Choosing a buy to let property
Choosing the right property is vital to a successful investment
If you’re a buy-to-let owner and you keep your own furniture in the property you let out, you may want to cover yourself with landlord contents insurance
Landlord contents insurance is cover that pays out for the cost of repairing or replacing items belonging to a landlord in a property occupied by tenants. It offers protection for things like furniture, appliances and furnishings if they’re damaged or destroyed.
As a landlord you’ll be legally required to take out buildings insurance, but contents insurance isn’t a legal obligation. However, it’s good to have if you’re leaving things like furniture or homeware for your tenants to use.
The average claim on landlord contents insurance from June 2019 to May 2020 was £367.81*, and the most common reasons behind those claims were:
According to data provided by Simply Business, accurate as of July 2020
The exact details of your policy will vary between insurers, however you can generally expect the following to be covered either as standard or with an add-on:
This is also likely to depend on the provider you choose, but you’ll usually be able to find policies for the following:
Some items may not be covered by a standard landlord contents insurance policy, meaning they’ll require an extra level of coverage for you to be able to claim. These can include:
Yes, you can still benefit from a landlords contents insurance policy even if your property is unfurnished. Landlords contents cover can also offer protection for other items you may have in the property, including:
Your landlords contents insurance policy only needs to cover your own belongings – you aren’t required to cover any of your tenant’s possessions. This should be up to them – they can insure their items with a renters’ insurance policy.
The premiums you’ll pay for landlord contents insurance will depend on a number of factors:
The best way to get a cheap landlord contents insurance quote is to compare quotes with MoneySuperMarket and our partner provider Simply Business. All you need to do is tell us a little about yourself, your property and contents, and the level of cover you require, then we’ll show you a list of quotes tailored to you.
You’ll be able to compare quotes by the premiums and excess you’ll pay and the level of cover you’ll get, including any additional extras you requested. Once you’ve found the policy you want, just click through to the provider to finalise your purchase.
You should remember that the cheapest available policy isn’t always the best. It’s recommended that you go for a balance between price and level of cover, so you can make sure you have the right coverage for the best possible price available. This way you can avoid ending up over- or under-insured.
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If you’re thinking about using a property management company to help you let your property, read our guide
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