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Landlord insurance

Compare landlords’ insurance quotes with our partner Simply Business[1]

Coronavirus and landlord insurance

The government has passed a bill that stops landlords from starting eviction proceedings over the next three months. Both you and your tenants have a right to a payment holiday to help ease the situation. Contact your mortgage lender if you’re struggling to meet repayments. They may be able to help you.

If you have rental arrears cover you won’t currently be able to claim. That’s because your tenants need to have been evicted before most insurers will pay out.

Find more information about your insurance, looking after your tenants, and managing your bills.

Landlords' insurance protects property owners from financial losses associated with renting out a property.

It’ll provide theft, fire and weather damage cover for the structure of the rental property and any contents owned by the landlord that are within.

Landlord insurance can also cover things like loss of rent and legal expenses, but they may not be included as standard.

Depending on what type of cover you select, most policies will usually include cover for the following as standard:

  • Fixtures and fittings
  • Alternative accommodation
  • Public liability and property owner's liability cover
  • Trace and access
  • Malicious damage by tenants
  • Subsidence
  • Replacement of glass, locks and keys

Do I need landlord insurance?

Legally, it's not a must. But it’s an ace you'll want to have up your sleeve if disaster strikes. It can help protect your property from all sorts of risks that come along with being a landlord, from careless tenants to general maintenance and emergency household faults.

Most mortgage providers will insist you have landlord insurance in place if you’re buying a property to let it out.

Don't rely on ordinary home insurance either, as generally you won't be covered if you rent out your house or flat. It won't cover things like unpaid rent or malicious damage caused by a tenant - all things that can be added to a landlord insurance policy.

If you’re renting out a leasehold flat in a block of flats, it’s likely that the freeholder may already have arranged buildings insurance but it is worth checking.

What type of cover do I need?

The cover you want to build into your policy will depend on the type of property you're letting out, and what level of security blanket you want.

The more options you add, the more expensive your cover will get, so it's important to understand your options and requirements:

Buildings insurance

Much like a typical buildings insurance policy, landlord buildings insurance can help cover the cost of repairs in the event of damage to the structure of your property. It’ll usually cover damage by events such as fire, flooding, subsidence, theft or vandalism.

Find out more >

Contents insurance

Landlord contents insurance is much the same as you would expect from a standard contents policy, keeping the items you own within the rental property covered – things like furniture and appliances.

If the property your renting isn’t furnished, you don’t need your own landlord contents insurance. Tenants should have their own contents insurance for items they keep in the property.

Find out more >

Accidental damage cover

Accidental damage cover can protect you from unexpected household mishaps such as a nail hammered into a pipe or spilt wine on a rug.

Find out more >

Legal expenses

Legal expenses insurance can help to recover legal costs as a result of things like pursuing unpaid rent, tenant personal injury claims and eviction.

Find out more >

Landlord home emergency cover

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.

Find out more >

Rent guarantee insurance

Loss of rent of up to £2500 a month can be covered by rent insurance. You’ll usually only be able to claim up to 8 months rent, and only after tenants haven’t paid for at least two months.

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.

For instance, if a shelf falls and hits a tenant, landlord liability insurance should contribute towards compensation and/or legal fees.

Find out more >

Details you’ll need to get a quote

To get your landlord quotes, you’ll be asked for a few details about the following:

  1. Your rental property

    Whether it’s a residential or commercial property, type and age of building and any materials used for construction

  2. Your tenants

    Employment status and any background and identify checks you’ve ran

  3. The cover you want

    Buildings and/or contents insurance plus any addons and extras you need

  4. Previous claims

    Details about any claims made in the time you’ve owned the property

  5. Payment preference

    Whether you’re looking to pay your premium monthly or annually

How to get cheaper quotes for landlords’ insurance

The cost of your premium may vary depending on the level of cover you choose, the type of property your letting out and your tenants’ situation.

Here are 5 tips for getting a cheaper premium:

  1. Tighten up your security

    Reduce your risk by installing burglar and smoke alarms within the property

  2. Don’t overestimate the cover you need

    Only select the cover you really need and correctly valuate the rebuild cost of your property and contents

  3. Don’t leave your property unoccupied

    You might need extra cover if you leave it empty for a long period

  4. Turn pets away

    Your policy might not cover pet damage, or you might have to pay extra for cover if your tenants have a dog or cat

  5. Compare quotes

    Shopping around is a great way to get a good deal

Frequently asked questions

  • Can I insure multiple properties?

    Because each of your properties has a different location and tenants, insurers will calculate the risks and premiums differently.

    Therefore, to insure multiple properties you’ll need to run an online quote for each property separately.

  • Can I insure my property if it’s undergoing building work?

    Properties undergoing renovations or in a poor state of repair are considered high risk. As such, you may have a fewer number of insurers willing to insure you.

    You may have trouble finding an insurer if your property:

    • Has a history, or is showing signs of, subsidence, landslip or heave
    • Has previously flooded
    • Is built on low lying land that has previously been filled or raised (known as 'made up ground')
    • Is above underground workings like tunnels or mines)
  • My property is currently empty, can I still get insurance?

    Properties left unoccupied for an extended period will need to be covered by a specialist insurance policy. This is known as unoccupied home insurance and it’s suitable for landlords whose properties are empty for 30 or more days.

    This may be applicable to you if your property is in between tenants or refurbishing.

  • Do I need landlord insurance if I live in the property?

    You'll technically be known as a resident landlord and you'll need to speak to a specialist insurer to see if you need landlord insurance.

    Even if your standard home insurance policy can cover you, premiums may go up because you're sharing your residence.

More on landlord insurance

References

[1]Gocompare.com introduces customers to Simply Business who are authorised and regulated by the Financial Conduct Authority. Gocompare.com's relationship with Simply Business is limited to that of a business partnership, no common ownership or control rights exist between us. Please note, we cannot be held responsible for the content of external websites and by using the links stated to access these separate websites you will be subject to the terms of use applying to those sites

[†]Please note, we cannot be held responsible for the content of external websites and by using the links stated to access these separate websites you will be subject to the terms of use applying to those sites

Page last reviewed: 14 September 2020 

Next review due: 14 November 2020

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