Landlord insurance

As a landlord there’s always a risk that a tenant might refuse or not be able to pay rent. While this can cause problems, there are things you can do to protect your rental income – you can see what your options are with our guide to rent guarantee insurance.

Last year 99.5% of landlords who took out cover requested a rent guarantee policy, according to data collected by CIA Landlord Insurance between May and July 2018.

Sometimes tenants can cause problems, whether it’s not paying rent on time or not respecting your property. However, as a landlord there are steps you can take to resolve these issues, and eviction isn’t the only option.

Landlord insurance can help in situations like this as it provides cover for lost rent as well as repair costs and legal fees. Learn more about what you can do with our guide to nuisance tenants.

When you signed up to your landlord insurance policy, you should have received a booklet that outlines the detail of your policy, which usually comes with a claims form. You can claim by filling it out and mailing it to your insurer, though they may also be able to handle your claim online or over the phone.

Most insurers offer the option of adding multiple properties to your policy, and you may even be able to get a discount on your premiums as a result. However it’s always better to compare your options before committing to a provider to ensure you’re getting the best deal.

You might need contents insurance as a landlord if you’re supplying furniture, fixtures and fittings for your tenants. For example, a landlord contents policy can help with freestanding sofas and beds, floor coverings and electrical appliances.

You might also be able to claim for alternative accommodation for your tenants if any damage to your contents renders the property uninhabitable.

Boiler cover is usually included as part of buildings insurance, which you take out (if you want it) as the landlord and property owner. However boiler cover does also come as a separate policy, so you’ll be able to take it out yourself. Your tenant may even want to take out their own cover, so it’s worth talking to them about it if you think it might be an issue.

Finding the best landlord insurance quote is easier when you compare all of your options on MoneySuperMarket with our preferred partner CIA Insurance. All you need to do is tell us a little about yourself, your property and your tenants, and we’ll show you a list of quotes tailored to your needs.

You’ll be able to compare quotes by their yearly and monthly cost, as well as the level of coverage you’ll get. Once you’ve found the deal you want, just click through to the provider to finalise your purchase.

However you should remember that the cheapest policy isn’t always the best: you should aim for a balance between price and cover to ensure you aren’t over- or under-insured.