How To Get A Landlord Insurance Quote

Image showing why you need a landlord insurance quote
Obtaining a competitive landlord insurance quote is an essential step in protecting your property from unforeseen circumstances. Photo © Richard Humphrey (cc-by-sa/2.0)

How To Get A Landlord Insurance Quote

In order to get an accurate quotation for landlord insurance the company will need some basic information about the type of property and details about your tenants. You will need to provide particulars about any current policy including whether there have been any past claims or any claims that are ongoing. The quote for a landlord insurance policy will also be calculated by the level of cover that is required.

Some UK insurance companies may ask for additional information which will help them to assess the level of risk. A reputable company that offers landlord insurance will gather together all the relevant information and then provide you with their best quote.

What Is Landlord Insurance?

Landlord insurance is a specialised policy that provides a higher level of cover than basic home insurance. As well as covering the building and contents against loss and damage, a landlord insurance policy can cover loss of rent, malicious damage by tenants, legal expenses, cover for unoccupied property and very importantly, public liability.

Comprehensive insurance for landlords may also cover other scenarios like boiler breakdown, cover for built-in fixtures and fittings and for rent arrears. The highest level of cover will cost more than basic landlord insurance.

How Much Is Landlord Insurance?

A basic landlord insurance policy will cost between £120 and £220 per annum. A policy that covers only the building and contents can cost as little as £150 per year. Prices for landlords insurance will vary depending upon the type of cover provided and adding a rent guarantee clause to a basic policy starts at £60 per year. When this is purchased separately as a standalone policy it can start at £75 per year.

There are several factors that will determine the annual cost of insurance cover for landlords. The insurer will take into account the location and type of property, the tenants and the level of cover required. Basic combined policies cover only buildings and contents. Extras that will affect the annual cost are public liability cover, home emergency, rent guarantee, cover for lost keys and for legal expenses.

Landlord Insurance FAQ

What Does Landlord Insurance Cover?

A landlord insurance policy covers the building and contents against loss or damage. You can add extra protection against other risks including cover for loss of rent, owners public liability and legal expenses that may occur due to problem tenants. A landlord insurance policy can be adapted to include other risks such as loss of keys and boiler breakdown.

How Do I Get Landlord Insurance Cover?

The major insurance companies in the UK offer landlord insurance and there are also companies which specialise in this type of policy. Before choosing a policy it is best to get several quotes making sure that each one offers the same range of cover. You will need to provide detailed information about your individual situation.

How Much Does Landlord Insurance Cost?

Premiums for a basic landlord insurance policy range from £120 to £220 per year. If you choose only buildings and contents cover the cost can be as low as £150 per annum. Adding extra cover for loss of rent, public liability and legal expenses will put the annual premiums in the higher price bracket.

How Do I Make A Claim On My Landlord Insurance Policy?

Check the terms of the policy to find out what is covered before making a claim and to confirm whether there is an excess. If the property has been subject to vandalism it is important to report the matter to the police. Make a claim by contacting the claims department of the insurer who will advise you what evidence you need to submit with your claim. The insurance company may send out an assessor to check details of the claim.

What Landlord Insurance Do I Need?

The minimum protection you should have for your property is loss and damage to the building and its contents. You can decide for yourself what other cover you want or need but most landlords take out cover for public liability, rental losses and legal costs which can occur in the event you need to take steps to evict a tenant.

It is important to note that if your property is mortgaged the lender will require you to take out specialist landlord insurance before you are allowed to take in tenants.

Houses covered by landlord insurance
Tenancts can take out their own contents insurance policy which is separate from the landlord insurance policy

Should I Compare Landlord Insurance Quotes?

It makes good business sense to contact more than one insurance company to get a quote for landlord insurance. Some companies specialise in this kind of policy but most of the major UK insurers will offer this type of cover. Comparing insurance quotes is wise before you commit to a policy.

The most important things to take into consideration when making comparisons between quotes is to carefully check whether the cover is sufficient and whether the companies are offering like for like risks.

Is Landlord Insurance Required In The UK?

There is no legal requirement to take out landlord insurance if you are renting out your property. However, if you are buying the property with a mortgage you must advise your lender about your intentions and they will almost certainly ask for proof that landlord insurance has been taken out.

A normal house insurance policy will not cover you if you take in tenants. In fact, it could well invalidate the policy. In order to keep your property safe it is important to take out a policy that will cover you against loss due to damage, non payment of rent and public liability. Other extras are also available in landlord insurance policies.

Image showing new buy to let houses
Landlord insurance is not a legal requirement in the UK but if you have mortgaged or borrowed on the property, your bank may require a policy is in place. Photo © M J Richardson (cc-by-sa/2.0)

Do I Need Contents Insurance As A Landlord?

If you have tenants in your property you should take out a landlord contents insurance policy in order to avoid losing money if damage occurs. Even a property that is being let out unfurnished may include white goods and soft furnishings like curtains or carpets. Having a contents insurance policy in place is useful for paying to replace these kinds of items if they are damaged by a tenant.

Does My Insurance Policy Affect My Tenancy Agreement?

A landlord insurance policy will not affect your tenancy agreement as there is no legal requirement to take out this kind of cover. If you have a policy it is a good idea to include details of this in the tenancy agreement form. Your tenant may wish to know exactly what is covered by the policy as they may want to take out their own renters cover for personal furniture and belongings.

Top 5 Companies Which Offer Insurance To Landlords

If you are planning to rent out a property you will want to get the best value possible for insurance. Making comparisons between insurance companies is a valid way to find out which is the best one for your needs. Remember to make sure the cover being offered is the same with each company.

Below are five UK insurers who specialise in cover for landlords.

  • SAGA – Landlord Insurance
  • AXA Commercial and Residential Insurance
  • Aviva – Residential Property Owners
  • Just Landlords – Tenanted Property
  • Direct Line Insurance

Back to UK Landlord Advice