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Compare Landlords Insurance

Working with specialist landlord insurance brokers, we are able to connect you with insurance providers that can best help you!

Whether you require insurance for a residential, commercial or multiple properties, we have specialist brokers that can help you.

Why compare policies?

Not every property is the same, especially when it comes to commercial properties. As well as this, not every broker is competitive at covering all types of property.

By comparing policies through us, you cut out the leg work of searching round. We quickly look at what you need to insure and connect you with brokers that can help you the most.

Quotes and subsequent policies will be fully tailored to your needs ensuring you are fully protected for the things you want protect.

What is Landlords Insurance?

Landlord insurance, also commonly known as ‘let property insurance’ is a policy designed to cover properties that are not occupied by the owner.

Buildings and contents cover should be bought regardless of whether it is a residential property or a commercial property.

If you require insurance for a commercial premises, please check out our commercial landlord or commercial property insurance pages.

What do landlord policies protect?

Your landlord insurance cover will be completely tailorable to cover a wide range of things depending on your requirements. You will be able to choose the level of cover that is right for you but typically, you can include the below below aspects.

Buildings Cover

This aspect of the policy will cover the cost of the building itself. It will cover anything from repairs to complete rebuild costs should the building be beyond repair.

Contents Cover

If you provide furnished properties to let, then it is wise to purchase contents cover. This will ensure things like sofas and beds are insured as well.

Alternative Accommodation

If something should go badly wrong with the property that is not the tenants fault, it is likely you will be liable for finding them somewhere else to stay whilst your property is corrected.

Accidental Damage

Mistakes happen, as such, you can request accidental damage protection be part of your let property insurance quote.

Malicious Damage

If the damage caused is not accidental but more of a deliberate nature, your policy can be tailored to incorporate this as well.

Landlord Liability

Although this is more of a blanket term. When included in your policy, liability cover protects you against claims where you are liable. It will be essential to check the small print on this though as not all liability will be covered.

Loss of Rent

When purchased as part of your policy, loss of rent will cover you when your property is not be tenable through things such as flood or fire. It does not cover tenants who do not pay their rent (although this type of cover is still available).

Accidents do happen. Because of this, you should consider legal expenses protection. Legal expenses protection is their to cover you against the costs of using legal professionals to fight tenant claims.

Excess Protection

Your policy can be tailored so that your excess is minimal or nothing at all should you need to claim. Although policies can be marginally dearer with excess protection, it does mean if you need to claim, there is little to no upfront cos.

Key Protection

Need to call a locksmith or have the locks changed on a property? No problem, ask for key protection and this shall all be seen to for you.

Insuring multiple properties

Many landlords own multiple rental properties and cover all of them under one policy. If you own several let properties, insuring them under one policy is often the cheapest way to protect all your assets.

Your property portfolio insurance can also cover for commercial aspects as well. Policies are extremely versatile and tailored to your exact needs.

Can I get Cheap Landlord Insurance?

Your ability to get cheap landlords insurance will depend entirely on the properties, the type of tenant you intend to have and you own risk profile.

Typically though, insurance for let properties is usual inexpensive. Providing you are not looking to insure any real at risk properties, you should find you policy will be quite competitive.

Saving money on Landlord Insurance

Landlord insurance is essential for anyone who is planning to rent out a property. Even if your tenants are respectful of the property, accidents happen and damage could easily be done.

Having a good cover could save you enormous financial costs but you don’t need to overspend to get the best cover. Here are 3 ways that you can cut the costs of landlords insurance without compromising on cover.

Setup security

Setting up security such as alarms, high-quality locks or even CCTV will lower the risks of a potential burglary which could result in a lower price offer on your insurance. Good security will also make it easier to deal with a crime if it does occur which will save you huge legal costs and time spent on the investigation. Insurance providers are also more likely to lower costs if the building has a safe to store high-value items. This makes the items harder to steal so theft is less likely to occur. Safes are easy to purchase and can be placed in your rental with no hassle at all.

Reduce vacant periods

If your property is vacant for more than 30 days, insurance providers may be reluctant to offer you insurance and certainly not at a good price. This problem will mainly affect landlords who rent student properties whose tenants may be gone for long periods over the summer or Christmas holidays. An empty house is more appealing to burglars as there is no one to notice any crime that occurs. When leasing your property, make sure that you don’t leave any vacant periods of more than 30 days between tenants. Rent student properties out for a whole year instead of till the end of the term.

No pets

Whilst this may be a slightly disappointing measure, it could definitely cut down the cost of your landlord insurance. Everyone loves pets but they increase the chances of damage. Pets can easily knock things over, create an unwanted mess or even chew through furniture. Insurance providers will offer lower rates to properties that don’t allow pets. If your tenants are keen on bringing their furry friends, you could charge ‘pet tax’. This is an extra payment that tenants make to cover any possible damage caused by their pets.

