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Landlord Insurance offers protection to landlords that rent out their property to the public. Having the right level of cover means that landlords can protect their buildings, its contents and claim any loss of rent. At Call Wiser, we work with the leading home insurance providers to find you the best Landlord Insurance in the UK.
Landlord Insurance provides financial protection in the event that a landlord’s property is damaged or stolen.
Landlords that own or manage a property rely on renting out rooms to the public in order to generate their income. Landlords have to ensure that their flat or house is in good condition so that they can charge enough rent to make a profit. So in the event of a fire, flood, vandalism or peril, landlords need to have insurance to cover any repairs quickly so that the property is in still in a viable state.
For anything that needs replacing in the property such as floors, walls, electricals and white goods, the responsibility falls on the landlord to replace it and not the tenant. Therefore, it helps for the landlord to have the right cover in place to pay for any repairs, damages or replacements.
Owning a property and renting it out is a big responsibility and investment. Landlords spend a lot of money making sure the house or flat they are renting out is in great condition for their tenants. In addition to charging rent, landlords also consider the long-term goal of selling their property and making a profit. With this in mind, it makes sense to have Landlord Insurance to maintain the property and investment.
Without Landlord Insurance, you will be forced to pay for any repairs and damages out of your pocket. Considering that the average buildings claim in the UK is around £20,000 a year, not having adequate protection may cause a significant loss of income.
The cost of Landlord Insurance depends on a number of factors. Notably, the value of your property will depict how much cover you need. Insurers will typically require proof of the property’s value and they will assess the potential cost of repairs.
Typically, the larger the property and number of tenants, the more cover you will likely require and the higher your premium will be. This is because there are more people using things that could potentially break such as the boiler, TV, washing machine and other white goods. Also, with more tenants, there are more personal items that can be stolen or broken.
Insurers also need to know how much rent is charged so you can claim if tenants do not pay. This is why policymakers will look at the value of your property and the location to assess if there is a demand for rented accommodation and if people are willing to pay the rent you charge.
Furthermore, the cost of your Landlord Insurance will depend on how much cover you add to your policy. The more cover you add to your policy, the higher you premium will potentially be. The different types of cover are highlighted below.
Landlords Buildings Insurance is the most basic form of cover and offers protection for the costs required to repair physical parts of the building including walls, fittings, roofs and windows. This is usually as a result of fire, flood or vandalism.
Not covered includes damages to a fence, because this is not part of the property. Also not included in Landlord Buildings Insurance is any damage as a result of earthquakes or anything caused by birds, insects or pests.
Landlord Contents Insurance allows landlords to repair and replace any goods that are stolen or damaged. Personal items that belong to tenants are usually insured at their own peril such as mobile phones and laptops – so a landlord would not be held responsible. So Contents Insurance for Landlords is more likely to cover communal items such as TVs and furniture.
It is always worth over-insuring these items because insurers will typically pay what the item is worth in its current state. For example, insurers will pay out very little for a TV that is 10 years old and it may not be enough to replace it with a new one.
Loss of Income Insurance is used by landlords who are trying to recover rent from tenants which has gone unpaid. This could be due to major repairs which need to be done to the accommodation so rent cannot be charged or because the tenant is behind on their payments.
Since the rent you get from tenants might be crucial to your income, it makes senses that you have insurance in place to cover any losses. Loss of Rent Insurance will cover the any losses of income and the potential legal fees required to chase up repayment.
Property Owners Insurance offers cover for any injuries or damages sustained to third parties as a result of your property. For example, if there is a burst pipe in your house and the water leaks through to your neighbour’s house, having Property Owners Insurance will allow you to pay for their damages and compensation.
At Call Wiser, we offer an easier way to compare Landlord Insurance. We work with over 30 of the leading insurance companies in the UK to get the best deal for you. Using a comparison service allows you to find the best rates and also get a number of quotes at once, rather than having to get a price from each insurer one by one.
We think its better to call because it allows us to get to know you better and find the perfect policy for your needs. We like to minimize the amount of things that you have to fill in and post off to make the application as simple as possible. Simply call us today on 0333 003 3270 and you will speak to one our insurance experts based in our head offices in Hampshire. They will ask you a few basic questions about your property and we will give you a competitive Landlord Insurance quote from a number of top providers.
Our Landlord Insurance comparison service is completely free and always will be. There are no upfront or hidden fees and it doesn’t cost anything to call us from a landline or mobile. So why not call today for a free no obligation quote?
If you prefer, you can request a quote online by filling in a few details and someone from our dedicated team will give you a call back today.