Compare Landlord Insurance Online
Insync has selected a panel of the UK’s leading let property insurers, you can compare cover and prices online in minutes, building a package which is tailored to your individual requirements.
Alternatively, why not take advantage of a free independent review by speaking to one of our insurance experts who can help you find the right level of cover at the right price.
What Is Landlord Insurance?
Landlord Insurance is specialist property insurance policy for either a single let property, or multiple properties, typically where the property is let under an Assured Shorthold Tenancy (AST) agreement.
As well as protection for the rebuilding of the property in the event of an unforeseen loss such as a fire or flood, cover can be extended to cover the landlords legal liability (property owners liability) and potential loss of income following a claim (loss of rent insurance).
Landlord Insurance – What Do I Need?
The core protection of any buy-to-let insurance policy is cover for the building itself, providing indemnity to reinstate the property to its current condition in the event of a claim.
Cover is typically arranged on an all-risks basis, but you should take care to understand the extent of cover being provided before purchase.
Tailored cover extensions can then be added as part of the package to meet your specific requirements.
Let Property Extended Covers
In addition to buildings, you may require cover for any landlords contents, either in communal areas or for part or fully-furnished properties. Property owners liability, loss of rent and legal expenses.
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Landlords Claims Example
Following extreme cold weather the let property suffers a burst pipe whilst the tenant is away for the weekend. They return to the property to find it completely flooded with the upper floor ceiling having collapsed through into the kitchen and lounge below.
Making good and reinstating the building costs the insurers in excess of £30,000, in addition to which further payments were made to rehouse the tenant whilst the property was uninhabitable and for loss of rent during the same period.
How Much Does Landlord Insurance Cost?
Every single let property quotation is tailored to your specific requirements. Where the property is (post-code), rebuilding cost (sum insured), occupation of the tenant(s), claims history and experience as a landlord will all potentially impact the insurers individual rating.
As each insurer may have different rating factors it pays to compare several quotations or use a specialist broker such as Insync.
How Much Should I Insure My Property For?
A common mistake of many new property owners is to insure the property for the purchase price. In fact, the sum insured needs to reflect the rebuilding cost of the property and this may bear little correlation to the price paid or current value.
In most cases the rebuilding cost will be less than the property value as you also own the land, however this is not always the case. Best advice is to seek a professional valuation from a Royal Institute of Chartered Surveyors (RICS) qualified expert.
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