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A quick-start guide to landlord insurance

2-minute read

A quick-start guide to landlord insurance
Jade Wimbledon

Jade Wimbledon

13 May 2015

Read our no-nonsense guide to landlord insurance to find out more about the main cover options for your rental property.

Usually, a conventional home insurance policy won’t cover your rental activities. This is where our specialist landlord insurance policies come in.

Here at Simply Business we offer both commercial landlord insurance and residential landlord insurance, and you can find a policy whether you need to cover a single rented property or a whole portfolio.

Here’s some more detail on some of the main cover options.

Buildings and contents insurance

Buildings insurance covers the main structure of your property against risks such as fire, flood, storms and vandalism.

This is usually the central piece of a landlord policy. So that we know how much cover you need, you will need to estimate what it would cost to rebuild your property from scratch. To calculate this amount, you should think about the cost of labour and fees as well as building materials.

You should also consider covering your contents if you’ve provided things like furniture and fittings for your tenants. Remember, however, that your tenants will need to take out their own contents policy if they want to insure their own possessions.

Landlord liability cover

This is an important cover designed to protect you against claims made by a tenant or visitor for injury or damage caused by your property. For example, if someone tripped on loose carpet in your house and suffered a serious injury.

We offer £2 million or £5 million of property owners’ liability cover, because compensation claims can be very high.

Accidental damage

You can choose to add accidental damage cover to your policy if you’ve chosen buildings or contents insurance.

This can cover the cost of repairing your building or replacing your contents if you, your tenants or a visitor cause damage. For example, if your sofa is ruined by a red wine spillage. However, bear in mind that gradual wear-and-tear over a period of time won’t be covered.

Even if you’ve taken a damage deposit from your tenants, this insurance may still be a good idea. Remember that the cost of repair could be higher than the deposit, and that you may not be able to access the deposit until the end of the tenancy.

Legal expenses insurance

This insurance covers legal fees associated with your rental property. The most common types of legal action include pursuing unpaid rent or evicting your tenants. Our legal expenses cover also includes legal document templates, free UK tax and legal guidance, and tax protection.

Tenant default cover

This handy cover can protect your rental income if your tenants don’t pay their rent. Once tenants have missed two consecutive payments, the tenant default cover can kick in, and pay up to £2,500 per calendar month for up to eight months.

Unoccupied property insurance

With unoccupied property insurance you can protect your buy-to-let property even when it's vacant, for instance before your tenants move in or between lets.

Home emergency cover

Our home emergency cover for landlords provides access to a 24/7 helpline, so that you can get the assistance of an approved contractor at any time of day or night. Home emergency also includes landlord boiler breakdown cover.

Landlord insurance from Simply Business

We’re proud to say that we have over 100,000 landlord insurance policies on our books. You can build a tailored package that suits your needs, and compare landlord insurance policies from leading providers including Zurich, AXA, and UK General.

Get set with tailored landlord cover

Over 200,000 UK landlord policies, a 9/10 customer rating and claims handled by an award-winning team. Looking to switch or start a new policy? Run a quick landlord insurance quote today.

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We create this content for general information purposes and it should not be taken as advice. Always take professional advice. Read our full disclaimer

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