What is landlord insurance and why might I need it?

Posted: 3rd Jun 2014

If you are a landlord then you may appreciate that to have a fairly good understanding about what is landlord insurance, may typically be a sensible idea. After all, protecting your investment in your property may be high up on your priority list and buy to let cover may help you do just that. Typically:

  • you may be looking for insurance cover that protects you financially from the effects of events that could damage your property, such as fire and smoke damage, earthquakes, storms and flooding;
  • while this may seem pretty much like what standard owner occupier insurance cover may provide, you may typically find that if you have a letting property then owner occupier insurance is not a valid form of cover, as the risks involved for landlords are very different to those faced by owner occupiers;
  • policies may also cover accidental damage and you may even find that there are some which may include cover for malicious damage by tenants;
  • you may find that not all let property insurance policies (nor traditional owner-occupiers home buildings and contents insurance for that matter) may offer any cover as standard for damage to your property resulting from subsidence – some do though and you may consider this to be an important feature of any landlords buildings cover;
  • there are buy to let landlord insurance policies which may provide you with replacement rental income should your property be rendered uninhabitable as the result of damage from an insured event like a fire or flooding and your tenants have to move out while repairs are done;
  • not all providers may be willing to offer cover for all types of tenant and may exclude students and DSS for example – some policies have no such restrictions however allowing you the freedom to do business with whomever you chose;
  • getting a let property insurance quote may help you understand the elements that may make up what is landlord insurance and you can then decide which of these elements may be an essential part of the cover you believe you need;
  • you may find that there may be situations when asking the question what is landlord insurance, may give rise to an answer relating to what it is not – one example of this may be the fact that typically landlord insurance policies may not offer cover in situations where the property is standing empty for periods of time in excess of 30 days and in these situations, you may wish to consider unoccupied property insurance cover as well;
  • when considering what is landlord insurance, you may wish to bear in mind that you may be able to have some influence on the levels of the premiums that you pay – for example if you accept a higher level of voluntary excess on a policy with us, you may find that premium discounts of up to 40% may be available.