Landlord insurance – what does it cover?

Posted: 3rd Jun 2014

The question “what does landlord insurance cover?” may have a number of answers and the one that is most appropriate for you will pretty much depend on the type of property you have, the type of tenants you have, and your own personal preferences.

Landlords buildings and contents insurance may vary quite considerably from policy to policy and you obviously need to be clear in mind about just what cover you may be expecting from your landlord policy.

A basic buy to let landlord insurance policy may provide cover for:

  • damage to your property from events such as fire and smoke, flooding, storms and earthquakes;
  • theft and vandalism.

Some buildings policies may also provide public liability cover to protect you financially against being sued by someone who has been injured or whose property has been damaged, where they believe that this was directly attributable to your property.

In terms of what may also be seen as answers to the “what does landlord insurance cover?” question, you may find that some landlord insurance policies may also provide:

  • trace and access cover, through which you may be able to claim for the repair to damage that a tradesperson may have had to cause to gain access to the source of another problem;
  • building subsidence cover, which contrary to what you may think, is not provided as standard by all landlords insurance providers (or owner occupier home buildings and contents insurance policies for that matter);
  • protection against the costs of having to carry out repairs to damage caused maliciously by tenants;
  • financial compensation, should your tenants have to move out following an insured event which damages your property and renders it uninhabitable.

You may also find that with some policies, you may be restricted to the types of tenants you can let to, with some providers not offering cover for students or DSS for example. There are policies which do provide this cover though, so looking out for these may typically make sense, if this is an area of the letting marketplace that you are involved in.

So there are a few areas where you may be facing a choice and the “what does landlord insurance cover?” question may perhaps be better expressed as “what am I looking for in a landlord insurance policy? “. Of course, we are only too happy to help if you have any questions or require assistance with getting the most suitable cover for you, so please do not hesitate to get in touch.