Compare specialist landlord insurance with MoneyExpert and get cover for your rental property.
Specialist landlord insurers
Quick and easy form
Renting out a property can be lucrative, but it also comes with a range of financial and legal risks. Standard buildings' insurance and content insurance policies won’t be sufficient to cover these and are typically invalidated when a property provides rental income and is being let out on a long-term basis.
If you’re one of the two million Britons renting out a residential property, you’ll need landlord insurance for it. This is called landlord insurance or buy to let insurance. These policies provide protection against the damage, theft or loss of the structure and contents of your rental property, as well as against other liabilities faced by landlords. Landlord insurance is tax deductible, which means it is classed as an allowable expense that can be deducted from the rental income achieved from the property.
If you have a property to rent, the likelihood is you'll need landlord insurance in order to protect yourself financially. As with other home insurance policies, landlords insurance can provide buildings and contents cover.
Complete the short quote form and a panel of specialist insurers will contact you to discuss your quote.
You can also obtain additional landlord insurance cover to protect you against the specific risks, liabilities, and legal obligations of being a landlord. These include:
Landlords insurance is for owners who rent out residential properties for long periods of time. Landlords of commercial buildings will need to obtain a different type of insurance.
Specialist landlord insurance isn’t a legal requirement, but it’s a wise financial precaution. Additionally, some lenders will require you to take out landlords insurance as a condition of your buy to let mortgage.
Standard home insurance won’t be sufficient for rental properties, failing to protect you against eventualities like deliberate damage by tenants and theft of contents by them. It also won’t give you the legal and financial protections you may need as a landlord, including liability insurance and rental guarantee. A standard home insurance policy will be invalidated if you rent out the property.
If you have multiple residential rental properties, you may be able to secure a single landlord insurance policy for all of them, saving you hassle and money.
Ensuring you're not overpaying for your landlord insurance while still receiving comprehensive coverage is crucial. Here are some tips to help you save money on your landlord insurance without compromising on the protection you need for your rental property.
Don't settle for the first quote you receive. Use comparison services like ours here at MoneyExpert to compare policies from different insurers. This will help you find the best deal that offers the coverage you need at a more competitive price.
Choosing to pay a higher excess can lower your premium. However, ensure that the excess you agree to is affordable, as you will need to pay this amount before your insurer covers any claims.
If you own multiple properties, consider insuring them under a single policy. Many insurers offer discounts for multiple properties, which can save you time and money.
Your insurance needs may change over time. Review your policy annually to ensure it still provides the coverage you need. Remove any unnecessary extras that may be inflating your premium.
Insurers often offer discounts for properties with enhanced security features, such as burglar alarms, smoke detectors, and secure locks. These measures can reduce the risk of claims, potentially lowering your premiums.
If possible, pay for your policy annually rather than monthly. Insurers often charge extra for the convenience of spreading payments, so paying upfront can save you money over the year.
A history of few or no claims can qualify you for a no-claims discount on your landlord insurance. Maintain your property well and address issues promptly to avoid unnecessary claims.
Ensure you fully understand what your policy covers and any exclusions. This knowledge can prevent you from paying for overlapping coverages or for features you don't need.
The best way to compare landlord insurance and find a policy that provides all the cover you need is to shop around. Money Expert is a price comparison site and can help you get competitive landlord insurance quotes from specialist insurance brokers, helping you find the best available landlord insurance policies for price and terms.
To get quotes for landlord insurance, you’ll need to supply the following information:
This will vary dramatically depending on what kind of policy you want to go for. If you are insuring numerous or particularly valuable properties then this will come into play when calculating your premium. The level of cover will also be factored in. While most landlord insurance policies cover building insurance and contents insurance for your rental properties, some will also include things like loss of rent due to a tenant being unable to make payment.
When taking out landlord insurance, the most important thing to watch out for is that you are appropriately covered for what you need. There can be more risks that come with being a landlord than a renter so double-checking your specialist landlord insurance policy contains everything you need is even more crucial than with standard home insurance.
In most cases, the building insurance will be covered by the landlord but some portion of the cost may be added on to rent or come as part of a service charge. It’s important to note that there is no legal requirement for a landlord to have building insurance.
In most instances, wear and tear will be covered by landlord insurance. You'll get the same level of protection as you would with standard building insurance but just for properties that you rent out rather than live in. There will be certain stipulations to this though, and you may need to take some precautions in the first place to minimise wear and tear in order for a claim to be successful.
Yes, just as with other home insurance policies, leaving the property exposed by not locking doors or windows or failing to use a home alarm system, if available, could lead to your landlord insurance policy being invalidated and not paying out in the event of a break-in. Tenants living at the property should be made aware of these conditions of insurance and be committed to protecting the property accordingly.
Landlord insurance is different and more comprehensive than building insurance. Landlord insurance is designed to cover landlords from risks they incur when letting a property to tenants. Landlord insurance typically includes buildings and content insurance as well as other specific cover such as tenant default cover, which is protection for the landlord if tenants do not pay the owed rent, and other landlord liabilities. Normal home insurance won’t cover a let property and won’t give the level of protection that’s needed by landlords.
Landlord insurance typically covers building, contents, rental income, accidental damage cover for any instances of damage caused by tenants, theft by tenants, legal action taken against you, property owner’s liability, squatter eviction. Naturally, the more cover you include in your policy and the higher your premium will be so shop around and compare landlord insurance offers to ensure you get a good deal and the policy you go for is appropriate for your needs.
Traditional home insurance policies are designed for owner-occupiers and may not provide enough cover for rental properties. Landlords should opt for specialist landlord insurance tailored to their needs, which can cover rental income protection and liability insurance.
Some landlord insurance policies offer cover for loss of rental income due to tenant non-payment. However, this type of cover isn't included as standard and may be available as an add-on instead.
Yes, landlord insurance can still be beneficial for live-in landlords who rent out a portion of their property to tenants. It provides protection against risks associated with renting out a property, such as property damage, liability claims, and loss of rental income. However, if you rent out your home to lodgers rather than tenants, they may be covered under a traditional home insurance agreement.
It depends on the insurer and the coverage options available. Some landlord insurance policies offer coverage for multiple properties under a single policy, known as portfolio insurance. Alternatively, you may need separate policies for each property.
Landlord emergency cover provides assistance and financial protection in case of emergencies such as boiler breakdowns, burst pipes, or electrical failures. Whether it's worth it depends on your individual circumstances and risk tolerance. Consider factors such as the age and condition of your properties and the potential cost of emergency repairs when deciding whether to add this type of cover to your policy.
There is no legal requirement for landlords to have landlord insurance. However, it's highly recommended to protect your investment and mitigate financial risks associated with renting out a property.
Landlords can benefit from contents insurance if they rent out furnished properties or provide appliances, furnishings, or other contents for their tenants' use. It can also cover the cost of repairing or replacing items damaged or stolen by tenants. If you rent out unfurnished properties, contents insurance may be less important, but it's still worth considering if there are any items in the property that belong to you.