Buy To Let FAQs

Can I insure more than one buy-to-let property?

Yes, you can insure more than one buy-to-let property with our multi-property landlord insurance where you can receive a discounted rate. The cover is comprehensive and you can choose to insure buildings, contents or both.

Why can't I insure my buy-to-let on a standard home insurance policy?

A standard home insurance policy won’t cover you if you rent the property out to tenants. This is because tenants are higher risk. Buy-to-let insurance covers specific events that aren’t covered by home insurance. Having a specialist policy will ensure you are protected to the right level.

How long is a quote valid for?

30 days.

Is rising damp covered?

Rising damp is not covered under any insurance policy.

How much does landlord insurance cost per month?

As of 2023, the average cost of landlord insurance per year is £170, which equates to roughly £14 per month. This will depend on various things, however, and you would need to consider aspects such as the year the property was built, the rebuild cost, the size of the property, and where the property is located.

Can I add properties on mid-term?

We do offer insurance policies which allow you to add properties midterm on a pro-rata basis, as long as you let us know you will require this service when purchasing your 1st policy.

Do you offer a multi property discount?

If you already have landlord insurance with us, then we will give you a multi-property discount. To take advantage of the discount, we will need to complete the quote over the phone with you, so, call us on 01788 818 670.

What if my tenant works but also receives benefits?

We will just need to ask you a couple more questions in order for us to know how to class your tenant. Our insurers each have their own guidelines so this quote would be completed on the phone. To discuss the details, call us on 01788 818 670.

Does the type of tenant I have in my property affect my policy?

Yes, all policies are quoted and proposed on a variety of different factors, one of those being the tenant type. If the current tenant's situation changes and they become a different tenant type, you will need to make us aware.

What does the term 'tenant type' mean?

Tenant type refers to the tenant's current situation. For example, if they are in full-time work they would be classed as professionals. If they pay the majority of the rent with benefits they would be classed as DSS tenants. Other tenant types include students, asylum seekers, housing association tenants and retired tenants.

What does the legal policy cover?

Landlord's legal protection is an insurance policy to protect you as the landlord of your property, in case your tenants are in breach of their contract and you need to take them to court. The insurance policy will cover the legal costs incurred.

Does the policy cover me if my tenants are injured due to the property?

Our landlord insurance policies, where buildings are insured, include Property Owners Liability and where contents are insured include Contents Liability, so if the tenant is injured or contracts a disease due to the insured property and/or contents you would be covered. Employers Liability covers you for any damage caused to the property or to an individual by someone who is employed by you to work at the rental property under a PAYE agreement. The type of employee may be a cleaner or a gardener etc.

What does liability insurance mean?

The liability cover on your policy will insure you for any amounts you become legally liable to pay as damages and claimants costs for bodily injury, including death and disease and damage to property caused by an accident at the premises.

What if I want to rent out more than one property?

If you have an existing landlord insurance policy, you will be able to take out multiple-property landlord insurance with us. Please note that in these instances, the policy commencement dates will differ between properties. This won’t affect your multi-property discount. We are able to cover all types of properties, including blocks of flats let out on either a residential or commercial basis. However please note that residential properties and commercial properties will be on separate policies. Multi-property landlord insurance is designed to save landlords time and money. Having one policy that covers all properties means there’s that only one payment and one renewal a year for you to think about, and the multi-property discount means that sometimes it can be cheaper than taking out individual insurance policies for each property. This applies if you take your policies out together or if you advise us at the start of the policy that you will be adding properties mid-term.

Is a landlord insurance legally required?

There is no legal obligation for a landlord to take out landlord insurance, however, you might not get very far without it. You’ll usually need written permission from your lender before you take on tenants (unless you have a buy-to-let mortgage), and your lender is likely to require that you have landlord insurance before you do so. Even though you’ve probably got a conventional home insurance policy, this won’t be enough to cover you if your property becomes a rental. In fact, a lot of home insurance policies will become void if the property is being used as a rental, meaning that you won’t be able to make a claim.

Do I have to have landlord insurance?

No, you don’t need to take out landlord insurance, however, a lot of mortgage lenders may insist you have it before you begin renting to tenants. Just because it’s not mandatory, it doesn’t mean that you shouldn’t take it out. Landlord insurance is really important for any landlord. It will help to safeguard your financial future and protect your investment from damage, problematic tenants and other unexpected costs. It gives you the peace of mind that situations out of your control will be covered under your policy.

What happens if my property becomes vacant mid-term?

If your property becomes vacant mid-term, whether your insurance policy is affected or not will depend on a number of different factors. Contact our customer service department when you know your tenants are moving out and let us know what your intentions are for the property, we will then advise you on how this affects your insurance.

How do I find out if my property is listed?

