Simple Landlord Insurance
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Why Compare Simple Landlord Insurance Quotes With SimplyQuote
If you’re looking for simple landlord insurance to protect your property then you’re in the right place. Whether you rent out a single property or manage a large portfolio of investments, landlord insurance can give you the peace of mind you need.
With so many insurance providers out there, choosing the right policy to suit your needs can be challenging. That’s where SimplyQuote’s user-friendly comparison tool comes in – the UK’s leading socially responsible comparison website.
We’ll help you weigh up your options to choose the right simple landlord insurance policy for you; one that is aligned with your property, budget and insurance needs.
What Do You Need To Get A Quote?
We’ll need the following information from you before we can give you a simple landlord insurance quote:
- Personal details – name, surname, email address
- Rental property details (e.g. flat, bungalow, maisonette)
- Tenancy agreement and rental income
- Insurance policy details
- Claims history
Why Do You Need Simple Landlord Insurance ?
The short answer is: that you don’t need landlord insurance as it isn’t a legal requirement in the UK.
Although you’re under no obligation to invest in a simple landlord insurance policy, it’s important to assess the risks involved to understand your legal liability in case something were to happen.
Residential and commercial landlord insurance provides financial protection against the potential risks and expenses of letting out properties, such as burst water pipes or negligent tenants.
It’s worth mentioning, that if you have a buy-to-let mortgage, you might be obligated by your lender to invest in buy-to-let insurance as it could affect the loan conditions.
In a nutshell, if you want to protect your property investments – invest in a good landlord insurance policy!
Note: Regular home insurance does not cover rental properties.
What Does Simple Landlord Insurance Cover?
Simple landlord insurance policies typically include buildings and contents insurance.
If you want further cover you can add several landlord-specific covers to your policy.
Here’s a breakdown of what is generally covered with a simple landlord insurance policy:
Buildings insurance
Buildings insurance policies cover costs associated with repairing damage to your property, whether it’s malicious or accidental. The policy applies to the actual building structure (a.k.a brick and mortar) as well as permanent fittings and fixtures like built-in kitchens and bathrooms. Building cover protects you from property damage caused by:
- Flooding
- Fires
- Earthquakes
- Storm damage (e.g. hail, gale force winds, etc.)
- Theft/burglary
- Malicious damage (vandalism)
Contents insurance
Contents cover covers any contents inside your rental property (items that belong to you) that tenants are free to use. Contents insurance saves you the hassle of replacing these items when damaged or broken. A few of these items include:
- Furniture (e.g. sofas, beds, shelves)
- Appliances (e.g. kettles, washing machines, TVs)
- Garden features (e.g. barbeques, outdoor seating)
Note: This type of insurance doesn’t cover the tenant’s belongings.
What’s not covered
- General wear and tear due to the lack of maintenance
- Pet damage
- Deliberate damage to rental properties
- An unoccupied property standing empty for longer than 60 – 90 days
- Pre-existing property damage (before the policy was taken out)
- Tenants personal belongings (they will need their own contents insurance policy)
- Lost income if tenants aren’t paying rent
- Legal expenses/legal fees (if you are sued or vice versa)
- Property owners liability
- Uninsured structures/items not mentioned on your policy
What kind of properties does simple landlord insurance cover?
- Houses in multiple occupations (HMO) properties
- Commercial and residential properties
- Terraced houses
- Semi-detached houses
- Flats/apartments
- Detached houses
- Bungalows
- Maisonettes
What Types Of Landlord Insurance Are Available In The UK?
Three main types of landlord insurance are available for UK landlords:
Commercial property insurance
This insurance policy covers commercial properties, hence the name. These buildings may include:
- Offices
- Shops
- Warehouses
Note: If your property is used for holiday rentals or Airbnb, you might consider specialised Airbnb insurance cover.
Residential property insurance
As the name suggests, this type of insurance policy is aimed at residential rental properties such as:
- Houses
- Flats
- Bedsits
- HMO properties
Buy-to-let insurance cover
If you’ve purchased a property intending to rent it out, you’ll need the appropriate buy-to-let insurance policy to ensure you are properly insured. As mentioned, most lenders require evidence of landlord insurance to keep loan agreements unaffected.
What Optional Extras Are Available For Simple Landlord Insurance?
Since a simple landlord’s insurance policy covers the basics of buildings and content insurance; you may find you want additional cover for further protection and peace of mind such as rent guarantee insurance or property owners’ liability cover.
Here’s a list of common policy add-ons:
Rent guarantee insurance
This policy add-on covers any lost rental income that results from a tenant ceasing to pay rent before their tenancy is up. You might also hear this referred to as tenant default insurance.
Loss of rent
This offers compensation for any lost rental income should your tenants need to move out at short notice due to an insured event like fires or floods.
Alternative accommodation cover
This covers costs incurred if you have to rehome your tenants due to your property becoming uninhabitable or following repairs due to fire or flood damage. Alternative accommodation cover is only required if it’s stated as a condition of the tenancy agreement.
