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What is landlord building insurance?
Landlord building insurance is a type of cover designed to protect rental property portfolios.
This type of insurance is available to protect the building itself, the contents, your income, and any potential liabilities.
The most popular policies are:
Landlord building insurance
Building contents insurance
Fixtures and fittings insurance
Property owners' liability insurance
Rent receivable insurance
Alternative accommodation cover
The benefits of comparing landlord building insurance with us
Choosing BusinessComparison to help you find your landlord building insurance is a great idea. Some of the reason for choosing us are:
Our panel of insurers is extensive
Flexible policies are available
Bespoke cover is available if you need it
Our partners are the market leaders
You will save time and money
You can apply and purchase online in minutes
Comparing landlord building insurance quotes is completely free
Do I need landlord insurance?
Landlord insurance is not a legal requirement, but it will protect you from the risks associated with rental properties.
There are many unexpected costs which can suddenly arise, such as loss of contents, property damage and tenant disputes. These issues could be costly and will significantly impact your finances. However the various types of landlord insurance will provide the peace of mind and financial support you may need. Many landlords believe that standard home buildings or contents insurance policies will cover their rental properties. However this is not the case. If you were to make a claim with a standard buildings policy, the insurer will refuse to pay out. Consequently, you could be facing significant financial stress.
In addition, a home insurance policy will not include various landlord specific cover types. These include rent receivable cover and alternative accommodation cover. If you have a buy-to-let mortgage on the rental property, it is likely that the lender will actually require you to at least hold landlord buildings insurance. However, many landlords decide to take out a more comprehensive level of cover. This ensures that they have the right level of protection, should a disaster strike.
If you own a leasehold property rather than a freehold property, you should check whether the freeholder already has landlord buildings insurance in place. You may find that you do not need to arrange full landlord building insurance, which could significantly reduce the premium.
What type of insurance do I need?
There are a variety of cover types available, so it is possible to tailor your landlord insurance quote to suit your specific requirements. The type of cover you need will typically depend on the type of property you own and the level of financial security you are looking for. As you would expect, the more options you include, the more expensive your premium will be. However, the following are the most popular cover options:
Landlord buildings insurance
As a landlord, if you own a freehold property, it is advisable to take out landlord buildings insurance. This will protect your property from damage caused by anything from an explosion to a falling tree.
Theft, fire, and flood insurance
This type of cover will provide financial protection against damage caused by a fire, theft, or flood.
Landlords contents insurance
Although tenants are responsible for their own personal belongings, you may want to take out contents insurance if you are offering a furnished rental property. In addition, if your property has multiple occupants, you may want to arrange contents cover for communal areas such as stairs, halls, and landings. If the property is unfurnished, the tenant will be responsible for arranging their own contents insurance.
Fixtures and fittings insurance
Fixtures and fittings can be very expensive to replace if they are destroyed or damaged. This type of insurance will cover the cost of repairing or replacing items such as bathrooms, kitchens, carpets, fitted furniture and lighting.
Property owner’s liability insurance
If a tenant has an accident within your property, you may be found liable. For example, an electric shock from faulty wiring or a fall because of a loose tile or floorboard. If the tenant decides the accident is your fault and pursues legal action, this insurance will cover your legal costs and any damages which may be awarded to the tenant. Claims can be very expensive, but the insurer will be able to advise the ideal indemnity limit for your specific situation, with most providing £2million as standard.
Rent receivable insurance
This is also known as rental income protection and loss of rent insurance. If your property is seriously damaged and you are not able to rent it to tenants, you will lose potential income. This type of insurance is designed to cover any loss of rent, during the time it takes to repair or rebuild the property. It is important to ensure that the maximum loss of rent pay out is enough to cover your mortgage repayments.
Alternative accommodation cover
If your tenants are forced to vacate the property at any time due to damage, this insurance will cover the associated costs. For example, the cost of providing tenants with alternative accommodation, although there will be a maximum claim amount.
How Much Does Landlord Insurance Cost
Your landlord insurance quote will depend on a variety of factors. Many of these are outside of your control. These include the properties location, its size, the level of cover required and your tenant’s details. Also, if you have made a landlord property insurance claims in the past your cover may be more expensive.
