7 things to look out for when choosing your landlord insurance

As with insurance for your own home, a standard landlord policy can provide cover for the structure of your rental property under buildings insurance. That means if it’s damaged or destroyed by events such as fire, flooding or a storm, you can claim for the cost of repair or rebuild if necessary.

If your rental is furnished – even at a basic level of providing carpets, curtains and fittings – it’s also common for landlords to have those contents covered against damage and theft under their insurance policy.

However, because letting is a business, and you’re going to have tenants that you probably don’t know, as well as their guests and contractors coming into and out of the property, landlord insurance should protect you in a number of other areas.

Here are seven key things to think about and look out for when putting together a landlord insurance package, to make sure you have the right level of cover:

Can the provider tailor your policy?

Some landlord insurance providers offer very limited cover:

1. Is there liability insurance?

If a tenant, visitor or contractor injures themselves in your property, they may make a claim against you. Liability insurance offers you financial protection against the cost of both your legal defence and any compensation or settlement awarded by a court.

2. Does the insurance include malicious damage?

Most tenants take good care of their rented home, but occasionally we receive claims following an incident where a tenant (or their guest) has deliberately damaged the property and contents. So it’s wise to ensure your policy covers against both accidental and malicious damage.

3. If your property is leasehold, do you need buildings insurance?

If you have a leasehold property, buildings insurance may already be included in your service charge. Check exactly what cover it provides, and make sure you choose an insurance provider who can offer a tailored policy that gives you the right level of cover without duplicating any areas.

See our article, ‘7 reasons why landlords who own a leasehold property need specialist insurance’.

4. Is lost rent covered in case the property becomes uninhabitable?

If the property can no longer be lived in following an insured event – such as a severe flood – you can get landlord insurance that covers lost rent for the period of time the property is uninhabitable, or the cost of you finding alternative accommodation for your tenants.

5. Are you protected against a tenant withholding information that causes problems with a claim?

The last thing you want when making an insurance claim is to have it rejected because of something that wasn’t your fault. So, make sure the policy you choose covers you for tenants’ non-disclosure of relevant information.

That means if a tenant has withheld information that causes you material or legal problems when making a claim, as long as you can provide evidence that all reasonable and required pre-tenancy checks were made properly, you should be able to benefit from contingency cover.

6. Can you save money and hassle with portfolio insurance?

If you have more than one property, look for an insurer that can accommodate all your properties on a single policy that offers multi-property discounts.

See our separate article, ‘How landlord portfolio insurance can benefit you’.

7. Does the insurance provider have a solid track record?

Ultimately, you want to know that you have comprehensive landlord insurance cover at the best price. That doesn’t mean the cheapest policy; it means the best value for your money.

Bode Insurance Solutions has teamed up with Unisure, who have been around since 2007 and work with some of the UK’s biggest insurers and letting specialist underwriters, only offering 5-star defaqto-rated cover. At Bode, we also take care to operate a sustainable and environmentally responsible business and have been carbon neutral since 2022.

If you would like to discuss your insurance needs and save yourself the job of searching for a provider yourself, simply get in touch with the team of buy-to-let brokers at Bode. Call 01903 890044 or email us on info@bodeinsurancesolutions.co.uk . You can also easily get a quote online.

If you are a current landlord with any of the agencies in Leaders Romans Group, an insurance quote is ready and waiting for you in your online landlord account. No fuss or forms to fill out!

Bode Insurance Solutions Limited is registered in England (Company no 03101637) Registered Address: Crowthorne House, Nine Mile Ride, Wokingham, Berkshire RG40 3GZ.
Bode Insurance Solutions Limited is authorised and regulated by the Financial Conduct Authority (FCA) under firm reference 313541.
You may check this on the Financial Services Register by visiting the FCA’s website https://register.fca.org.uk or by contacting the FCA on 0800 111 6768