What you should consider being a landlord

Because landlord insurance is not compulsory, many people believe it to be an unnecessary expense. While it may be an additional expense you could do without, it is essential if a disaster occurs and provides you with security and peace of mind. Our experts suggest why you should have insurance for landlords and what you need to know to keep you covered.

You may not be covered if you have tenants

Landlord insurance is not actually a legal requirement. However, standard home insurance will not cover you as a landlord if something goes wrong.

Having tenants occupy a property brings added risk and increased chances of a claim. For example, students place a greater risk to a provider than a single professional living in the same property.

Insurance for landlords takes into consideration these chances of claims arriving and covers you appropriately.

Not providing smoke and carbon monoxide alarms may invalidate your policy

It is a legal requirement to place smoke and carbon monoxide alarms on each floor of the property . You must regularly get these alarms tested too, in order to make sure the property is safe for tenants.

It is also extremely important that you frequently inspect your gas and electricity supplies. Failure to do so may mean that your insurer could deem your policy invalid. It also leaves you vulnerable to tenants taking you to court. This will be extremely costly, in terms of time, reputation and finance.

Consider your vacancy times

Most landlord policies will cover you for up to 30 days should your property be vacant. This ensures you have cover if you need to repair a leak or want to undertake a quick renovation.

However, if you plan to have your property sitting empty for several months then you need to let your insurer know so they can update your policy.

Adding an unoccupied property insurance policy to your existing cover means you are safe and insured for longer periods of time.

Common Mistakes made by Landlords

There is no denying that being a landlord is a learning experience. However, there are some mistakes that you simply cannot afford to make because they could come back to haunt you. With that being said, read on to discover the common landlord mistakes you need to avoid.

Not getting help

Trying to do everything yourself is admirable, but this means you will never be able to take a holiday in case something goes wrong at your property! You don’t need a full-blown property management service, but help is a must.

A lack of knowledge about landlord-tenant law 

This is a mistake that so many landlords are guilty of making! However, if you do not fulfil certain responsibilities or follow specific procedures, you could find yourself in very big legal trouble. A good example of this is if the boiler breaks. If you don’t replace it or provide an alternative heat source within 24 hours during the winter months, you are breaking landlord-tenant law.

Becoming lax when screening tenants

This is something that you cannot afford to do. Yes, you may have been blessed with good tenants over the years, but this is not an excuse to get sloppy. You need to have a proper procedure in place for screening tenants so that you don’t have to experience any issues with regards to unpaid rent and evictions.

Skimping on insurance

Last but not least, failing to obtain the correct insurance coverage is one of the biggest mistakes you could make as a landlord. You should have liability and property insurance in place. The former protects you in the event of a lawsuit; for example, a negligence claim due to a slip, trip or fall at your property. Let property insurance ensures you are protected against the damage or destruction of your house or flat.

As you can see, there’s a number of different mistakes you need to avoid as a landlord. We can help you to rectify the latter here at Total Landlord Insurance. Give us a call today to make sure you have the correct policies in place.

5 Things to Avoid with Landlord Insurance

If you’re a landlord already or you’re considering getting into the business, you probably share your main motivation with most others in this field – to make a profit from your property!

Ultimately, making money comes down to ensuring your gains outweigh any potential losses. When it comes to this business, you need to make sure you take adequate steps to minimise the risk of any huge and unexpected costs. This is where landlord insurance comes in, and could potentially save you a lot of stress and expense if any of the following disasters occur.

Unpaid rent

One obvious potential problem when you have tenants in your property is the question of what happens when they simply don’t pay their rent. This might happen due to a dispute resulting in their refusal to pay, or financial problems on their side like losing their job. Don’t let their problem become yours by making sure your landlord insurance covers this.

Emergency situations

It will be your responsibility as a landlord to find somewhere suitable for your tenants to temporarily live if there is some unexpected circumstance that makes your property uninhabitable. Examples might include flooding, fire or even pest infestation. If this isn’t covered by your insurance the costs could quickly skyrocket.

Public liability

In the event that your tenant or someone else sustains an injury on your property, they might take legal action against you for causing it through negligence if they blame the state of the property for the accident. Compensation and costs can really add up, so don’t take this risk.

Contents insurance

Your tenants will be responsible for insuring their own property and furnishings, but what about everything you’ve provided? Depending on what you’ve chosen to do, there may be a little or a lot that falls into this category. If it gets damaged, you will want your policy to cover the costs.

With most of the above situations, there is potential for disputes and disagreements to end up with legal action being taken. If you end up in court and need legal representation among other things, let alone any fees or penalties you might end up being hit with, not all insurance will cover these. Ensure you compare quotes and get the best deal before agreeing your landlord insurance policy.

Why use Total Insurance

We work with leading UK property brokers who work hard to ensure you and your properties are protected. By using us, we enable you to compare landlords insurance quickly and easily better enabling you to get a cheap landlord insurance policy.

The brokers we use are FCA registered and operate in the UK to ensure you maximum protection.