What is Landlords Insurance?
Landlords Insurance provides financial protection for landlords renting a property to tenants. It differs from Home Insurance by covering the additional risks associated with renting a property. It can cover buildings, contents, accidental damage, loss of rent, liability and even rent guarantee. It is not a legal requirement to have Landlord Insurance but it is a wise decision to consider protecting your financial investment.
Do I need Landlord Insurance?
Legally, no. But your rental property is a major investment, so it’s important that you consider protecting it with suitable Landlord Insurance. Regular home cover may not offer the cover you require. Being a landlord comes with its own unique set of challenges and risks and our specialist insurance is designed to meet those particular needs.
At HomeLet, we know that being a landlord is complex. There’s a wealth of information, legislation and regulation to digest, plus you need to attract tenants, keep your properties in good condition, manage rental payments and organise the right insurance. To make your job easier, we offer tailored, competitive landlord buildings and contents cover that’s designed to safeguard your finances and give you added peace of mind. You’ve also got the reassurance that HomeLet have been protecting landlords for over 25 years.
How much is Landlords Insurance?
Your Landlord Insurance cost will depend on what level of cover you choose. From an unexpected loss of rental income to damage to your buildings or possessions, you can experience a range of unwelcome complications, such as the cost of alternative accommodation should your property become uninhabitable or issues with an unoccupied property. Every landlord’s situation is different, so there’s no ‘one-size-fits-all’ solution when it comes to protection.
At HomeLet, we offer options including building and contents insurance, buildings only, contents only, rent guarantee and legal expenses, legal expenses only as well as portfolio insurance for landlords who own a multiple property portfolio.
We also provide a variety of optional extras, such as accidental damage by your tenant, so if you choose to go ahead and obtain a landlord insurance quote you can arrange exactly the level of cover you feel you need.
How do I get Landlord's Insurance?
There’s two main ways to get insured, you can buy online and arrange your cover quickly and easily. HomeLet also makes it easy to buy on your smart phone with our fully mobile friendly site, helping you get insured on the go!
Or you can give us a call and one of our friendly team will be happy to answer any questions you might have about our cover, or help you arrange your insurance over the phone.
0800 035 8258
We’re open from 8:30am – 6:30pm Monday to Friday and 9:30 – 1pm Saturday. Whatever you need, we’re happy to help.
What does Landlord's Insurance Cover?
These products can differ markedly, which is why it’s wise to compare landlord insurance policies to make sure you get one that’s right for you.
As well as protecting buildings and contents, Landlord Insurance policies can cover against:
- Non-payment of rent
- Damage to your property (by the tenant)
- Loss of rent or the alternative accommodation costs if your tenants have to move out following an insured event
- Emergency overnight accommodation (for your tenant)
- Emergency repairs
- Liability for injury or loss related to your rental property
At HomeLet, we offer tailored policies that can include the following forms of cover:
Landlord's Buildings Insurance
Landlords’ Buildings Insurance cover is an insurance covering you against a range of potential disasters that could affect your rental property, such as fires, lightening, storms, floods and earthquakes, as well as an escape of water or oil, falling trees or branches, collision by vehicles and more. At HomeLet, our Landlord Buildings Insurance also includes Emergency Assistance Cover as standard, whilst in addition you can choose to add Boiler and Heating as an optional extra.
Landlord's Contents Insurance
Landlords’ Contents Insurance cover protects your belongings that you provide for your tenants to use whilst in the property.
At HomeLet, we offer two levels of cover, Limited Contents Insurance which provides up to £5,000 of cover for a limited range of household items, and Full Contents Insurance, which offers a much more comprehensive cover level, from £10,000. Our contents policies include Employers Liability, Legal Liability, and Loss of Rent or alternative accommodation costs if your tenants have to move out following an insured event. If the Full Contents Policy is chosen, we also offer our Emergency Assistance as standard, with the option to add on Boiler & Heating cover.
It’s worth considering how much cover you need before deciding which policy suits your individual circumstances. You can find a full breakdown of the level of cover for both policies here.
Landlord's Liability Insurance
Regardless of how hard you try to keep your rental homes in good condition, accidents can happen. Even something as simple as a trailing wire or a tile that’s slightly out of position can result in injury or damage, and as the landlord, you could be held responsible. This is where liability insurance comes in. It protects you from the costs of injury or damage claims brought by third parties such as tenants, visitors or cleaners.
