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Landlord Insurance Guide
Landlord Insurance, or as it is sometimes referred to 'Buy-to-let insurance' is principally taken out as a means to protect a landlord's investment in property. As a Landlord you rely on the revenue from your let property to form part or all of your earnings. Traditional home insurance does not provide cover when you are earning an income from a property, so in taking out Landlord insurance you can help to prevent disruption to that important revenue stream. Landlord insurance is available for a single property owner right through to a large portfolio owner.
What are the main points of cover?
Buildings Insurance: This provides cover against damage to your let property. E.g. A fire damages the building, forcing your tenants to temporarily move out and you to instigate repairs. You can also get cover for up to 30% of the value of property against the loss or earnings (rent) due to damage.
This protects you and your business against claims made due to damage to a third person or object. E.g. A tile falls off the roof and hits a passer by.
Additional cover available:
It is possible to add Contents insurance to your cover. This will protect against damage sustained to your contents. For example; a sofa you furnished the flat with is damaged in a fire. It is worth noting that Contents insurance will not cover against your tenant's contents, they will need to take out a separate policy for this. You should also specify whether you require 'accidental' cover or 'standard' cover. 'Accidental' cover will provide you with a wider range of protection E.g. Your tenants hold a party and the sofa is damaged.
If you own a portfolio of properties and hire staff to maintain and run them for you, it is a legal requirement as a business to carry Employer's liability insurance. This will protect you against compensation claims made by employees or former employees that are injured at work, for you.
What affects my premium?
There are many different ways in which insurers assess the risk of your property and therefore how much premium they should charge you. Here are some of the major factors:
- The location of the property (postcode)
- The Buildings Sum Insured
- The type of tenants in the property
- A history of claims
- The age of the property
- The type of property (flat, detached, terraced etc)
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