Compare Landlord Insurance Quotes
Good Reasons to Compare Landlord insurance quotes
If you want to save time and money on landlord insurance, you have the answer right before you. The UK's leading landlord insurers are under this roof, waiting to help you if you have one property or a portfolio.
- Cover for all property types, including flats or a block of flats, maisonettes, semi-detached or any other building type for one or multiple properties.
- Cover for all tenant types, including DSS tenants, private and professional, asylum and seekers. Any tenant at all.
The only landlord insurance comparison service you'll ever need.
Landlord insurance: Both residential & commercial property types
- Landlord insurance is a lot different from ordinary home insurance. There are a few differences, and you will learn the difference, so when you buy a policy for your rented properties, you will have peace of mind running your business.
- Property can make you a steady income and something you need to look after - so you may as well get the right landlord insurance for your properties and make sure you can run your letting business knowing your cover if the worst happens.
What is landlord insurance?
- Landlord insurance (different from home insurance) protects UK landlords from financial loss and keeps the banks happy on buy-to-let mortgages.
- When dealing with tenants, a buy-to-let landlord insurance policy covers certain risks when renting out domestic or commercial properties in the UK.
In this easy-to-follow guide, you can learn what you can expect.
What To Expect from a Landlord Insurance Policy?
Covering your buy-to-let properties is a good business decision if you want to sleep at night. Being a UK landlord can have ups and downs, and landlords must adhere to specific procedures.
- Costs can add up from annual gas safety certificates, Energy Performance Certificates (EPCs), and smoke alarm tests.
- Your insurance company may insist you have the above covered.
- Further protection can be purchased, like landlord contents insurance that covers UK landlords for accidental and malicious damage caused by your tenants.
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Landlord Buildings Insurance
If you are a buy-to-let landlord, landlords insurance is necessary for your business to survive, and the bank insists you have the building covered for fire, flood, storms, and subsidence if you require a rebuild. Covering theft and vandalism can also be written into your policy.
Landlord buildings insurance is an essential part of any policy.
Contents insurance can also cover the following.
Landlord Contents Insurance
- Fixtures and fittings insurance for landlords covers property damage, for instance, internal doors, interior wall damage and the cost to get your property back in order so you can rent it out again if you become a victim of vandalism.
- A contents insurance policy can also cover the cost of kitchen appliances like white goods, carpets, sofas and other furniture you bought when you first kitted the property out as a furnished let.
- When you first buy a policy, your landlord property insurance company will ask you what the value of your contents is and review what they can and cannot cover, as property insurers can differ.
The Risks UK Landlords Face
Insurance is all about the risk for you and the mortgage provider, so a good landlord insurance policy is essential to cover these risks. When renting out a property, and you never see it, having something that protects your income from the unexpected.
Review these risks and what you can do to reduce the risks involved.
Typical risks posed to landlords include the following for example:
Tenant damages: This is something to consider as a UK landlord. It may never happen if you rent one or two properties out.
- If you are a portfolio landlord with many properties, you may come across damage from tenants. Your landlord insurance company can include damage cover when taking out your new policy.
- If drug and alcohol use comes into play, damage can happen. So it is something to consider; when an insurance company pays a contractor to carry out the repairs, it can be quicker than doing it yourself.
Click here to compare landlord insurance quotes with the UK's top-performing landlord insurers.
What Else to think about!
- Other damages: Fires or if you live in a high flood-risk area. And one type of damage that no landlord wants to hear about is subsidence damage because that is a can of worms.
- Court actions: A nightmare any other time, but when it comes to commercial and business law combined with nuisance tenants, you may need a law firm and a good one. UK landlords have responsibilities, and when dealing with government bodies, high courts and all sorts of legal arguments, you should ask for landlord liability insurance written into your policy.
You can't do that yourself with a lawyer.
- Other liabilities: Back to the good old tenants again, they are essential on a business level, and they are people, and people can cause landlords problems if they hurt themselves in one of the properties you rent out to them. Again this could land you in court, so it is a good option for public liability insurance as part of your policy renewal.
- Rent arrears: The rental income should always have your eyes on it because if a tenant fails to pay you, it might not be easy to make them pay, they may have financial problems, and they also have rights.
So what do you do when the rent is unpaid, and the bank still wants their money? If you have ever experienced this sort of problem, you will probably never forget it, and for those who have never had to deal with tenants failing to pay, you are indeed lucky.
- All risks considered: As you can see, there are many risks UK landlords face, and even though landlord insurance is not required by law, however, it can be an excellent decision to buy a policy for a piece of mind.
- Buying assets for a steady income and not having insurance coverage is a lousy decision. At least look at landlord buildings insurance if you are a small landlord with only a few properties.
- Think about all your risks, sit down, and think about your business and the landlord insurance coverage it needs to run and grow.
- At UKLI Compare, we are not an insurance company and cannot advise landlords on insurance.
landlord insurance comparison
- However, the landlord insurance comparison system integrated into our site provided by Quotezone can help you.
- They do a fantastic job finding landlords like you an excellent policy for one property, or if you are a portfolio landlord with multiple properties, you're in very safe hands.
- Quotezone landlord insurance compares quotes from the UK's leading landlord insurance companies to find you the best deals, and they can find you discounts - compare landlord insurance quotes by clicking here now.
