Best Landlord Insurance in Scotland

Written by James Caldwell
Last updated: 23rd July 2023

Finding the best landlord insurance policy is crucial to protecting your rental property investment in Scotland.

Consider these top 10 tips when choosing an insurance policy:

  1. Level of Buildings Cover

One of the most important decisions is how much building insurance cover you’ll need. This pays to repair or rebuild the structure of your property if it’s damaged. Check your mortgage terms – lenders often stipulate a minimum level of cover. Consider the total rebuilding cost, not just the property’s market value. Get help from a chartered surveyor if you need help. Opt for guaranteed rebuilding cover that will pay the full amount no matter how high costs rise.

  1. Contents Cover

Contents insurance covers any appliances, furnishings or other landlord contents included in the rental. While optional, it’s recommended in case items get damaged or stolen. Decide what you want to cover and for how much. A detailed inventory is helpful for this. Only ‘landlord contents’ will be protected, so specify the items provided when taking out the policy.

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  1. Loss of Rent Cover

Loss of rent insurance covers you if the property becomes uninhabitable due to an insured incident like flooding. It will pay for lost rental income until the property is repaired. This is optional but highly recommended for buy-to-let mortgaged properties or if the rent is a large portion of your monthly income.

  1. Public Liability Insurance

All landlords require robust public liability cover if a tenant or visitor is injured at the property and makes a claim. This is a compulsory element of most landlord policies. Check the level meets requirements set out in recent legislation. A minimum of £5 million cover is typical, but some insurers offer up to £10 million.

  1. Legal Expenses Cover

This covers legal costs incurred in property management disputes, like pursuing unpaid rent or evicting problem tenants. Legal expenses as part of your policy can give access to professional advice and cover solicitors’ fees, so consider including this.

  1. Accidental Damage Cover

Some policies offer the option to include accidental damage cover for landlord contents or the buildings. This provides extra protection in case tenants damage items accidentally. However, it usually comes at an additional cost, so weigh up whether the extra premium is worthwhile.

  1. Excess Levels

The excess is the amount you must pay towards any claim, so opt for a level you’re comfortable with. A higher excess lowers the premium but increases the amount you pay yourself in a claim. Consider your ability to pay excesses for any potential lost rent or repair bills.

  1. Unoccupied Periods

Standard policies usually exclude cover when properties are unoccupied for over 30 days. For example, if it’s not fully tenanted between lets, you’ll need a specialist unoccupied property policy. Be clear with your insurer about any void periods expected or planned renovations.

  1. Discounts and Incentives

Look out for discounts like no claims bonuses or multi-policy savings if you insure other properties with the same provider. Using a broker can help access deals not directly available to individual landlords. Consider long-term agreements if the insurer offers a lower premium for signing up for 2-3 years.

  1. Insurer Reputation and Service

Check reviews and complaints data for any insurer you’re considering. Look for evidence of solid customer service and claims handling. Make sure they offer 24/7 emergency helplines. Pick an established insurer with experience in the Scottish rental market for peace of mind.

The tips provided here will help you decide which landlord insurance policy is right for you. Take time to assess the risks and get quotes tailored to your specific rental property needs in Scotland.

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Finding landlord insurance for your personal circumstances couldn’t be simpler.

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You can read more on buying landlord insurance in Scotland here, or alternatively, if you want a quote, click on the link above to compare quotes.