What is landlord insurance?

Landlord insurance explained

Landlord insurance is cover that protects landlords from risks associated with their rental property. It usually includes buildings and contents insurance, but can also include landlord-specific covers such as property owners’ liability, loss of rent, and tenant default insurance.

What does landlord insurance cover?

There are different types of landlord insurance available to cover different risks.

Landlord buildings insurance can cover the cost of repairing or rebuilding your property if the structure is damaged or destroyed. You can also buy landlord contents insurance to cover your furniture and other items if they’re stolen or damaged.

Tenant default insurance can cover your rent for a period of time if your tenants fail to pay, and property owners’ liability insurance covers compensation claims made by a tenant or visitor for injury or damage related to your property.

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Do I need landlord insurance?

If you have one or more rental properties, it’s important to make sure you’ve got the right insurance in place.

A standard home insurance policy usually won’t cover you for risks associated with renting out your property.

While landlord insurance isn’t a legal requirement, it’s often a requirement of mortgage lenders.

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How much does landlord insurance cost?

The cost of your policy will depend on your property and tenants, the type of insurance you choose, and the cover levels you need.

As with all insurance, the insurer calculates your premium (the cost of your insurance) based on the likelihood you’ll make a claim and the possible cost of any claim.

To find out how much your landlord insurance will cost, run a quick quote.

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What landlord insurance do I need?

Buildings insurance or fixtures and fittings insurance and property owners’ liability insurance will be core covers for most landlords. If you rent out a furnished property, then contents insurance is likely to be useful too.

You can choose to add other covers like tenant default insurance, accidental damage insurance and landlord legal expenses insurance too, depending on the risks you want to cover.

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How much landlord insurance do I need?

The amount of buildings insurance you take out should be based on the rebuild value of your rental property. This is an estimate of how much it would cost to rebuild your house from scratch, including labour and materials.

Your contents insurance amount should be based on what it would cost to replace the contents you’re providing in your rental property. This doesn’t include your tenants’ items, as they will need to insure these separately.

With Simply Business you can choose to buy £2 million or £5 million of property owners’ liability insurance, depending on how high you think possible compensation claims could be.

If you buy tenant default insurance from us, this can cover your rental income up to a maximum of £2,500 per month. Our legal expenses insurance comes with a cover limit of £50,000.

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What is landlord property insurance?

Landlord property insurance is just another term used to refer to landlord insurance, which covers risks associated with rental properties. It includes buildings and contents insurance, landlords’ liability insurance, and other covers to protect a landlord’s rental property.

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You can also watch our consultant Massimo explain landlord insurance on video or check out our in-depth guide to landlord insurance.

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