Rental Property Insurance

Whether you are a commercial or residential landlord or if you let out one property or many, having rental property insurance in place to protect your investment is a good idea. There is a range of insurance products available for landlords, so it is worth searching around to find a plan that best suits your needs.

You can use the table to compare a range of places where you will be able to get quotes on landlord insurance to help you decide.

The type of landlord insurance most appropriate for you will depend on whether you could be considered a commercial landlord or a residential one. You mainly let out properties like houses and flats or commercial buildings like warehouses, offices or factories. Some commercial properties will let you have a mixed portfolio of both residential and commercial lets under the same multi-property policy.

Due to the additional risks perceived to be involved, commercial landlord insurance is slightly more costly and more comprehensive as standard than a residential landlord’s insurance policy.

There are many landlord insurance providers, and each policy can differ by what they feature as standard and what optional extras are available. When looking for rental property insurance, you should think about what specific features you want from a policy to find the best policy for your requirements.

Rental property features and optional extras may include:

Buildings cover

This policy covers the building’s structure and permanent fixtures; exactly what events are covered may vary by provider. If you have a mortgage on the property you let out; you may find that certain mortgage lenders require you in your contract to have at least this level of landlord insurance on the property.

Contents cover

If you let properties as fully or partially furnished, then having contents insurance will protect those items you provide. Excesses and exactly what items are covered will vary by insurer; some may require you to purchase optional extras to provide cover for some items.

Loss of rent cover

If an insured event means that you cannot let out the property for a period of time, having a loss of rent cover might be able to reimburse you the loss of income you incur as a result.

Vacant property cover

Unoccupied properties pose a higher risk to insurers; therefore, some policies may only protect a vacant property for a short period of time. Therefore, you may wish to check what you are covered for when a property is vacant when you compare policies.

Liability cover

If a tenant or visitor of one of your properties was to make a personal injury claim, this cover could help cover your legal costs, and if you were found to be at fault may pay the claimants compensation and legal costs.