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Home » Latest News » What type of landlord insurance do I need?

What type of landlord insurance do I need?

Types of landlord insurance

There are many types of landlord insurance available to help landlords and property owners get the correct cover. The options vary according to the level of cover you want and the sort of property you look after.

Landlord buildings insurance

If you own the freehold of the property buildings insurance is essential, landlord or not. It typically provides cover for loss or damage caused to the building itself, for example, in the case of fire or flood. Some building insurance policies cover malicious damage caused by tenants.

Landlord contents insurance

Of course, tenants are responsible for insuring their own personal belongings. However, if you’re renting out a furnished property, you might want to cover the furniture you’ve provided to your tenants.

If you’re renting out flats, you could consider contents insurance to cover communal spaces such as halls, reception areas, stairs and landings. Many policies include this cover as standard, and you can tailor its limit to your needs. You can also add accidental damage cover which covers spills, breakages and damage caused by your tenants.

Rental Protection insurance

If your property is damaged and you’re unable to rent it out, you’ll lose the rental income you were expecting. Rental protection insurance, also known as cover for loss of rent, will protect you in this situation. It’s essential to accurately assess the rebuilding period for your property before you take out this cover and you should read the lease carefully as it may make specific requirements for this.

Legal expenses insurance

This is for landlords who want cover for legal costs and legal advice. It will protect you in the case of a dispute relating to your property and tenants.

Features can include:

  • Cover for legal disputes that relate to your properties
  • Access to legal advice helpline
  • Legal expenses cover for evictions
  • Tax investigation cover

Rent Guarantee Insurance

This policy protects you against non-payment of rent. If a tenant defaults on the rent, or can’t pay for whatever reason, you can activate this policy to claim back any money you have lost.

Landlords liability (public liability) insurance

If your tenant or visitor has an accident in your property and considers it to be your fault as the property owner, they may take legal action against you. Public liability insurance will cover your legal defence costs and expenses, as well as any damages awarded. Liability claims can be costly, so many policies offer in excess of £1m of cover for any one claim. Options of £2m, £5m and higher are also available, and these can be beneficial in particularly challenging situations.

Employers liability insurance

This is a legal requirement if you employ anyone at your rental property, such as a cleaner, gardener or volunteer, who work is under your supervision. You are responsible by law for arranging employers liability insurance to cover your legal costs and any awards made in the case of accidental injury, illness or disease caused to staff due to your negligence.

Specialist cover : As well as understanding the types of insurance you might need as a landlord, you should also consider the kind of rental property you have as there are all sorts of specialist policies available.

Unoccupied property cover

This is essential if you plan to make renovations to your property before you rent it, or if you are in-between tenants for longer periods of time. In this instance, ‘unoccupied’ usually means that nobody has lived in the property for over 30 days.

Houses in Multiple Occupancy (HMO) insurance

If your property has more than three tenants (not from the same family), general landlord insurance is not adequate – you will need HMO insurance.

Holiday home insurance

If you have a holiday home in the UK you will need cover all year round, whether there are guests or not.  Holiday home policies can provide full cover for extended periods between guests and would include Public and Employers Liability cover.  Cover can be provided whether you let the holiday home out to the public or just to friends and family.

Serviced accommodation insurance

This policy is for properties which are rented per-room on a nightly basis. Typically these are self-contained rooms, but occasionally they may be within a private dwelling. Rooms generally are serviced daily.

Block of flats insurance

Sometimes referred to as block insurance, this is for landlords or flat management companies. You will need a different policy if you are the freeholder of the flat or a leaseholder. The building will need to be insured, and this should be covered by the owner(s) of the block of flats (the freeholder).

Airbnb insurance

A specialist policy to cover all the different scenarios that come about when renting your property on Airbnb. It’s not a standalone policy as it’s not one-size-fits-all with Airbnb, and so any policy will be carefully put together to cater for your situation.

Multi-property landlord insurance

The clue is in the name! This cover is for any landlord with more than one property. Having a diverse property portfolio means you might have different rental arrangements across several different sorts of properties – any of those mentioned above. A multi-property landlord insurance policy will cover your entire portfolio, either in one over-arching single policy or spread across several policies for each individual property.