If you are looking for the cheapest quote, there are several steps you can take to lower your premiums, including:
1. Property condition: Keeping your property in good repair will lower the cost of your premium. The better the condition the less likely you are to make a claim.
2. Security measures: Installing enhanced security systems such as cameras will reduce the likelihood of a claim and lower your premium.
3. Occupy the property: Try to ensure the property is always occupied. If the property is left unoccupied for a lengthy period, you may require extra cover.
4. Accepting pets: Always check whether your landlord insurance quote includes cover for pet damage. Many providers will charge extra for tenants with pets such as cats and dogs.
5. Compare insurers to find the best deals: Think about the level of cover you require and find an insurer which offers the exact policy you need. There is no point paying a high premium for add-ons you do not need.
Every rental property is different, so the quotes can vary significantly. There is no ‘one size fits all’ policy for landlord insurance. The best way to find the cheapest quote for your property portfolio is to compare providers.
We only work with the best UK landlord insurers. So you will always get comprehensive cover at a great price.
How do I find the best landlord insurance?
Comparing landlord building insurance with BusinessComparison is quick, simple and will ensure you get the best possible price. We only work with a panel of trusted insurers, to ensure our customers have access to the flexible landlord cover they need.
Whether you need straightforward landlord buildings insurance, or a more flexible policy which covers fixture, fittings, liability and rent receivable, we can help. Simply complete our quick online form and our team will compare the market to find you the best bespoke landlord insurance quotes.
You will be able to compare the level of coverage and the cost of the premium, however it is worth bearing in mind that the cheapest policy may not provide the best cover. It is important to think carefully about the type of cover you require, so that you can find the best price for your specific needs.
Some providers will include many additional forms of cover as standard, such as loss of rent, accidental damage, and alternative accommodation cover. Whereas, other providers may offer a much cheaper quote, however these potentially beneficial add-ons may not be included.
We make comparing landlord insurance quotes simple, so you can quickly compare prices and coverage levels. To find out more, simply complete our online landlord insurance quote form.
What do I need to get an insurance quote?
What do I need to get an insurance quote?
1. Property details: The type of property, its age and the materials used in its construction.
2. Cost to rebuild the property: This is the total cost required to rebuild the property from scratch if it was completely destroyed.
3. Tenant details: The employment status of your tenants, details of any background checks completed and the duration of the tenancy agreement.
4. Cover required: The type of landlord building insurance required, plus any add-ons such as content insurance and liability cover.
5. Security systems: Information about the properties security levels, such as locks, alarms, and cameras.
6. Claim history: Details of any claims made in the last five years, or since you purchased the property.
7. Payment preference: How you prefer to pay your landlord building insurance, either monthly or annually.
This information will ensure you receive the most accurate landlord insurance quotes in the quickest time possible. As always, our comparison service is complete free of charge to you and there is no-obligation to proceed with a quote.
Find the best quotes for your property today!
Read more about landlord Building Insurance in our FAQs
Although landlord insurance is not legally required, it is strongly recommended for every landlord. There are many things which can go wrong when it comes to rental properties. The various types of landlord building insurance will provide the financial protection and peace of mind you need if the worst were to happen. It is also worth noting that if you are taking out a buy-to-let mortgage, your mortgage provider is likely to require you to hold landlord building insurance. You cannot use standard home insurance for a rental property, and any claims will be rejected.
If you need to make a claim you should contact your insurance provider as soon as possible. The steps you will need to take will be listed within your policy information and a claims form is usually included. However, in the event of a crime such as theft or malicious damage you should report the incident to the police first. The police will provide you with the crime reference number which you will need to make an insurance claim.
Yes, we can help you arrange the bespoke multiple property insurance cover you need. It is possible to arrange a buildings insurance quote for each property individually, or a single quote for multiple properties within the same policy. This is more complicated; however, it may be possible to arrange a multi-property insurance deal which could save you money. In addition, your renewal for each property will be due on the same date, rather than having to juggle several insurance policies and payment dates.
It is possible to arrange loss of rent cover, which provides protection against tenants that are unable to pay their rent. However, it is not usually included within a standard landlord quote.
Yes, landlords are able to claim tax deductible expenses relating to the cost of maintaining and running their rental property. To reduce your tax bill the expense must be wholly and exclusively resulting from the renting of your property. Other eligible costs include property maintenance, letting agent fees and accountant fees.
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