If you are a landlord renting out your property then it might be a good idea for you to take out a landlord insurance to protect your property when it’s being rented.
Here are some of the best landlord insurance companies for you to compare.
How we selected the landlord insurance companies
We have selected the companies by looking at reviews from independent market research providers and only selecting companies that rated more than 4 Stars out of 5 Stars. Here is the information:
- Simple Landlords: Feefo – 4.2 Stars out of 5 Stars
- Home Protect: Defaqto – 5 Stars out of 5 Starts
- AXA: Defaqto – 5 Stars out of 5 Stars
- Premierline: Feeto – 4.6 Stars out of 5 Star
Why do you need a landlord insurance
If you are renting out your property, a regular home insurance will not cover you. You should get a landlord insurance for proper protection. It is not a legal requirement, but, having a landlord insurance is very worthwhile. It will protect you from risks and give you reassurance. Also, if you are renting out your property, unless it is fully paid off, your lender might require you to take out a landlord insurance.
What might a typical landlord insurance cover
Typically, you will have content cover, so that any contents in your property get damaged or broken, it will get fixed or replaced by the insurers.
Contents are items such as a fridge, cooker or furniture. Typically, these items are at risk of damage when your property is occupied by tenants. You will get cover for damage to fixture and fittings. Having a landlord insurance could save you from a big bill for repairs or replacements.
Landlord building insurance will cover you, if your property needs repair or rebuilding.
Typically, it could include money to replace keys or change locks. You could also get optional cover for non-payment of rent due to various reasons. You could also get home emergency cover, as an addition.
What it might not cover, could include
- You might not, typically, be covered for damage caused by floods or storms.
- Natural depreciation of building and property.
- Damage caused by repair, decorating or alteration of property.
You would need to look at your individual policy to see all the exclusions to your cover.
If you are renting out multiple properties and would like to get insurance for them all, then you might be able to get a discount.
Will the landlord insurance cover tenant’s contents
The landlord insurance policy will not cover your tenants valuables and possessions. You might be able to get this as an add-on. Or you might want to purchase a tenant’s content cover policy.
With Simple Landlords you can get a quick quote online or if you prefer you can ring them and get a quote. They offer a simple, plain English, insurance cover. And, they will help you to understand all the options available so that you get the correct cover for your needs.
Simple Landlords will give you up to £2 million for building cover, to do any structural repair.
With Home Protect landlord insurance is their speciality. You will get up to £1 million for building cover, to take care of any structural damage to your property.
They will also give you up to £7 500 to repair any damage to outbuildings.
With AXA, as well as building insurance to repair or rebuild your property, they offer owner’s liability cover (up to £10 million). You can get cover for up to 10 properties in a single policy.
You do not pay any interest, if you choose to pay in monthly instalments.
You can get residential or commercial landlord insurance with Premierline. They will compare quotes from a number of providers.
They provide monthly payment options, so you don’t have to pay it all together.
If you are interested in home insurance, read our article, here: Best Home Insurance Companies – UK.
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If you are interested in a loan, check out: Loan.co.uk.
If you would like more information on insurance regulations, go to: Association of British Insurers.