Is it a legal requirement to have buy-to-let insurance?
The law does not require landlords to have buy-to-let insurance in place for their property. However, if you have a mortgage on the property, the terms of your contract may state that suitable cover is needed. Not complying with this may result in a breach of your mortgage agreement.
As buy-to-let property insurance provides covers for a home lived in by tenants, you should also be aware that a standard home insurance policy may not be suitable.
Liability as a homeowner and as a landlord should also be considered. Property owners’ liability insurance and legal liability as the occupier or landlord insurance are included with the buildings protection of our Buy-to-Let Insurance.
What home insurance do I need if my rental property is unoccupied?
Depending on the length of time it’s empty for, you may want home insurance for unoccupied rental properties. Due to issues associated with empty rental properties, such as an increased risk of theft and damage to locks, doors, and windows, specialist cover can be beneficial. You can check out our Unoccupied Property Insurance page for more information about the cover we can provide.
If you have a landlord insurance policy with us and your property becomes unoccupied for longer than 60 days, you must get in touch and let us know. This can change the level of cover we provide, which may impact any claims if we don’t have the correct information about the insured property.
How can I find the cheapest buy to let insurance?
The price can vary depending on the amount of cover included with a policy, which you may notice when comparing buy-to-let insurance quotes. Because of this, you may find the cheapest buy-to-let insurance by looking for basic cover, but it might not be suitable for your needs. We provide 40 covers as standard with our Buy-to-Let Insurance, to help with a range of risks.
How much does buy-to-let insurance cost?
The cost of insurance can vary depending on a few factors, including:
- The address of the property
- Property type
- Number of bedrooms
- Level of cover provided
If you would like to get a quote for our landlord insurance, use our form for an online quote.
Is buy-to-let insurance cheaper or more expensive than home insurance?
Insurance for a let property can vary in cost per policy. The level of cover, previous history of the property, and its location can all affect the quotes you receive. To help understand why insurers vary in price, you can compare the covers provided by different buy-to-let policies.
Our policy offers 40 covers as standard. You can get a quote on our website.
What type of insurance do I need as a landlord?
When letting a property to tenants, buy-to-let insurance can often be a suitable option for landlords. A 12-month policy can provide cover all year round.
As a type of landlord insurance, you might want buy-to-let insurance that includes buildings and contents cover or you may find a buildings only policy is suitable.
You may also find Rent Guarantee Insurance useful as an added measure of rent protection. It may give you peace of mind in case your tenants can’t or won’t pay the rent.
When your rental home is empty, you may want to switch your policy to one for unoccupied home insurance. This can provide a different level of cover for empty homes.
How can I find the best buy-to-let insurance?
The specification for best let property insurance can vary from landlord to landlord, but we understand that you want to find a product that provides suitable cover.
Our comprehensive policy provides 40 covers as standard. By obtaining a quote, you can compare insurance with other products you find on the market.
Does buy-to-let insurance include accidental damage cover?
Buy-to-let insurance, which is a type of landlord insurance cover, can include accidental damage cover. With our policy, it is included as standard. This means that you can be covered for damage that is caused by an accident in your property.
What is buildings insurance?
Buy-to-let building insurance can help with the cost of repairing or rebuilding a rental property. It can include protection for a range of industry-specific perils. View our policy wording to see what is included as standard with our policy.
What is contents insurance?
If you need to repair or replace furniture and household goods, contents insurance can help. Having suitable insurance with contents cover can help to ensure the property is restored if items are damaged or stolen.
To determine whether an item counts as contents, imagine if the property was turned upside down. Anything that falls can be considered contents and might be covered by such insurance.
Do tenants need their own insurance?
Like with buildings cover, it is not legally required for tenants to have their own contents insurance. However, they may benefit from having their own cover, as their belongings might not be protected by landlord insurance.
What types of property are covered by buy-to-let insurance?
Buy-to-let insurance can cover a range of properties, including:
- Detached, semi-detached, and terraced houses
- Bedsits
- HMOs (houses in multiple occupation)
- Flats
- Cottages
- Student lets
Is loss of rent cover the same as rent guarantee insurance?
Loss of rent is different to rent guarantee, although both are to do with rental income.
If you stop receiving rent because the home becomes uninhabitable due to an insured event and the tenants have to move out, this is what loss of rent cover is for. It may also be used to cover costs the policyholder has to pay for alternative accommodation due to an insured event.
Rent guarantee insurance is for when tenants stop paying rent. They may still be living in the property or have chosen to vacate the premises before their tenancy is up.
Rent Guarantee Insurance such as ours may also provide cover for legal expenses. See our policy wording for more information.
Does your policy provide legal expenses cover or liability insurance?
Landlord insurance may help with a range of legal costs. If you are concerned about landlord liability, insurance such as ours provides cover for this as standard. It provides cover for when there is an accident caused by a problem with buy-to-let properties.
For example, if a tenant takes legal action due an accident caused by the carpet not being fitted correctly.
Property owner’s liability insurance and the Defective Premises Act 1972 cover are also included as standard.
What does index linking mean?
Index linking is the process of tracking changes to a property’s rebuild cost, so that the buildings sum insured is accurate.
Insuring a property requires you to state the total amount you want to cover the building for. This is referred to as the buildings sum insured. It should take into account the cost of rebuilding the entire property. However, as building supplies and labour costs can fluctuate, this is where index linking is used.
Part of the service provided throughout the period of insurance with us is a monthly rebuild cost check. This will not impact the premium of a policy if changes do occur, but may be reflected when it’s time to renew.
What is unauthorised alterations cover?
Cover for unauthorised alterations can allow you to claim for the necessary costs you may incur in restoring the premises back to its original condition if your tenants alter or change its structure without your knowledge or consent.
This can include when the premises have been or are being used as a drug factory.
What is included in landlord contents cover?
Landlord contents cover can include loss or damage to carpets, curtains, blinds and white goods belonging to the landlord while they are at the premises for the sole use of the tenants.
If the premises are a block of flats or apartments, then this additional cover applies to contents belonging to you in communal areas.
Can I insure multiple rental properties?
Landlords can insure a portfolio of any size with us. A quote for up to one hundred properties can be obtained by filling out the quote form on our website.
If you have more than 100 properties in need of insurance, get in touch and we will be happy to help. You can email [email protected] or call 0808 168 9220.
Regardless of the number of properties you need cover for, all can be included in one policy, to help make it easier for you to manage. We can also provide a mix of covers across our range, including Buy-to-Let Landlord Insurance, Unoccupied Home Insurance, and UK Holiday Home Insurance.
How can I make a claim?
Visit our How to Make a Claim page for full information.
