Types of landlord insurance11-01-2023 | Landlord Insurance Advice
‘There’s more than one type of landlord insurance?’. Yes – there absolutely is. Without getting in a muddle over which insurance you might need, we’re here at CIA to break the different types of landlord’s insurance for you.
When was the last time you even thought about landlord’s insurance? Well, if you’re a landlord it will either be at the start of an exciting property purchase or when something disastrous happens.
Hopefully, you’ve got all your ducks in line and policies drawn up before anything compromises your asset and that’s where we come in. Before we dive into the types of insurance, why not give us a call and explore your policy options.
Types of landlord insurance
To give you a sense of feeling secure in your policy, make sure you understand what is covered and why.
There are four main types of landlord’s insurance. Read on to learn about how these different types of insurances are broken down and what is included in each category.
Landlord insurance or Buy to Let Insurance
Landlord insurance is similar to normal household insurance cover except it is specifically designed for buy to let properties.
It offers similar cover to home insurance, protecting the building against common risks such as flood, fire, storms and burst pipes.
Alongside this, it also covers you for the risks you face as a landlord when letting your property, such as rehoming your tenants into temporary accommodation and property owners liability.
Providing tenants with a property to live in is a big responsibility. If you want to enjoy the peace of mind that your rental property is protected, then we can provide you with a great deal on the cover that you need, if you’re looking to start your quote, get a quote here.
What is covered in Landlord or Buy To Let insurance?
These are the typical things that are covered in the landlord insurance policy.
- Extensive Cover
- Buildings & Contents Covered
- Loss of Rent Cover
- Any Tenant Acceptable
- Unoccupied Properties
- 100% Flat Roof Coverage
- Commercial Let Property
- Non-standard Construction Properties
Landlord’s Content Insurance
From carpets and interiors to chairs and tables, contents insurance will certainly give you peace of mind. Of course, fine wear and tear will occur if you have any tenant living in your property. Making sure your furnishings are protected from unrepair or making sure you’re able to pay for the repainting of walls.
Sofas and beds that have been damaged are expensive to replace so having this type of cover in place is certainly a smart move from the offset.
Landlord Building Insurance
Landlord’s building insurance protects your property from harsh and malicious damage as well as natural disasters. See below for what it usually covers. You will need to check with your policyholder to be sure you have most, if not all of these points included when you take it out with them.
Aside from damage due to fires, storms, floods, and other standard perils, your policy may also cover:
- Accidental damage
- Alternative accommodation expenses (in the event of an insured peril)
- Loss of rent (in the event of an insured peril)
- Property owners’ liability
- White goods
Landlord Insurance Flat Cover
You may need to take out a different insurance for your flat. The reason for this is because standard house cover may not include vital cover which are required when renting a flat.
What’s the difference between flat and house cover?
You’ll need to know how much of the flat you are legally responsible for. This will determine how much cover you will need. For example, if you’re not at all legally responsible for the flat, you do not need cover such as landlord building or fixtures and fittings cover.
Are you a landlord looking for insurance cover? There are also additional policies available to you as a CIA customer:
- Legal Helpline – Our legal helpline is open 24 hours a day, 365 days a year. We’d be happy to offer legal advice regarding any legal issue over the telephone.
- Legal Protection – If your tenants refuse to leave your property after the eviction date stated on the notice, you can cover up to £50,000 of the legal costs to evict your tenants through the court.
We won't be beaten on any like for like landlord insurance quote.Get a quote