Legal expenses cover
This applies to any legal expenses you might incur resulting from disputes involving your property, such as court proceedings or legal action. Legal costs can quickly add up, so this cover is worth investing in case something doesn’t go exactly as planned. Generally, this policy covers legal fees if someone takes you to court or vice versa.
Accidental damage cover
This covers any accidental damage to your property and its contents that might occur due to spillage, breakages or damages. For example, a tenant leaves the kitchen tap running and the kitchen is accidentally flooded or their child breaks a window when playing football outside.
Boiler cover
As the name suggests, this policy add-on is designed to replace or repair damaged boilers without you having to foot the bill.
Landlord home emergency cover
No landlord likes receiving a phone call late at night saying there is a burst pipe or a power outage at their property. Fortunately, landlord emergency cover offers peace of mind as a plumber, technician, or other emergency services will be dispatched 24/7 on your behalf.
Key placement cover
Should tenants (or landlords) lose the property keys, this policy covers the cost of replacing them. Some insurance providers may even include locksmith services within this insurance cover.
Liability insurance
Liability insurance protects you financially should a tenant, one of their guests or an employee sustain injuries while on property.
There are three main categories of liability cover, namely:
- Public liability insurance covers any compensation and legal costs related to third-party claims. For instance, a member of the general public trips and falls over some loose paving and decides to sue you.
- Employer liability insurance is a legal requirement if you employ staff at your rental property, such as cleaners, gardeners or property managers. Similar to public liability, it provides financial aid should an employee bring a claim against you.
- Property owners’ liability insurance covers legal fees of liability mishaps or accidental injuries should tenants or third-party persons claim against you.
How Much Does Simple Landlord Insurance Cost?
A simple landlord’s insurance policy can start from as little as £10.50 per month. However, this price excludes any optional add-ons you wish to include.
Pricing does vary between insurance providers as each company has their own set of criteria of what is and isn’t covered. It’s best to discuss these finer details with your chosen insurer to prevent over- or under-insuring yourself.
What impacts insurance premium prices?
- Building type
- Building size
- Building condition
- Rebuild value
- Age of the property
- Type of tenants
- What rental you charge (higher rentals are generally linked to higher premiums)
- Level of risk your property poses (is the property in a high-crime or flood-prone area?)
- Optional extras you choose
- Claims history
How Can You Get Cheaper Insurance Rates?
Here are 11 ways to reduce your landlord insurance premiums:
- Keep up to date with property maintenance to prevent premature wear and tear. This includes annual boiler services, roof maintenance and regular checks of plumbing and electrical systems.
- Up the security of your rental property such as alarm systems, security gates and CCTV cameras. More secure properties are less attractive to opportunistic criminals.
- Prevent an insured event by installing fire doors, smoke alarms and advanced drainage systems to reduce the chances of property damage from natural disasters.
- Screen tenants carefully, including doing thorough credit checks to ensure they can afford the rent. Background checks are important as you’ll need evidence to prove you’ve done your homework when claiming tenant default insurance.
- Keep unoccupied properties to a minimum to avoid cancelling your policy.
- Compare landlord insurance quotes from numerous leading UK insurance providers to find the best deal aligned with your budget and property needs.
- Make sure rental properties are rented out for the intended purpose (e.g. commercial insurance for commercial properties)
- Only choose the additional add-ons you need to avoid over insuring your property and wasting unnecessary money on your policy.
- Keep claims to a minimum and start building up your claims discount bonus.
- Get an accurate evaluation for rebuilding your property, this is vital for your buildings insurance policy as you don’t want to be paid less for what your property is worth.
- Pay premiums annually as opposed to monthly instalments, as you won’t pay interest.
How To Compare Simple Landlord Insurance Quotes With SimplyQuote?
Comparing simple landlord insurance quotes is a breeze with SimplyQuote’s online tool:
- Fill in the short form: Tell us about yourself, your property and where your property/s are located.
- Carefully choose optional extras: Select which additional cover you need.
- Quickly compare quotes: Use SimplyQuote’s online comparison tool and filter toggles to find the best landlord insurance deal.
- Save money: Start reaping the rewards and save money on your premiums today.
Frequently Asked Questions
A simple landlord insurance policy is a type of property insurance specifically for landlords renting out properties. It protects the property owner from financial losses commonly associated with renting out a property. A simple policy includes landlord buildings cover and contents insurance. Optional covers like legal expenses insurance, rent insurance and landlord liability are available as policy add-ons.
Do note, that standard home insurance policies do not cover rental properties.
Landlord contents insurance is not a necessity but is highly recommended if you rent out furnished properties.
Landlord buildings insurance policies cover the costs to replace or repair structural damage to your building’s infrastructure, such as brickwork and permanent fixtures (e.g. bathrooms, kitchens, decking, roofs, etc.).
Use SimplyQuote’s 100% free comparison tool to compare multiple landlord insurance quotes from trusted UK providers.
Insurance for landlords with multiple properties is not a legal requirement but it’s advised to have. Property structure damages, accidental damages and/or compensation claims can add up quickly and without a landlord’s insurance policy, you’ll be liable for all these legal fees and incurred costs.