Landlord Insurance FAQ

Wooden house figureWhat is landlord insurance?

Landlord insurance is a specialist financial product designed to safeguard buy to let properties. The core elements of cover work in a similar way to home insurance although it’s important to understand that standard home insurance policies won’t cover let properties.

Am I legally obliged to have landlord insurance?

Landlord insurance isn’t a legal requirement, but with competitively priced policies it does make smart business sense. If you have a buy to let mortgage your bank or building society will usually insist on buildings cover as part of the loan agreement.

Do I need buildings and contents cover?

Because the majority of properties are let unfurnished most landlords only need buildings insurance which is designed to cover the rebuild cost of the property. However, a good broker will be able to find a buildings policy which includes an amount of complimentary contents cover (typically limited to £5,000) providing valuable extra protection for fixtures and fittings.

Are there any other types of cover for landlords?

Landlord Liability Insurance is an essential type of cover that’s usually included with buildings insurance (typically set at £2 million). Other types of cover aimed at landlords include: Rent Guarantee Insurance (designed to protect income if your tenants fail to pay rent) and Legal Expenses Insurance (predominantly designed to cover legal costs when evicting a tenant).

Am I covered if the property is unoccupied?

Whether you’re changing tenants or redecorating; your property is likely to have periods of vacancy. Terms and conditions vary between providers with most including ‘up to 30 days’ and some extending ‘up to 60 days’. It’s a good idea to check with your insurer and if your property is going to be vacant for longer; you’ll need specialist cover.

What if I’m letting a leasehold property in a block?

In most circumstances the freeholder is responsible for the buildings insurance; which can leave landlords short of contents and liability cover. One neat solution is to take out a basic contents policy (to cover fixtures and fittings) and then add ‘liability extension’ to the policy.

Can I insure multiple properties?

If you own a property portfolio; you can save a great deal of administrative bother and make substantial savings by taking out a single policy to cover all your properties.

Do I need specialist cover for a HMO?

Different providers take different approaches to insuring Houses in Multiple Occupation. Often the availability of cover depends on the type of tenant. So while standard landlord insurance policies may cover student lets; you may need specialist cover for bedsits or DSS tenants.

How can I cut the cost of cover?

We’ve got plenty of ways to help reduce premiums, but the quickest and easiest is to get a quote from Quoteline Direct. As a specialist landlord insurance broker we have access to some of the biggest names in the business and can guarantee to beat your renewal quote by at least 10% and hopefully a whole lot more. Now that was easy!

How do I choose a provider?

When it comes to finding the insurance you need a safe pair of hands who knows the property market and the insurance industry inside-out. At Quoteline Direct we have nearly half a century’s experience and have built-up enough industry muscle to hammer out some seriously competitive deals with the country’s leading providers.

Is there anything else I need to know?

It’s important to remember that insurance is a legal understanding and if you are economical with the truth; your provider will be within their rights to reject a claim. So if your doors aren’t fitted with mortice locks or windows secured with locks; don’t claim that they are. Better still take the opportunity to improve your property’s safety and security and you’ll be rewarded with lower premiums.


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