What is included with a landlord insurance policy?
After you know, things like severe damages are covered, like fires caused by arson or clumsy tenants. And knowing other things like damage by:
- building damages
- subsidence damage
- flood damage...
…are all taken care of.
You may also want to see if there are other risks involved. And there are, so let us learn more about your landlord insurance considerations.
- Landlord buildings insurance: The first priority is the bricks and mortar because, without them, you have nothing. Most landlord insurers cover up to 10 million on standard policies, but others cover high-value buildings, like if you live in London or some other exclusive area.
- Landlord contents insurance: Again, similar to standard home insurance but landlord contents insurance covers damages by tenants and does not cover the owner of the property for damages.
- Landlord liability insurance: Landlord liability cover protects UK landlords from court action and pays lawyers' fees if the tenant, or tradesman visiting or working on your property hurts themselves or if a guest fall and hurts themselves when visiting the tenant. It could be the tenant's mother or father, sister or brother or just a friend—that's what landlord liability insurance covers you for.
- Unoccupied property insurance: At the times you are waiting for a new tenant for the flat or house you own, and it's lying empty, what do you do if it gets broken into or goes on fire? Yes, unoccupied property insurance is the answer.
Again, all landlords are different, and most landlord insurers will guide you through what you might need to be included in your bespoke policy – for example:
landlord policy Example
- Landlord legal expenses: It says what you get in the name of the cover, "Landlord legal expenses", so what do you get? You get your court expenses paid for if you, as a landlord, get taken to court.
- Alternative accommodation for tenants - If your rented property becomes so uninhabitable that no tenant can live there, you are covered. Your proud landlord insurer will pay for another emergency tenancy if you get flooded out or your place goes on fire so your tenant has somewhere to live while building work is finished.
- Malicious damage insurance - If your tenant wrecks the place, you can claim your landlord's insurance policy to rectify the damage caused. Pet damage could also be insurable if you have the right policy.
- Landlord home emergency cover - If you are a portfolio landlord, this addon is perfect for your business. It works like the council but is different because you are a private landlord. You get a tradesperson out if an emergency, like a washing machine flood or a plain old burst pipe under the flood boards, pops up. As we said, this landlord home emergency cover is aimed at larger landlords with multiple properties, as dealing with emergencies yourself at all hours in the morning is stressful for one person to deal with that.
Ask about landlord home emergency cover when you get quotes from these leading UK landlord insurance - click here, to compare landlords insurance quotes.
- Rent guarantee insurance - Let us get this type of landlord coverage out on the table because some landlords don't understand it, and some think their rent will get paid if the tenant doesn't pay you. The policy will pay your mortgage lender the monthly rent if your property goes on fire and is very badly damaged or water damaged. Be careful because the policy might only pay the rent for a certain length of time, and you are left to cover the rest. And your tenant comes into this when the landlord insurers might want to run a credit score on them to see how much they are willing to pay against your rent payments.
- All will be explained if, and when this does happen, God forbid.
- Loss of rent landlord insurance: Again a bit different from "Rent Guarantee Landlord Insurance." If your let is fire or flood damaged and the tenant moves out because of that damage, you get paid out with the rent payments.
- Accidental damage by tenant's insurance: If the tenant damages any "valuable to replace" contents like a carpet or they smashed a window, and it was an accident, the policy will pay for that damage.
Always know what you can claim for, as some claims are not worth the bother if they are accountable to the tenant, and if they pay for the damage they cause out of their pocket, that's even better.
Landlord property maintenance
How much landlord insurance do you need?
- What you need comes down to how many properties you own and the tenants you have living in your lets. Your property value is also crucial in pricing your landlord policy. Other options to consider are landlord insurance add-ons mentioned above, i.e. landlord home emergency insurance and landlord loss of rent insurance.
- The size of your business is another crucial role in pricing your policy. When you are looking for landlord buildings insurance or the "sum insured" part of your policy, your landlord insurer will base your premium on how much it would cost to rebuild your property if it gets burnt to the ground or severely water damaged and subsidence occurred.
- The insurance underwriter will also consider how much it would cost to replace your contents, fixtures, and fittings if they had to rebuild your property after severe damages. Remember, the market value of your property is different from the rebuild cost to fix your property after a storm, fire or water damage.
- You may want to cover the let contents you provide, which will replace expensive items like a 3-piece suite, sofa beds, bedroom furniture, kitchen unit and worktops and all the white goods you furnished the property with, like a new tumble dryer, a washing machine or dishwasher.
- A comprehensive landlord insurance policy which includes building and landlord contents insurance, should do the job and keep you safe.
Compare landlord insurance quotes and save money
If you want to compare landlord insurance quotes and get your policy sorted out - click here.
You've got to love the internet for fastness and convenience when it comes to getting better deals in property insurance. Comparing and making insurers compete for your business is the best way to find suitable rental property insurance and get cheap landlord insurance quotes to choose from.
Using a good comparison quote search, you can compare the best leading landlord insurers and what a job they do for UK landlords. Just fill in one quick, straightforward quotation form and answer a few questions about your properties. Whether it's one property or a portfolio, do a landlord comparison and see the difference.
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