To find out if your property is listed, you can try contacting your local planning authority or visit https://www.britishlistedbuildings.co.uk.

Do I need a tenancy agreement?

Most of our insurers ask for a direct tenancy agreement to be in place for a minimum of 6 months. As a general rule, you can expect to need to have a tenancy agreement in place before being permitted to take out any kind of landlord insurance. Nonetheless, it is advisable to consult the small print of your contract and ask questions of the insurer before purchasing.

Do I insure my property from exchange or completion?

Insurance is usually offered from exchange, but you should be guided by your solicitor on the exact date to start your policy. When you are purchasing a house – whether to live in yourself or as a buy-to-let investment – there is a potential grey area between the exchange of contracts and the completion of the sale. It is during this period that you will have signed a contract committing you to purchase the property, but the house will not technically be yours yet as you wait for other aspects of the sale process to be undertaken, such as the conveyancing.

What is Landlord Insurance?

Landlord insurance is a specialist product that covers landlords from damage costs and various different financial losses that come with the territory of being a landlord. Amongst all the positives, unfortunately, there’s a lot that can go wrong when you’re a landlord that can in turn, cost you a lot of money. With that in mind, your landlord insurance policy is really important for any landlord. Buildings insurance and contents insurance are usually the main types of cover that a landlord will need, however a lot of other landlord-specific covers can be added onto a policy, such as legal expenses insurance and alternative accommodation expenses.

What is an interested party?

An interested party is any other person or organisation with a financial interest in the property, such as a mortgage provider. An interested party – also known as an ‘additional interest’ – is a person or company other than the named insured on an insurance policy, which has an insurable interest in the person or property that the policy covers.

What does landlord insurance cover me for?

The standard perils landlord insurance covers you for are the same as standard home insurance. This includes things like fire, storm or floods, escape of water, subsidence etc. The difference is the policy will also include things like, loss of rent in the event that the property becomes uninhabitable due to an insured peril and liability cover in case of the tenants having an accident.

Can I cancel my policy?

You may cancel your policy at any point by sending us either emailed confirmation, confirmation by post or calling customer support on 01788 818 600.

Will my policy automatically renew?

None of our policies are automatically renewed, we will contact you 25 days prior to the renewal date with our renewal quotation with follow up notifications and ask you to contact us if your wish to proceed.

What is White Goods cover?

If your policy includes free white goods cover then any freestanding washing machines, fridge-freezers, cookers, tumble dryers & dishwashers that you have left for your tenant to use, will also be insured for all the perils that are listed under the buildings section of your policy.

What is Property owners Liability?

Property Owner Liability is standard on all of our policies, this will cover the Landlord as the legal owner of the property for any damages, claimant costs and expenses in the event of accidental death, bodily injury, illness, disease or accidental loss or damage to property.

Do you cover unoccupied properties?

Yes, we provide cover for unoccupied properties from inception and offer all different types of cover.

What is Loss of Rent Cover?

This will cover you in the event of Loss of Rent and/or alternative accommodation should your property become uninhabitable due to an insured peril covered by the policy, eg Fire, Flood.

Do my documents show the amount I have actually paid for the policy?

When documentation is issued at inception and renewal we will provide a Statement of Price this will show the amount paid and a full breakdown of any other fees charged.

How do I calculate my rebuild cost?

Your rebuild cost, sometimes referred to as building sum insured or reinstatement value, can be most accurately found on a mortgage valuation. If you do not have one to refer to then you can try the Building Cost Information Service (BCIS) commissioned by the association of British Insurers. This free service can be found on https://calculator.bcis.co.uk/.

Categories

Can I insure more than one buy-to-let property?

Why can't I insure my buy-to-let on a standard home insurance policy?

How long is a quote valid for?

Is rising damp covered?

How much does landlord insurance cost per month?

Can I add properties on mid-term?

Do you offer a multi property discount?

What if my tenant works but also receives benefits?

Does the type of tenant I have in my property affect my policy?

What does the term 'tenant type' mean?

What does the legal policy cover?

Does the policy cover me if my tenants are injured due to the property?

What does liability insurance mean?

What if I want to rent out more than one property?

Is a landlord insurance legally required?

Do I have to have landlord insurance?

What happens if my property becomes vacant mid-term?

How do I find out if my property is listed?

Do I need a tenancy agreement?

Do I insure my property from exchange or completion?

What is Landlord Insurance?

What is an interested party?

What does landlord insurance cover me for?

Can I cancel my policy?

Will my policy automatically renew?

What is White Goods cover?

What is Property owners Liability?

Do you cover unoccupied properties?

What is Loss of Rent Cover?

Do my documents show the amount I have actually paid for the policy?

How do I calculate my rebuild cost?