What is the best landlord insurance?

How much support do you want or expect?

We appreciate that some landlords want more service than others so you need to ask yourself – do you want a good service and someone you can rely on? Or are you happy with a comparison site and sorting it out yourself? This is the most important question to start with because it will determine which route is best for you to take.

Do you have a bad claims history?

If you have a bad claims history on your landlord insurance, then you may find your goal is to get some decent cover in place which doesn’t penalise you too harshly for your claims. Or perhaps your property will always be considered high-risk and you find it hard to find an insurer who will offer the cover you’re after. If this is the case then we’d suggest that for you, working with an experienced broker would provide you with the best landlord insurance for your circumstances. As a broker, we have experience in placing difficult risks, and we also have access to a panel of insurers, which means we will have more options for you than a one-stop-shop on a comparison website.

What type of cover do you need?

Main Cover

There are three main types of cover that your landlord insurance will provide: Buildings, Contents or a combination of both. You’ll be able to get any of these easily and all will be available on a basic or more comprehensive policy.

• BUILDINGS

This will cover the main structure of the building (including outbuildings if any) plus any fixtures and fittings inside the property i.e. kitchens and bathrooms, including integrated appliances and permanently fitted flooring.

• CONTENTS

This is designed to cover any furniture owned by you and any other loose items, including carpets, however, fixtures and fittings cover can also be included if the property is a leasehold e.g. a flat.

If you own the freehold of a property, it is most likely that you would need Buildings or a Buildings and Contents combination.

Legal Expenses cover

Another type of cover that landlord insurance can provide is Legal Expenses. This protects you against a variety of situations that can happen as a landlord that would normally leave you having to foot the bill for legal fees, including having to serve evictions or pursuing rent arrears.

Liability cover

As a landlord, you are also responsible for looking after your tenants in certain situations. For example, if your property becomes uninhabitable, it’s up to you to temporarily rehome them. This cover is provided in the form of Loss of Rent/Alternative Accommodation cover.

There are other things to consider too such as who is responsible if a tenant or their family is injured in the property as a result of your fixtures and fittings, or what happens if their property is damaged. This is where Property Owners Liability comes in.

What tenants are you letting to?

Each type of tenant comes with their own risks, but some can be harder to get insurance for, meaning if cost is your main driver and you have a high-risk tenant, you might not be able to achieve a really low-cost policy. Equally, some insurers do not offer cover for certain tenant types so you might find it hard to find insurance full stop. Depending on your tenants, you will have a different goal in respect of finding the best landlord insurance for you, so it’s important to bear this in mind when looking for your new policy.

Do you need single property or multiple property insurance?

If you have more than one property, it’s usually most cost-effective to insure them together on the one policy. As well as saving money, this also saves you time as you will only have deal with one renewal per year instead of multiple ones.

If the thought of organising all your separate properties to renew on one date gives you a headache, then you may be pleased to know it’s not as difficult as it sounds. You can move your properties from their single policies to one larger policy as and when they come up for renewal, just paying a pro-rata additional premium each time.