Landlord Insurance from Twoow

Landlords Insurance

Landlord Insurance Comparison

What's landlord insurance?

Landlord insurance is similar to home insurance, but it's specifically designed to cover rental properties. The three main types of landlord insurance are buildings, contents, and liability insurance. Beyond these, there are various add-ons you may find useful, depending on the type of property you're letting. You'll usually take out insurance on a property-by-property basis, although portfolio policies are available to landlords who own four or more rented homes and want to insure them all at the same time. At Twoow we can compare the best insurance deals from our panel and help you make the wise choice on your Landlord Insurance.

Depending on what type of cover you select, most policies will usually include cover for the following as standard:

  • Fixtures and fittings
  • Alternative accommodation
  • Public liability and property owner's liability cover
  • Trace and access
  • Malicious damage by tenants
  • Subsidence
  • Replacement of glass, locks and keys

What does landlord insurance cover?

The cover you want to build into your policy will depend on the type of property you're letting out, and what level of security blanket you want. The more options you add, the more expensive your cover will get, so it's important to understand your options and requirements:

 

Buildings insurance

Buildings insurance covers any damage to the structure of your property, as well as the cost of rebuilding the home if it's irreparably damaged. You generally won't be able to take out a buy-to-let mortgage without proof of buildings insurance, and most lenders will specify the minimum level of cover they require in their terms and conditions.  If the property is a flat within a block, a degree of buildings insurance will usually be part of a shared block policy, which you'll pay for as part of your service charge. Buildings insurance policies typically offer cover against the following types of damage: Theft, vandalism, malicious damage Lightning, storm, earthquake damage (may be limited to the building itself rather than fences, etc) Subsidence Burst pipes Fire or smoke Oil or water Impact caused by accidents Importantly, there may be gaps in the buildings cover when it comes to damage that originates within individual flats - such as a fire or water leak. For this reason, it's very important to check exactly what's covered within the building's policy and to consider taking out your own landlord policy to cover what's not included.

Contents insurance

Landlord contents insurance is much the same as you would expect from a standard contents policy, the insurance can usually be taken out as a standalone policy or as an add-on to buildings insurance, and the level of contents insurance you'll need depends on whether you're letting a furnished or unfurnished property.  A contents insurance policy will cover the cost of repairing or replacing fixtures and fittings such as carpets, furniture and electrical items if, for example, they're damaged in a flood, and some policies can be extended to cover accidental damage to items. Landlord contents insurance policies only pay out on items that you've provided in the property. Anything that belongs to your tenants, from everyday belongings to furniture, won't be covered, so tenants should take out their own policy too.

Landlord home emergency cover

Whether it’s a burst pipe, power outage, or boiler failure, landlord home emergency cover safeguards your property with 24-hour support and assistance, protecting your tenants and your premises at the same time.

Rent guarantee insurance

Loss of rent of up to £2500 a month can be covered by rent insurance. You’ll usually only be able to claim up to 8 months' rent, and only after tenants haven’t paid for at least two months. As well as including lost income from missed rent payments, rent guarantee insurance usually includes legal expenses cover, which covers the costs of repossession and eviction proceedings if required. This insurance can be an asset for landlords who rely on rental income to cover their mortgage payments, but check your contract with your managing agent (if applicable) first, as you may already be covered. 

Accidental damage cover

Accidental damage cover can protect you from unexpected household mishaps such as a nail hammered into a pipe or spilled wine on a rug.

Legal expenses

Legal expenses insurance can help to recover legal costs as a result of things like pursuing unpaid rent, tenant personal injury claims, and eviction.

Public liability insurance (also known as liability insurance)

Liability insurance covers you if your tenant or a visitor suffers an injury in your property.  Also known as public liability cover, this insurance protects you financially against unforeseen accidents, but shouldn't be considered an excuse to not make the property as safe as possible for your tenants. Liability insurance policies often have extremely high coverage limits stretching to millions of pounds, which could be necessary if you're held legally responsible for an accident and need to pay compensation.