Landlord insurance UK: An instant UK Landlord insurance or Buy to Let insurance quote

Landlords have always had special requirements compared to other homeowners and this is reflected with specialist landlord insurance policies.

Landlords Insurance Overview

There are many different types of Landlord. From the individual who is renting out their second home to buy to let property businesses with a portfolio of vacant and rented properties. All landlords need to purchase landlords insurance to protect their investment.

A property owner that is renting their property is using your property as a source of income - and this needs to be protected. A normal home insurance policy is not valid when you are taking an income from the property. A residential landlord policy is what is required.

With the correct landlords insurance policy in place, you can relax knowing that any damage caused to the property is protected against the financial consequences. With this peace of mind in place, you can concentrate on the affairs of running your rented property business.

Examples of claims which Landlord's Insurance covers you for:

Landlord's insurance would pay you should the following happen:

Your property is hugely damaged by fire. Fortunately your tenants aren't injured but they have to move out. It takes property renovaters and builders several months to repair the damage. Your landlord's insurance policy would not only pay for all of the work to repair the property but it would also pay you the rent that you are missing out on by not having tenants living in the property during this period.
Your tenants stop paying the rent and refuse to leave your property. You are forced to get them evicted by taking them to court and collect rent owed to you. If you have purchased the "Legal Expenses" cover as part of your Landlord's insurance policy then all of your costs accrued in fighting the court case would be compensated.

Some policies set limitations to the amount of rent covered, so remember to check the level of rent covered suits your needs.

You should check if the policy covers you for the expenses of a Section 21 eviction. For instance, if you have a 6 month tenancy agreement, some insurers will only pay out up to the end of the 6 months and not beyond - and the Section 21 eviction can take up to 3 months.

You also need to check the excess as some will say 'back to day one', and others will say you forego the first month and they pay out in arrears.

Frequently Asked Questions What is the Buildings Sum Insured (BSI)?

When you get a Landlord's Insurance quotation you are always asked for an estimate for the Buildings Sum Insured (BSI). This is an estimate of the cost for rebuilding your property should it be completely destroyed. Don't confuse this with the value of the property (which is usually much more - especially in prime city-centre locations) otherwise you will be paying more than is necessary for your insurance. Conversely, do not understate the BSI since should you have to make a claim the insurers will reduce the amount that they pay you in proportion to the amount you have stated.

Why am I not already covered under my normal home insurance?

Home insurance policies will not pay if you are taking an income from the property (eg renting your property to tenants). Therefore you must buy a Landlord's Insurance policy which is specially designed for Landlords.

I have several properties, do I need to buy a policy for each property?

No, you can buy a single policy that covers all your properties.

How do insurers calculate the premium for Landlord's Insurance?

The premium is based on what the insurer considers the amount of risk on your property. Different insurers use different methods for assessing the risk on your property. Some major factors are:

The location of the property
The Buildings Sum Insured
The type of tenants in the property
A history of claims
The age of the property
The type of property (flat, detached, terraced etc)

Landlord Insurance is commonly also known as buy to let insurance. The cover available under a buy to let insurance policy is the same as for a landlord insurance policy. You can also get insurance for a portfolio of properties as well as a single property.

Instant Landlord Insurance Quotes

The following is an example of the kind of policy that some insurers offer, and is published here to illustrate what you might expect

Sample

Buildings

The property, including outbuildings and fitted interior units, covered on the basis of full replacement or repair costs, subject to policy excesses, against loss or damage caused by:

Fire
Theft
Vandalism/malicious damage
Lightning
Oil or water leakage
Smoke
Storm (other than gates and fences)
Subsidence
Burst pipes
Impact from vehicles, falling trees, animals, aircraft, aerials and masts
Civil commotion
Earthquake

This is not a stand alone cover and is only available as an additional section to a buildings policy.

Whenever you rent or lease your property you can cover your contents on this policy, against fire and theft. This will include cover for furniture, household utensils, kitchen electrical goods and soft furnishings.

Summary of Pricipal Exclusions

First £150 of any claim, both for Buildings and Contents increased to:
£250 for malicious damage and theft in limited postcode areas only.
£1,000 of any claim for subsidence, landslip or heave.
£500 of any claim for escape of water (e.g. burst pipes).
£500 if you have DSS Tenants and your property is unoccupied.
All water tanks and pipes must be properly lagged and roof areas fully and adequately insulated.
If the property was built prior to 1970 the electrical system must have been tested by the local Electricity Board (or NICEIC registered electrician) in the last 5 years.
Ensure that any connected gas appliance is checked annually by British Gas or by a registered Corgi installer.
All necessary internal and external repairs to the building must have been carried out prior to taking out the policy, unless a detailed inventory is provided recording any pre-existing but un-repaired damage, such as cracked sinks and baths.
Properties used for holiday letting purposes.
Properties unoccupied for more than 90 days.
If you have DSS Tenants and the Buildings are Unoccupied for any reason You or Your agent must inspect the Buildings at least every 14 days to make sure that:
the gas and electricity supply is turned off at the mains;
the water supply is turned off at the mains and the system drained (unless adequate level of heating is maintainted from fixed heating appliances);
all outside doors are securely locked;
all ground floor and accessible upper floor windows are securely fastened and any broken windows boarded up;
the Buildings and all yards and areas surrounding the Buildings are free from fuel and waste materials.
You will be responsible for the first £500 of each and every claim.

Important

Over 6 properties
If you own more than 6 properties we are able to provide particularly competitive premiums on a group policy basis.
Split lets (student/non student/dss)

If your tenants are split between students, non students and dss in any one property you can still be easily covered. Simply indicate on the proposal form the category into which the majority of your tenants fall - the premiums are the same for all categories.

We also provide possessions insurance for students and young professional occupants.

Buy to Let Insurance

Landlord Insurance is commonly also known as buy to let insurance. The cover available under a buy to let insurance policy is the same as a landlord insurance policy. You can get cover for your property, contents and landlords liability insurance. You will also be able to get insurance for a portfolio of properties as well as a singular property.

Posted February 9, 2006

Details correct at time of publication. . Terms and conditions can change, this web site is not responsible for the publication of current policy details. Please check details before applying....

Landlord insurance UK

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Sample

Buildings

Contents

Summary of Pricipal Exclusions

Important

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