Landlord Insurance Cost

Having a level of landlord insurance that compressively covers your specific circumstances is important whether you let out one property or many; having at least landlord’s buildings insurance in place might even be a requirement of your buy to let mortgage with certain lenders.

But you may be wondering what landlord insurance will cost? You can use the comparison table below to view links to various landlord insurance quote providers so you can see what it may cost you.

Landlord insurance costs can be affected by many criteria. Aside from whether you want residential or commercial landlord insurance, things like; the building you let, whether a building has a slate, tiled or flat roof, and the tenancy type you offer can all affect how much your landlord insurance will be.

The type of landlord insurance policy you opt for will also affect the price; some policies offer many features as standard, while others will require you to pay more as an optional extra for certain types of cover.

Therefore, you should think beforehand about what you feel you want to be covered in a landlord’s insurance policy and consider that it might be worthwhile paying higher insurance premiums to ensure you have a level of cover that you are happy with and fulfils your specific requirements.

Features or optional extras you might see on a policy include:

Buildings cover

This is usually the most basic level of insurance available for landlords. It will provide cover for the building’s physical structure and possibly permanent fixtures such as showers and other items of plumbing as well as fitted lighting. This policy should also cover how much it would cost to clear the land and rebuild the property if an insured event destroyed it.

Contents cover

If you let property fully or partially furnished, you may wish to consider insuring the contents you provide. Landlord’s content insurance could depend on your policy. Provide cover for all of the items of furniture, white goods and appliances and furnishings such as carpets that you provide.  It would not provide any cover for your tenants’ possessions; however, who would need to get their own contents insurance for their items if they wished to.

Landlord liability insurance

If a personal injury claim were made by a tenant or a visitor to one of your properties, having liability insurance in place would be able to cover your legal costs; if you were found to be at fault for the personal injury, it would also cover the costs for the claimant’s compensation and legal costs.

Loss of rent cover

If an insured event meant you could not rent out your property for a period of time, then a loss of rent policy might be able to reimburse you the loss of income you sustained as a result.

Landlord emergency cover

Some unexpected things like gas leaks constitute an emergency and need to be quickly resolved. A landlord emergency cover policy can help you get a skilled tradesperson to the property to make it safe following an insured incident. Some policies may provide emergency contact phone numbers that you or your tenant can call to send over an approved contractor 24/7.