What type of landlord insurance do I need?

As a landlord, you may be thinking about adding extra cover for your landlord insurance.

Standard landlord insurance covers risks against your property usually including building insurance which covers the basic structure of your property, including pipes, windows, cables and doors.

However, if you want to add optional extras such as contents insurance, accidental damage and unoccupied insurance then these are not usually included in standard landlord insurance cover.

Here at Property118, we’ve teamed up with The Home Insurer which helps provide a top-class service and could help save you money.

Contents insurance is peace of mind for landlords

Different types of landlord insurance cover you for different risks. The type of cover you choose depends on what risks you would like to be covered for.

Most contents insurance is an optional add-on but can help landlords protect furnishings in their property.

If you rent out a furnished property, you can choose to include protection against accidental damage caused by tenants.

It’s important to remember that any tenant belongings will not be covered they must have their own contents insurance.

Director of The Home Insurer Jason McClean said: “Most landlords buy the minimum amount of landlord contents insurance to protect against loss of white goods and carpets. £5,000 cover is typical with only furnished lets attracting more requirement.

“The other reason landlords buy contents insurance is to obtain public liability insurance when the property is a flat that has separate block insurance. This gives them protection against tenants or visitors suing them for liability on various issues when in the property – such as tripping on carpet.

“Landlord contents insurance is not usually expensive – £5k of contents cover with £2m liability is typically £100 or less for a year. It’s peace of mind for the careful landlord.”

One million landlords could face costly expenses

According to a survey by moneysupermarket.com, nearly half of landlords don’t have specialist landlord cover in place.

It’s important to have the right landlord insurance as it protects you from potential risks and liabilities.

Jake Edmonds, an insurance expert at moneysupermarket.com, said: “As a landlord, it’s crucial you have the right cover in place to protect the properties you own. Yet, according to a recent survey, two in five (41.4%) landlords don’t have specialist landlord cover in place. This means that over one million landlords could be exposed to costly expenses, such as damage to property or legal disputes with tenants.

“Buildings insurance is essential, but contents insurance is optional. However, we recommend taking out both as a landlord. Contents insurance is particularly important if you let out furnished properties. If anything in the property is lost, stolen, or damaged, a good policy will pay out for this.”

Unoccupied insurance

If you know your property will be unoccupied for more than 30 days – whether you’re a student landlord waiting for new tenants or planning to carry out repairs or refurbishments over the summer – it’s important to consider unoccupied landlord insurance.

Unoccupied landlord insurance is not included in standard landlord insurance. Many landlords worry about leaving their property empty, but The Home Insurer can help with specialist unoccupied insurance.

Jason explains: “If unoccupied for less than 30 days then your existing policy may still offer cover – but you need to read the policy conditions to be sure. If you know the property will be unoccupied, I suggest you should consider moving to a specialist policy as quickly as possible as it gives the most appropriate cover.

“There are various levels of unoccupied insurance you can buy but we recommend full cover as the best option. That way you can have confidence if you make a claim. The price difference between reduced FLEA (Fire, Lightning, Explosion, Aircraft perils only) and full cover is often not that different, so a prudent landlord will look to full cover.

“The cost of unoccupied insurance is not that different with The Home Insurer’s panel than let property insurance. It is competitively fought for and there are some cracking policies and prices out there. Just call us and tell us what you need.”

The Home Insurer is here to help

Jason adds it’s important for landlords to check the property regularly whilst the property is unoccupied.

He adds: “If you are having works done on the property whilst unoccupied then you need to tell us. This may need to trip over to renovation insurance; another specialism of ours and one that shouldn’t frighten landlords but give them confidence they are properly insured.

“Again, the cost in most occasions is not that different to let or unoccupied insurance.  Whether unoccupied or renovation, there will be specific endorsements such as visiting the property and turning on the heating you need to comply with.

“Once the property is occupied or works are finished, it’s normally easy to switch back to landlord insurance too, just let us know the tenant type and when they move in. The best thing you can do is call us to talk through what you need, and we will do all we can to help.”

No matter what type of cover of landlord insurance you need The Home Insurer is here for you.

The most efficient way to get a personal quote with the best price and cover possible is to call the team on 01832 770965 so we can focus on your enquiry when you are ready and sitting down with your portfolio details to hand.

Alternatively, you can use the form below to request one of our team to give you a call back.

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