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Landlord insurance can be valuable protection for property owners who rent out to tenants. It provides cover for both the building itself and any furnishings you’ve provided, as well as your rental income and liability – while you can add further cover for lost rent, periods of no occupancy, and accidental damage.
Landlord insurance isn’t required by law, but it’s strongly recommended for anyone who lets a property out.
Standard home insurance policies don’t offer the necessary protection landlords need should something go wrong in their property – whether accidental or deliberate. A standard home insurance policy may even be invalidated if you let your property out to tenants and you find yourself having to make a claim.
Additionally, if you’re taking out a buy-to-let mortgage your lender might require you to have landlord insurance in order to qualify for the loan
When you buy landlord insurance you’ll be able to take out the following types of policy:
Covers the structure of your property, including the walls, roof, floors and extensions as well as permanent fixtures like bathrooms and kitchens
Covers the furniture, rugs and curtains you provide in the property – but not any contents belonging to your tenants
Also known as rent guarantee insurance, it covers any rent lost if the tenant is unable to live in the property as a result of physical damage
Covers any costs you might have to pay if a third party suffers injury or damage on your property and it’s deemed to be your fault
Covers costs you may need to pay if people you employ in your property suffer injury or damage as a result of your negligence
Cover for the property while it’s unoccupied, for example if you’re waiting for new tenants to move in
The cost of your landlord insurance will depend on a number of different factors, including:
Insurers take into account how old your property is, how many rooms it has, how its roof is structured, and more to judge what kind of risk it presents
Your location matters too – if you’re in an area with high crime rates or a greater likelihood of flooding, you’ll usually pay more for cover
If you’re letting your property out to students, you may have to pay more for cover as insurers are likely to consider these tenants as a higher risk
A combined buildings and contents policy may be cheaper overall than buying them separately, but it’s good to compare your options to be sure
You might find that paying an annual lump sum up front works out cheaper than spreading the cost over monthly instalments
A history of previous claims on your landlord insurance policy will make you a higher risk, so insurers will likely charge more in premiums
The cost of landlord insurance depends on a number of factors, some of which won’t be under your control – such as your tenants' employment status or the location of your property. However, thinking about the following can help you find cheaper landlord insurance quotes:
A property in good repair is less likely to need a claim, and could mean lower premiums
Unoccupied properties are at higher risk of damage and theft, so it’s best to ensure you have occupants whenever possible
You’ll have to pay more if you add extra levels of cover, so you could save money by avoiding those you don’t really need
Pets can cause damage to your property, and most standard home insurance policies won’t cover this – or at the very least they’ll charge more
Improving the home security of your property will reduce the likelihood of a burglary occurring, and insurers generally give you lower premiums too
Your premiums are likely to go up with every claim you make, so paying for minor damage yourself can help you build a no-claims bonus
Whatever level of landlord cover you’re looking for, you can find a quote tailored to you.
Pop in details like your address, property type, and any extra policies you want and you’ll get a landlord insurance quote
You’ll be able to see and compare the policies on offer from our preferred landlord insurance providers
Once you’ve chosen your policy and received a quote, you can call or apply directly online with the provider to get covered
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 can generally expect the following to be covered either as standard or with an add-on:
You might also be able to claim for alternative accommodation for your tenants if any damage to your contents renders the property uninhabitable.
Landlord insurance isn’t legally required in the same way car insurance is – however it’s still a wise investment to make as property repairs can become expensive.
A standard home insurance policy might not cover you if you rent your property out to tenants and you aren’t living there. This is because tenants present a different, and usually greater, risk to the property – and therefore to the insurer:
Landlord insurance caters to these specific situations that won’t usually be covered by standard home insurance
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.
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 can generally expect the following to be covered either as standard or with an add-on:
You might also be able to claim for alternative accommodation for your tenants if any damage to your contents renders the property uninhabitable.
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 you may find that you need separate policies for each property, so it’s always better to compare your options before committing to a provider to ensure you’re getting the best deal.
Landlords are generally able to claim a tax deduction for the running and maintenance costs of their property, which includes landlord insurance, as well as:
The first £1,000 of your property rental income is your property allowance, and therefore it’s tax free. Your total rental income added together, minus all your allowable expenses (including landlord insurance) will give you your profit or loss.
If you live in the property and you are renting a room out, you should clarify whether the agreement is that they are a tenant or a lodger. Essentially, if you’ve agreed you cannot enter their room without their permission this would make them a tenant – and therefore you’d need landlord insurance to be properly covered.
If they’re a lodger then you should be able to get an extension on your home insurance policy that will cover you for housing a lodger.
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.
Rental guarantee insurance usually covers six or 12-month periods, though an excess of one month’s rent is not uncommon
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.
MoneySuperMarket doesn’t currently offer boiler cover as an option.
It’s unlikely your landlord insurance policy will cover wear and tear, as this is an unavoidable part of common usage.
If you’re thinking about using a property management company to help you let your property, read our guide.
MoneySuperMarket provides a breakdown of the changes to the buy-to-let tax relief. See how the changes affect you.
MoneySuperMarket provides a breakdown of the changes to the buy-to-let-stamp-duty.
MoneySuperMarket provides a go to guide for dealing with a nuisance tenant.
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Our guide highlights some of the most important responsibilities that being a landlord presents.
Our landlord insurance guide has tips to find the best cover for you and your properties.
Choose from a range of insurers for first time landlords.
Finding the right policy for your properties and your own individual needs is crucial. Take a look at our landlord insurance guide to make sure your policy covers all the bases.
When you’ve decided on the level of cover you need, find the best landlord policy for your requirements via our preferred provider. MoneySuperMarket has teamed up with Simply Business, who offers an external landlord insurance comparison service. Simply Business is Authorised and Regulated by the Financial Conduct Authority (FCA reference 313348)
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