Buy-to-let ownership is an increasingly popular market, yet finding the right landlord insurance can still be a real challenge. As a landlord, your property is probably your most valuable investment and can be a significant source of income, so it’s vital to find the right cover.
We’ve been in the specialist insurance business for over 20 years, so we know the insurance world inside out. We’ll work with you to understand your property type and what you want your cover to give you, and then we’ll compare quotes from selected landlord insurance providers to find the most suitable cover.
What is buy-to-let landlord insurance?
Landlord insurance provides coverage for homeowners who rent out their properties to tenants. This type of policy is designed to protect your investment in the property and provide financial security in the event of unexpected events or accidents.
Depending on your insurer, your policy coverage can include damage to the property, loss of rental income due to the property being uninhabitable, and legal liability if a tenant is injured on the property.
Why can’t I just have a standard home insurance quote?
Conventional home insurance and business insurance policies aren’t designed for the rental market.
As a responsible landlord, you’ll want to protect your tenants and your property. While there is currently no legal obligation to take out landlord insurance, it is usually a requirement of mortgage lenders.
Many insurers will even refuse to pay out on a claim if you don’t have the correct insurance in place as a landlord.
What is the difference between building insurance and buy-to-let landlord insurance?
It’s easy to confuse these two policies as, on the surface, they appear very similar. In a nutshell, building insurance often covers structural damage to property and outside fixtures such as garages and fencing, which is also included in most landlord insurance cover.
So, why are they different? Landlord insurance requires a different policy as the property covered is occupied by a tenant, and they receive a monetary profit from their homes.
What does buy-to-let landlord insurance cover?
Landlord insurance typically covers damage to the rental property that cannot be prevented. It can be a real lifeline if you need emergency repairs or if there has been damage to your property caused by natural disasters, vandalism, and theft.
If your property becomes uninhabitable for your tenant, landlord insurance policies can cover rent loss as well as the alternative emergency accommodation needed. Policies will vary, but the conditions will usually cover alternative accommodation for tenants if you are responsible for finding them some temporary housing due to unpreventable circumstances.
As for the common issues such as mould, damp, and gradual wear and tear, most policies, generally, will not cover this type of damage. Ultimately, it is your responsibility as a landlord to maintain the property and its contents. Any issues that could have been prevented by regular maintenance will not be covered by landlord insurance.
How much is buy-to-let landlord insurance?
Looking for a landlord insurance quote? You’re in the right place. Call us on 0800 0815 030 to talk to our friendly team, who will guide you to the correct landlord insurance cover for your buy-to-let property.