What is Landlord Insurance ?
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Landlord insurance is a specialist policy designed to protect your rental property against financial losses from risks like fire, theft, and weather damage—covering both the building itself and any landlord-owned contents
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Unlike regular home insurance, it covers risks unique to landlords—such as tenant damage and liability claims
Do I need Landlord Insurance ?
Whether or not you need landlord insurance will depend on several factors, many of which are related to your personal situation and property portfolio. Although landlord insurance is not legally required, many landlords choose to take out a policy in order to protect their property investment and their monthly income
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For example, if rental payments weren’t coming through from tenants as expected, or a property was in desperate need of repairs, some landlords wouldn’t have the savings to cover these issues whilst also affording to pay off their own mortgage. But that’s where landlord insurance comes in, to provide that peace of mind that your property business is protected for the long run
What does Landlord Insurance cover ?
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Landlord insurance policies are very similar to ordinary home insurance policies, but they instead also include coverage to protect landlords from the regular, day-to-day issues that they face. Landlord policies will always include buildings and contents insurance to cover any structural damage incurred to your property caused by circumstances such as fires, flood, theft or storms
Many landlord policies might also (but aren’t guaranteed to) include the following:
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Accidental damage insurance – in case a tenant causes accidental damage to your property
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Public liability insurance - to protect you against third-party claims (for example, if someone injures themselves on your property.)
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Rent guarantee insurance – in the case of tenant payment defaults
It’s important to check with your insurer that these are included in your policy, as you may need to pay extra to have them as add-ons. You can, of course, adapt your landlord insurance package to suit your property business and your personal needs because you can pick and choose which coverage options are most important to you
What doesn’t Landlord Insurance cover ?
Landlord insurance usually doesn’t cover everything by default. Below are some of the most common exceptions, which you can add to your policy for an additional premium:
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Legal expenses
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Loss of rent - standard landlord insurance doesn’t cover lost rent if your property is made uninhabitable by incidents like fires or floods
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Theft by tenant cover
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Malicious damage by tenants
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General wear and tear
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Your tenant’s contents - landlord insurance typically only covers furnished items provided to tenants, like furniture and appliances
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Unoccupied buildings – typically left beyond 30-60 days
How much does Landlord Insurance cost ?
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The cost of your landlord insurance policy will depend on your chosen coverage options and levels. The price may also depend on the following:
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Type of property
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Location
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Age of property
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Rebuilding cost
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Details of your tenants
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Whether you have made a previous claim
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What types of properties can be insured with Landlord Insurance ?
Landlord insurance can cover various property types, such as:
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• Residential properties - standard buy-to-let rental units
• Commercial - properties used for business purposes
• Multi-property - covering multiple rental units under one policy
• HMOs (Houses in Multiple Occupation) - typically requiring specialised coverage as they're not usually included in standard policies
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The best way to get started is by speaking to one of our team at Havard Insurance. We have access to experienced consultants that provide solutions to landlords and would be proud to help you find an insurance policy that ticks all your boxes too. Email us today and find out more about we can help you with any landlord insurance related queries you might have.