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Compare Landlord Insurance

If you are one of the many who have chosen to invest in rental properties, one thing that you must never overlook is landlord insurance. Specially designed to cover your situation as a property owner renting to a third party, opting for landlord insurance can remove the associated financial risks such as damage or loss of rental income. And once you’ve determined which level of cover is right for you, why not use Bright Compare’s smart technology for the most advanced and independent landlord insurance comparison.

What Is Landlord Insurance?

Designed specifically with the needs of the private landlord in mind, landlord insurance is your protection against the extra level of risk that comes with renting out a property that you own. Sometimes referred to as Buy-To-Let Insurance, all landlord insurance should include buildings insurance. This vital element covers you for costs created by structural damage, including repairs.

Contents insurance is often included, and makes a good addition to your protection, especially if you plan to let your property fully or part furnished. Contents insurance also covers the cost of any damage to fixtures or fittings sustained during a tenancy.

Today, landlord insurance policies frequently offer a variety of other protections, such as landlord liability, tenant rent default, and accidental damage. At Bright Compare, we independently compare landlord insurance offerings so that you can clearly see what different types of cover are available.

 

Why You Need Landlord Insurance

It makes sense to invest in landlord insurance, as you never know what could be around the corner. Whilst it’s not a legal requirement as such, regular home insurance is likely to be insufficient for protecting you and your income from the particular challenges of the rental market. Furthermore, it is increasingly a requirement for being offered a buy-to-let mortgage.

With specialised landlord insurance, you can relax, reassured that even if your tenants have difficulty making their rent payments, you will still be paid and that any damage discovered during a tenancy will be covered too. Damages caused by flooding or fire are covered, often with the provision of alternative temporary accommodation for your tenants, making it a great protection for everyone concerned.

Compare Landlord Insurance Levels

Not all landlord insurance is the same, however, so it’s important to establish which level of cover is right for you. You can add different levels of insurance according to you and your properties’ individual needs, such as flood cover if it is located in the vicinity of a river. The core level of landlord insurance is Buildings insurance and should be the absolute minimum requirement. Some Buildings insurance includes cover for underground pipes and cabling, including essentials such as mains water, gas and electricity.

Contents insurance is the next level, and can often be linked with insurance for Leaseholder’s Fixtures and Fittings. This is worthwhile as it covers bathroom and kitchen fittings as well as any furniture in the property, and in some instances can be a good solution for flats which find these areas aren’t covered under the block’s insurance policy. You may be able to combine Buildings with Contents insurance if you decide that this is all the cover you need. However, there are many other options for your insurance package, and these are well worth investigating. The best of these options include:

Rental Income Protection

Also known as Loss Of Rent insurance, if the worst happens and your property is too damaged to rent out, you can still receive your expected rental income with this cover. It is important to check the lease first, as it may include stipulations for this scenario. Be sure too that you make a careful estimate of the time that your repairs will take, as this will affect the cover you receive.

 

Public Liability Insurance

Also called Property Owners Liability Insurance, this protects you in the event that a tenant (or a visitor or tradesperson) is injured in your property and believes it to be your fault. This insurance covers your legal fees, including costs, expenses and any damages which may be awarded should you be found responsible by a court of law. Cover is usually around £1 million, but higher cover amounts are available too, up to around £5 million or more. It’s certainly a good investment, as the expense of a court case (even if you are cleared of any wrong-doing or responsibility) can be financially ruinous. You can also arrange Employer’s Liability Cover if you have people working for you in your property, such as cleaners or gardeners.

Rent Guarantee Insurance

Certainly a wise addition in our current times of economic uncertainty, this guarantees that your rental income will continue if your tenant cannot pay. It is also called Tenant Default Insurance, and frequently includes legal expenses should you decide to evict the tenants for non-payment.

There are many more options available, so it makes sense to take advantage of a smart landlord insurance comparison tool, such as ours at Bright Compare. By simply entering a few details, you can quickly see all of the options available to you, enabling you to confidently choose the best cover for your unique needs.

What About Multiple Properties?

If you have a portfolio of rental properties, it’s important that each is properly insured. You have two options for this: insure each property individually, or take out a policy designed for multiple rental properties. Usually capped at ten properties, a combined policy can offer you savings and in many cases, you can streamline policy renewal dates, too. However, it is not generally possible to mix residential and commercial lets in a combined landlord’s insurance package. Compare landlord insurance to see which works out as the best deal for you.

Make the Right Choice With Landlord Insurance Comparison

It’s clear, then, that specialised landlord insurance is the best investment for you and your property. It offers all the reassurances you need and can be tailored to your own unique circumstances and requirements. Thanks to the smart technology used by Bright Compare, finding the best option is quick and easy, allowing you to get covered fast and then relax, safe in the knowledge that you are prepared for anything.

Frequently Asked Questions

Landlord insurance is, as the name suggests, insurance for landlords, covering buildings and contents, together with liability insurance to cover claims from tenants and other parties. Start your comparison today and we’ll help you find the right policy for your property or portfolio.

Comparing landlord insurance online is easy with our smart technology. Just enter a few details and our smart technology can find you highly competitive quotes in a matter of seconds. Start comparing the best quotes tailored to your circumstances today.

As landlord insurance often includes liability cover, it pays to look closely at all the details to get the right policy. Our state-of-the-art technology generates quotes for you in just seconds and we’re completely independent. Start comparing quotes with us today.

Yes. It always pays to compare insurance policies, and your current provider might not necessarily be the best option. Compare price and value before you commit. We can find you a selection of potential policies in seconds. Start comparing with us today.

Shopping online for landlord insurance is easy and efficient. We can get you various quotes in seconds with just a few details from you, potentially saving you time and money. We’re completely independent so start comparing quotes with us today.

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