging your landlord insurance.

But cost alone is unlikely to be your sole consideration. More important is likely to be the aim of arranging the insurance that closely matches your particular, individual needs and circumstances as a landlord. In other words, it is likely to be a question of securing good value for money – represented by the cover itself and the competitiveness of the price you are paying for it.

What you need to know when buying cover 

An alternative way of considering your landlord insurance cost is to ask just how much you stand to lose if you do not have the cover – or insufficient cover.

For this, you may need to know the risks and perils to which your buy to let business is exposed and the cost of making good any loss or damage to the property itself or in meeting the various claims that might arise from your liabilities as a landlord.

These are the risks covered by the typical landlord insurance policy – or which are available as an add-on:

The building and its contents

  • these represent a considerable investment, yet are exposed to the risk of loss or damage from such events as subsidence, flooding, fire, explosions, impacts, storm damage, smoke damage, theft and vandalism;

  • in the event of a major event, the building might be completely destroyed, so the total sum insured needs to cover the cost of clearing the site, instructing architects and rebuilding the structure;

Landlord liability insurance

  • as a landlord, you have a duty of care towards your tenants so that all reasonable steps are taken to avoid their injury or damage to their own property whilst your tenants;

  • if it is alleged that you have breached this duty of care you may face hefty claims for compensation and the cost of this element of your landlord insurance may reflect an indemnity of £1 million or more;

Employers’ liability insurance (usually an optional extra)

  • if you are employing anyone else to help run your buy to let business, the law requires (in all but a few rare circumstances) that you have a minimum £5 million cover against their suffering an injury or succumbing to an illness or other medical condition as a result of their employment;

Loss of rental income

  • the cost of your landlord insurance may also reflect provision for your compensation for any loss of rental income if an insured event leaves your premises temporarily uninhabitable.

Why choose us?   

Whilst ensuring that you secure the level and scope of insurance to meet your needs and circumstances as a landlord, at UKinsuranceNET we aim to do so by keeping down your landlord insurance cost.