HomeLet includes Landlords Liability cover as part of all our Landlords’ Contents and Buildings Insurance policies. Our liability cover includes legal liability as owner up to £5 million, occupier’s legal liability and worldwide personal liability up to £5 million, public liability up to £5 million and employers liability up to £10 million.
Landlord's Emergency Assistance Insurance
Landlord's Emergency Assistance Insurance (excluding optional Boiler and Heating Cover) is included as standard as part of a Buildings or Full Contents Policies or it can be purchased as a standalone policy if you prefer. It gives you and your tenants’ access to a 24 hour helpline they can contact in an emergency and if purchased as a standalone product, includes our optional Boiler and Heating Cover as standard. This covers up to a maximum of £1500 per policy term and a maximum of £500 for each claim.
Optional Cover Add-Ons
At HomeLet we offer flexible cover to suit your needs as a Landlord. We also offer the following cover options you may wish to consider adding to your policy for an additional cost.
Accidental and Malicious Damage Cover
HomeLet’s Landlord Survey showed that of landlords who had experienced an issue with a tenant, damage to the property was reported in 47% of instances.
This cover is designed to give you added reassurance that you can make a claim if your property or contents are accidentally damaged. For example; spilling paint on a carpet. When added to your Landlord Insurance policy, includes damage caused as a result of a malicious or accidental act by your tenant.
You can choose to add Accidental & Malicious Damage Cover to your Landlords’ Buildings or Full Contents policy as an optional extra.
Boiler and Heating Cover
Emergency boiler and heating repairs can be expensive. You can opt for emergency Boiler and Heating Cover as part of your landlord insurance policy cover as an addition to your Emergency Assistance Insurance. This covers emergencies arising from the sudden failure or breakdown of, or damage to your boiler and central heating equipment.
Boiler and Heating Cover can be added to the Emergency Assistance Cover on your Landlords’ Buildings or Full Contents policy as an optional extra. It is important to remember that this is not a maintenance service it is designed for emergency circumstances only and you must keep your boiler in good repair and serviced annually.
Rent Guarantee Insurance
Non-payment of rent can spell financial disaster for landlords, and unfortunately this is a relatively common problem. In 2017 we conducted a survey of over 3,500 UK landlords and found that non-payment of rent was an issue for 67% of landlords who’ve experienced problems with a tenancy. The fact is, even the most conscientious of tenants can find themselves unable to pay rent.
In the event that the tenant defaults on the rent, Rent Guarantee Insurance covers missed rent payments, so you won’t suffer a loss of rental income. Rent Guarantee differs from Loss of Rent cover, which covers you for rental income if your property is uninhabitable due to an insured event such as fire, flood for example. Rent Guarantee Insurance is the only cover that protects your income if your tenants are unable to, or simply stop, paying the rent.
At HomeLet our Rent Guarantee Insurance also includes Legal Expenses cover as standard so in addition to covering your loss of rent, we will also look to evict the tenants from your property. See our Legal Expenses Cover below for full details of what is covered under the Legal Expenses cover.
In order to qualify for Rent Guarantee Insurance and Legal Expenses only cover, you need satisfactory references for your tenants. HomeLet are one of the UK’s largest Tenant Referencing providers and can offer this service for Landlords looking for Rent Guarantee Insurance or simply to reference new potential tenants for their rental property.
If you have any queries or have referenced your tenants by any other means, please call our Landlord Insurance team and we’ll be happy to help.
0800 035 8258
Calling from outside the UK? +44 1522 838514
Legal Expenses Cover
Landlords’ Legal Expenses cover is an optional extra which covers the legal cost of eviction of tenants following certain breaches of their tenancy agreement for example, nonpayment of rent, sub-letting, or intentionally causing damage to the property.
What do our customers say?
Our Landlord Insurance has been given a customer experience rating of by 6136 of our customers, through independent feedback from Feefo.
You can see feedback from our customers on our Feefo page
What if I own a large number of rental properties?
As experts providing Landlord Insurance in the UK, we can also offer you Landlord Portfolio Insurance. Ideal if you own a larger number of properties, this multi-property cover could help you manage everything on one policy.
As well as contents and buildings protection, HomeLet Landlord Insurance+ can incorporate emergency assistance protection and legal expenses cover. In addition, we offer a Prestige Rent Guarantee. This ensures if your tenants are unable to pay their rent, you will still receive the money you are owed.
To get a quote simply click on the below link and enter your details. Arranging cover can take a matter of moments and will give you the peace of mind of knowing you’re protected if the worse happens.