Call our friendly team

01702 606 301

What you need to know about landlord insurance

It’s a hectic life being a landlord – what with all the hands-on aspects of the business together with essential administration and bookkeeping to stay on top of.

Taking the time out to find landlords insurance may be something that you know you should get around to but perhaps keep putting off. You know that the best landlord insurance for you is the insurance that suits your own particular needs and circumstances. And what is the best landlord insurance for you may not be the same for another landlord.

It may seem like there is a lot to consider, but in reality, though, the search for appropriate landlords’ cover doesn’t have to be time consuming or onerous.

As an illustration, at Cover4LetProperty we provide a service dedicated to landlord insurance and designed to provide you with the cover that we believe most matches your particular requirements and budget.

You can view and purchase policies online and have all the relevant documentation emailed to you. Or, if you prefer, we also offer a telephone service and can send documentation out in the post.

Getting appropriate cover for you may be as simple as supplying some basic information about yourself and your property and then selecting from the options which most closely match your requirements.

Understanding your buy to let landlord’s insurance quote

But first of all, what does landlord insurance (also known as buy to let insurance or let property insurance) typically cover? Buy to let landlord’s insurance typically incorporates a number of areas of cover, protecting against loss or damage to your asset.

The following is overview of the type of elements of protection that are available – some as a standard part of your policy, others which may be included for a fee.

The building and its contents

  • if you have a buy to let mortgage, your loan agreement is almost certain to insist on your having sufficient buildings cover – at least equal to the outstanding balance of your mortgage and an insured sum reflecting the cost of rebuilding after a total loss;
  • an important point to note, however, is that the value of your buildings policy may not necessarily be the same as the amount of your mortgage or indeed the cost of your property itself;
  • buy to let building insurance should reflect the cost of a complete rebuild, including fees for architects and surveyors, site clearance and legal searches etc;
  • not all buy to let home insurance policies cover subsidence as standard. Some policies (such as ours) do, so make sure you understand the position regarding whether the cover is included or not;
  • if your property is rented out furnished or partly furnished then you may wish to consider the nature of the landlords contents cover that you choose;
  • typically, two types of contents insurance are available, namely new for old or market value replacement – with the former, naturally, attracting a slightly higher premium;
  • accidental damage cover may be available as an add-on with policies;

Loss of rental income cover

  • if your tenants have to move out of your property if it is rendered uninhabitable following damage from an insured event, then your income suffers as a result;
  • there are buy to let policies, though, which can provide compensation in this situation up to a predefined amount to help you manage your finances;

Different tenant types

  • you may have a number of properties which cater for the requirements of several types of tenant – families, young professionals, students, or benefits claimants, for example. You may have come across buy to let insurance providers who may have excluded some of these categories from their cover;
  • we provide cover for all tenant types and this could make finding appropriate insurance policies a whole lot easier for you;

Trace and access

  • tradesmen may, on occasion, fix the problem you called them in to deal with, only to leave another in its place;
  • this could relate to damage that they may have to cause while trying to locate the source of the problem you asked them to look at – our trace and access insurance covers the cost of the repairs. Do note that not all buy to let insurance policies include trace and access cover as standard;

Landlords’ liability indemnity insurance

  • landlord insurance typically also provides landlord’s or property owner’s liability insurance cover;
  • the amount of protection available, i.e. the amount that could be paid out to settle court awards of damages against you, may vary;
  • opting for a buy to let landlords insurance quote, which has an unrealistically low level of cover, to save a little on monthly premiums, may turn out to be a false economy;

Legal fees and expenses

  • legal fees may be covered by some policies but not by others and may only be payable in certain circumstances – check the policy wording on this, or speak to your proposed buy to let insurance provider;

Empty or unoccupied property insurance

  • if your buy to let property is lying empty for a period of 30-45 consecutive days or more (either while renovations are being carried out or while you are waiting for new tenants to move in) then it potentially renders your existing landlord’s insurance invalid;
  • you will typically require standalone unoccupied property landlord’s insurance or renovation cover in circumstances such as these;

Excess options

  • finding the protection you need for your investment property, at a premium you consider reasonable, might be made that bit easier by agreeing to shoulder a higher voluntary excess on your policy in return for the payment of reduced premiums;
  • this may, of course, mean that in the event of a successful claim you have to contribute more towards any costs, so make sure you are comfortable with the amount.

Where can I buy a trusted buy to let landlord insurance policy?

It pays to shop around when buying any kind of insurance. Getting one buy to let landlord’s insurance quote may not be as useful to you as getting several. It is only when you compare landlord’s insurance and see what’s on offer that you can identify areas of difference and select the options that are most appropriate for your own particular situation.

Who can make those comparisons on my behalf and where can I purchase a trusted buy to let landlord insurance policy for my buy to let UK-based property? Cover4LetProperty, that’s where!

At Cover4LetProperty we have access to a wide range of specialist landlord insurance providers who are able to offer buy to let UK property insurance providing cover against the whole range of risks and perils.

Whether you are interested in high-level policy cover or what you consider is a low-cost landlord insurance, our buy to let building and contents insurance will cater for your individual requirements.

Our team of experts have extensive knowledge of buy to let home insurance and can offer you expert advice for your building and contents insurance requirements.

We believe our buy to let landlord insurance policies are competitively priced and offer what we consider to be very comprehensive levels of policy cover. Typically, they include subsidence cover, trace and access cover, malicious damage by tenants or their visitors, and have no restrictions on whom you let to as standard unless you are advised otherwise. You can also opt to include accidental damage cover for your building contents house insurance.

The buy to let landlord insurance market can be full of potential banana skins and our experts are here to guide you through the complications and offer you the most appropriate buy to let UK insurance product to suit your needs.

Whether you have one property or multi properties our buy to let landlord insurance will offer you competitive terms on your buy to let UK based property.

Get a landlord insurance quote online or call us on 01702 606301 to discuss your buy to let landlord insurance needs now!