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Being a landlord can quickly become an expensive business, especially if you haven’t got the right insurance cover for your property. There’s plenty that can go wrong at any time, so it’s critical you have the right level of landlords insurance.
Whether your property is a large detached house or an apartment, you’re going to need landlords insurance. Here at UKinsuranceNET we can help you find the best policy. Our quotes are based on competitively priced products that meet your needs specifically.
Do I need landlords Insurance?
A landlord’s insurance policy is made up of a number of features; these include buildings insurance, financial protection against loss of rent and accidental damage cover can also be added.
It isn’t compulsory, but you’ll find that mortgage lenders insist that a requirement of any buy-to-let mortgage arrangement is that you need to take out landlords insurance.
Landlords insurance is used as a safeguard for your property, together with any contents you own in it, and to defend yourself against the various liabilities that come with the job of a Landlord.
What does Landlords Insurance cover?
Landlord’s buildings insurance
One of the most important aspects of a policy, the buildings insurance, protects the bricks and mortar of your property.
Fires, flooding, subsidence, storm damage, are just some of the issues that Landlords deal with on a daily basis.
Any one of these could result in serious damage to the property, or in a worst case scenario, the complete destruction. A landlord’s insurance policy typically includes a total buildings sum, this is normally equivalent to the complete rebuilding cost.
Landlord’s liability insurance
Public liability is something which should always be taken into account. Liability insurance can be added to a policy, and is usually a requirement if you’re offering social or student housing.
This will cover you against tenants (and members of the public) who try and sue you for an incident that happened on your property. If you have a property that has a large number of tenants, it’s a no brainer to protect yourself in the event of injury or death on the premises.
Landlord’s contents insurance
Another imperative piece of cover is contents insurance. This is definitely something you’ll want to look into if your property is rented fully or part furnished.
This insurance protects all of the items inside the property including; carpets, sofas, beds and televisions. They will be protected from both theft and damage.
You can also add cover for accidental damage, social or student housing property would definitely benefit from this. Accidents like spillages and breakages are completely covered.
We advise that you choose a cover that will replace your possessions on a ‘new for old’ basis. This means that if a claim is made, you’ll receive brand new replacements.
Landlord’s loss of rent insurance
If you’ve taken out a mortgage on a property and you’re relying on rent to cover your monthly payments, this is really important.
If the property you own becomes inhabitable and you can’t rent it out, any rent that’s missed will be protected.
In a worst case scenario, loss of rent insurance could save your property from being repossessed by the mortgage company especially if you are unable to make the monthly mortgage payments.
Landlord’s home emergency cover
A gas leak, break in or burst pipe is a nightmare in rented property and it can happen at any time. Home emergency cover ensures that a fully qualified tradesman is on hand to answer emergency call outs 24/7, 365 days a year.
A policy for home emergency cover will usually cover labour, materials and call-out charges. The limit for these types of claims is usually up to £500.
What you need to know when buying landlords insurance
Some insurers will offer separate types of cover, and some simply bundle them together into one policy. It isn’t wise to choose the cheapest quote on the market, but don’t worry - some of the different policies we’ve listed aren’t as expensive as they seem.
Take into account the value of your property and the furnishings, renting them out to complete strangers could potentially be very risky.
Why choose UKinsuranceNET?
At UKinsuranceNET, we arrange cover for all types of residential and commercial properties.
We have 20 years of experience in arranging Landlords insurance policies, and we have a team of advisors ready to provide you with a quote. When you choose UKinsuranceNET, your quote is based on a competitively priced product that is made for your individual needs.
* 75% of all customers receiving an online quote in May 2019 could have obtained a cheaper quote over the phone, based on the information they provided