Lordy, Lordy! Find a cheap landlord insurance quote today!
Renting out can be a great way to make a living or earn some dosh as a supplementary income.
However, as the old saying goes, you’ve got to spend money to make money and that’s never truer than when it comes to landlording.
Unfortunately, household issues and maintenance problems come with the territory.
So keep your property from becoming a mockery with these handy hints and tips, tailor made to keep your land covered.
Do I need landlord insurance?
If Spiderman taught us anything, it's that with great power comes great responsibility.
Lording over the land puts landlords in a powerful position and, as such, it does come with certain responsibilities attached.
Did you know...?
- All tenant deposits must be put into a tenancy deposit protection scheme (TDP)
- Landlords are legally allowed to visually inspect their property with 24 hours notice to tenants
- Weather accounts for the largest percentage of home insurance claims in the UK
- Fire is a common cause of home claims, so be sure to test your smoke alarms regularly
While it’s not a legal requirement, UK landlord insurance is strongly advisable and can be a very handy ace to have up the sleeve should disaster strike.
What’s more, landlord insurance can also be a pre-requisite for mortgage lenders if you plan on renting out your property.
Landlord insurance can also help keep your property protected from instances that are out of your control.
When left in the hands of a tenant, your property may be susceptible to a higher number of risks and many of these possible outcomes may not be covered under a standard home insurance policy.
Be sure to compare landlord insurance policies in order to find one that covers your needs and budget.
What does landlord insurance cover?
While it is usually the responsibility of the tenant to pay the monthly bills – such as gas, electricity, etc. – it's up to the landlord to cover the insurance.
Landlord insurance provides protection for your property, any tenants you have and the rental activities that you carry out.
Here's what you could be covered for:
Landlord building insurance
Much like a typical buildings insurance policy, landlord buildings insurance can help cover the cost of repairs in the event of damage to your property; e.g. if you suffer a fire or a flood takes its toll on the building.
Landlord contents insurance
As with above, landlord contents insurance is much the same as you would expect from a standard contents policy, keeping the household items within your property covered – such as furniture and appliances.
Accidental damage insurance
Accidental damage cover can be a real godsend, protecting you from household mishaps such as DIY blunders and spilt wine, etc.
Landlord home emergency insurance
Unexpected household issues can and probably will occur, sooner or later. Whether it’s a burst pipe, power outage or boiler failure, landlord home emergency cover safeguards your property with 24-hour support and assistance, protecting your tenants and your premises at the same time.
Loss of rent insurance
Also known as landlord rent insurance or landlord rent guarantee insurance, loss of rent cover keeps your pockets protected if your property becomes uninhabitable as a result of irreparable damage, like a fire or flood. Should your tenants be forced to move as a result, this will cover the income you’ve lost out on.
Unoccupied property insurance
When renting out a property, chances are that there will be intermittent periods of inoccupancy. This cover will keep your property protected during these vacant periods, provided you keep an eye on your premises and make regular checks to ensure it’s still safe and secure.
Do landlords need public liability insurance?Sometimes referred to as landlord liability insurance, liability cover keeps you protected in the event of an injury suffered by a tenant or visitor as a result of your property; e.g if a shelf falls and hits a tenant, landlord liability insurance should contribute towards compensation and/or legal fees.
Where can I find the best landlord insurance?
When it comes to finding the right policy to suit your needs, some of the best landlord insurance reviews can be found online in an instant.
Feefo is a great place to find impartial reviews of all the biggest insurance brands and their various policies, including landlord insurance.
Meanwhile, Defaqto – the independent authority on all things insurance – is a great place to gauge which companies are worth welcoming into your home and which ones deserve to be evicted from your search.
A good landlord insurance policy should include:
- Public liability and property owner's liability cover
- Alternative accommodation costs
- Loss of rent cover
- Glass and lock replacement
- Contents insurance
If you’re unsure where to start, it’s a good idea to simply compare landlord insurance.
From there, you can find the brand you like and the policy that suits you best.
Where can I find the cheapest landlord insurance?
You might be able to bag a discount on landlord insurance by shopping around and comparing quotes from different providers.
Making sure you don’t double up on policy coverage could save you some cash too.
Certain policy features/add-ons cover similar, if not identical ground that is covered elsewhere; e.g. landlord home emergency insurance often includes alternative accommodation cover.
Find more tips for saving on your landlord insurance here.
Be sure to choose a policy that suits your needs rather than the cheapest option though - you'll want to make sure you're covered if something were to go wrong.
Leaving your home in the hands of a tenant leaves you open to a wide variety of unfortunate eventualities, ranging from general maintenance and emergency household faults to injury liability and alternative accommodation provision. Landlord insurance can keep you protected against these potential issues, both from a financial aspect and a legal perspective.
Legal expense cover is an option well worth considering as the following can run up some serious legal expense for landlords:
- Property protection
- Tenant default
- Contract disputes
- Debt recovery
- Tax protection
The tenancy deposit protection scheme is to ensure that tenants will receive their deposit back at the end of their tenancy period. This is subject to the tenants meeting the terms of their rental agreement and leaving the property in a good condition.