What is Landlord Insurance

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What is landlord insurance?

Unsurprisingly, landlord insurance is insurance specifically developed for landlords.

The question, therefore, might be why landlords need a particular, specific kind of insurance, how it differs from similar forms of insurance, and just what it covers.

Why specialist insurance?

Landlords own property by way of a business investment. The premises are bought principally with the aim in mind of generating an income stream from rents received and with an eye to the longer-term appreciation in the capital value of the property.

The demands of the business make necessary a specialist form of insurance that recognises the special financial interests of the landlord as a buy to let property owner.

What is more, you are likely to get a closer match between your particular, individual needs as a landlord and the specialist form of insurance cover required by arranging it through a provider with the relevant experience and expertise.

We have just such experience and expertise and can offer a no-obligation quote for landlord insurance either online or over the telephone  - whatever suits you most!

How does landlords insurance differ?

The essential and critical difference between landlord insurance and other forms of property insurance, such as standard home insurance for owner occupiers, is precisely because the landlord’s property is let to tenants as an essentially business proposition.

The use of the buy to let property for these purposes marks it out as different – a difference that reflects the quite different risks and perils to which a tenanted property is exposed. Such are those risks and perils that if you attempt to claim for loss or damage suffered by your let property but have only the standard home insurance cover typically arranged by the residential owner occupier, you claim is likely to be rejected by the insurer.

Standard home building and contents insurance, therefore, is deigned to safeguard the interests of the owner occupier, whilst landlord insurance has been developed to help look after the decidedly business-oriented interests of the buy to let property landlord.

What’s covered?

Because it offers a specialist form of cover landlord insurance may generally be tailored to meet the particular needs of individual let property owners. Although there may be considerable variation in the elements covered, some of the common core components are likely to include:

  • cover for loss of rental income – typically restricted to those occasions when an insured event has made the accommodation temporarily unusable;
  • but, some insurance policies do offer guaranteed rental income in the event of tenants defaulting on payment of rent;
  • landlord liability cover – to indemnify the landlord in the event of allegations of liability from tenants, their visitors or members of the public;
  • landlords contents insurance – to safeguard contents of the let property that are owned by the landlord; and
  • landlord building insurance – to safeguard the single most valuable asset of the buy to let business, the structure and fabric of the let property itself.

Landlord insurance has been specially developed to meet the specialist needs of the owners of let property, but still varies in its level and scope from one landlord to another depending on his or her individual needs and requirements.

Establishing just what your particular needs and requirements as a landlord may be and what products exist on the market to meet these needs may be a job where you want to take advantage of help from the experts.