Tag Archives: landlord house insurance

Top tips for landlord house insurance

April 6, 2012


If you are relatively new to the business of being a landlord and the subject of landlord house insurance, you may find the following tips to be of use:

  • be cautious with street wisdoms – in spite of what some people may try to tell you, you typically cannot get away with using owner-occupier insurance for property you are letting out.  You may find that claims are rejected and you may possibly leave yourself open to further legal action for making false insurance decorations;
  • don’t accidentally invalidate your cover – make sure that you comply with the terms and conditions of your policy.  For example, if your property sits unoccupied for more than a specified period of time, your standard landlord insurance policy may no longer be valid and you may need unoccupied property insurance cover;
  • compare quotations carefully – although the cheapest buy to let insurance quote may instinctively appeal to you, what may prove to be cheap for someone else may end up not being so for you.  It is advisable to be sure that you are happy with the cover being provided and the associated terms and conditions;
  • check your policy for subsidence cover – not a pleasant subject to think about but subsidence is a potentially major problem that might not today be automatically covered by all landlord buildings policies;
  • think about your market segments – not all policies necessarily offer all tenant cover and some may exclude certain tenant categories, possibly including groups such as DSS recipients and students;
  • comply with the law and local regulations – some policies may become invalid if you fail to comply with appropriate legal regulations governing things such as gas safety inspections etc;
  • avoid getting stuck in a rut – the landlord house insurance marketplace changes fairly rapidly and you may find that your current policy, though once a great fit for your situation, may have been superseded by more cost-effective and modern policies.  It therefore may make sense to periodically review your buy to let house insurance against other options on the market, even if you are currently satisfied with it.
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Sorting out your landlord house insurance

January 6, 2012


Getting your landlord house insurance sorted out may be made just a bit easier if you use on online specialist site, such as ours, where you can get a quote and select a policy to match your needs. An online let property insurance service, backed up by a team of experts at the end of the telephone too if you need help or assistance, may prove invaluable and again, we offer this.

There may be quite a few options open to you and the policy that makes most sense may typically be based on factors such as:

  • the property being let on an unfurnished or furnished basis;
  • the value of your property;
  • the type of tenants that you have.


In addition though there may be a number of other features which may be on offer.

Multi property cover

If you let out a number of properties, you may be interested in a single specially tailored multi property policy.

This may be a more cost effective option for you and may also help save you the time and effort involved in having to deal with individual landlords policies.

Loss of rental income

There may be a number of situations where you may experience loss of rental income:

  • your property may be damaged by an insured event and your tenants may have to move out for what might be an extended period of time while repairs are carried out – landlords loss of rental income cover may be able to compensate you in these circumstances;
  • you may be in dispute with your tenant and they fall in to rent arrears – rent guarantee insurance may be available to provide  cover for this kind of situation up to certain maximum monthly limits.


Public liability

Buy to let landlord insurance may typically contain, as standard, public liability cover to provide you with financial protection if you were to be sued for damages relating to your property.

What may not be standard though is the level of cover provided. There are some landlord house insurance policies which may be able to provide up to £5m of cover.

Unoccupied property cover

If your property is standing empty for an extended period then your landlord house insurance policy may cease to provide cover and you may need to consider cheap unoccupied property insurance cover.

This cover is specifically targeted at the types of risk that may arise when your property has no tenants, like the increased risk of thieves and vandals striking or an unnoticed problem causing extensive damage when left over time.

When selecting this type of cover you may find that there may be different pricing options relating to the different levels of landlords cover on offer and you may wish to bear in mind that what may be a cheap policy for you may not be so considered by another landlord.

The actual time period after which unoccupied property cover may be needed may vary depending on your landlord house insurance cover but may typically range from 30 to 45 days.


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Cheap landlord house insurance – a cautionary tale

December 23, 2011


As a landlord, particularly as the year draws to a close and Christmas and New Year expenses loom, any suggestion that you may need to be cautious about advertisements for cheap landlord house insurance, may not necessarily be well-received.


Yet nevertheless, this is what this article must do.


In a sense, this point should not need making. It is a common wisdom, generally accepted, that in life there is a tendency to get what you pay for.  That is not to entirely disparage products trying to sell themselves as cheap landlord house insurance but simply to suggest that it may be advisable to look at them both closely and objectively.


For example, you may wish to ask whether or not the policy provides:


  • cover for all types of tenants including categories such as students and DSS;


  • all risks protection;


  • adequate third party liability maximum sums;


  • cover against subsidence risks to your property;


  • a contribution towards any rental income you may lose, should your property be badly affected by an insured risk;


  • malicious damage cover, where such is caused by your tenants;


  • discounts for insuring several properties (i.e. property portfolio insurance).


It may also be useful to consider whether or not your landlords insurance provider is able to offer cheap unoccupied property insurance as well – such cover may be necessary in situations where your property is left unoccupied for a period exceeding a number of days that are specified in the policy.


Typically, unoccupied property insurance is not included, as standard, in a landlord insurance policy.


An area that is sometimes overlooked is that of what opportunities may be available on some policies for making economies through risk-reduction behaviours, such as ensuring that your property is adequately protected by safety and security measures.


The bottom line may be very simple – cover that someone else may regard as cheap landlord house insurance may not be something that you would necessarily find to be the cheapest or most suitable option.  There may be no alternative but to look carefully at your requirements and to try and ensure that any candidate policy is a relatively close match to them.

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Landlord house insurance – frequently asked questions

November 9, 2011


You may be starting to consider landlord house insurance if you are thinking about making the transition to earning income from your property (or properties).


If so, you may find the following questions and answers to be helpful.


How is landlord house insurance different to owner-occupier cover?


At a first glance, an owner-occupier policy and one designed for a landlord, may appear to be broadly similar.


Typically they will both provide cover for the building, its contents (if you opt for contents cover) and possibly claims against you from members of the public (third party liability cover).


However, if you look below the surface you will see significant differences.  Those may include, in a landlord house insurance policy, things such as cover for malicious damage caused by tenants or a loss of rental income in the event your property is damaged and you are forced to ask tenants to leave during repairs.


The differences are too numerous to mention in detail but many of them revolve around the simple fact that, as a landlord, your property typically faces different risk profiles to one that is owner-occupied.


What happens to my existing owner-occupier insurance if I start to rent out my property?


You may need to consult your policy to be sure but typically it will immediately become invalid either in all or part.


Note that this may apply even if you are only renting out one of two rooms of your house and you continue to occupy the remainder as your own place of domicile.


Is landlord insurance more expensive than owner-occupier cover?


It may be misleading to try and compare one form of insurance against another, as they are addressing significantly different situations and risk factors.


We will always work with you to try and find insurance that is suitable and as cost-effective as possible.


What happens if my property stands empty?


It may be advisable to think about property being unoccupied as opposed to empty, as the latter expression may cause confusion between furnished and unfurnished properties.


Typical landlord insurance will cover properties that are unoccupied (e.g. while waiting for new tenants or during redecoration etc) for a specified period of time only – typically somewhere in the region of 30-90 days depending upon the exact circumstances and insurer concerned.


After that time, to ensure continuity of cover, you should seek to put in place unoccupied property insurance.


The reason this is required is, once again, to do with risk profiles.


Insurers may regard an unoccupied property as being at higher risk of burglary and vandalism or cumulative damage due to an unnoticed problem (e.g. a leaking pipe) than one that is occupied.


That is why landlord house insurance may not cover unoccupied properties indefinitely and why additional insurance may be required in such cases.

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