For most landlords, regular home insurance just isn't sufficient. Your property is a major investment, and you're right to be protective of it. We offer a specialist insurance that's built for landlords.
We offer landlords buildings insurance and contents insurance.
What is landlord buildings insurance?
Landlord buildings insurance covers you for damage to the structure of the building of your rental property, including the walls, floors and roof, as well as any permanent features that are built into the property, such as a fitted kitchen or bathroom.
Is it a legal requirement for a landlord to have buildings insurance?
As a landlord, you’re not obliged to take out buildings insurance unless it’s a condition of your mortgage.
However, as you’re responsible for repairing any damage to the structure of the building and for ensuring the upkeep of the integral services, such as the plumbing, gas pipes, electrical system and central heating, it’s important you protect yourself, and your investment from risks which could potentially result in significant financial implications.
Why should I take out landlords buildings cover?
If you don’t have an adequate buildings insurance policy in place, you could find yourself having to fork out a significant amount to cover the costs of any repairs. If you neglect to take out this cover and it is a condition of your mortgage, you are putting your mortgage and your property at risk.
Landlord buildings insurance means that you can rebuild or repair your property without having to find the money yourself. Also, consider what would happen to your tenants if your property suddenly was uninhabitable. Our insurance also covers the costs of alternative accommodation or a loss of rent and re-letting costs for up to two years after an insured event.
What does landlord buildings insurance cover?
Buildings insurance covers the cost of repairing your property in the event of a variety of events. For example, you should be able to make a claim if your building has been damaged by fire, aircraft, lightning, explosion, collision or impact, falling trees and earthquake, theft by forcible means, subsidence, heave, riot/civil commotion, storm, flood, malicious acts (not by tenant), oil leakage or escape of water.
It’s important to be aware that you’ll only be covered for accidental damage and malicious damage by the tenant if you have opted for these types of optional cover as part of your policy.
Does landlord insurance cover tenant injury?
Landlord buildings cover can also pay out if you are being sued because someone has been injured, their property has been damaged or they have died because of an incident that has occurred on your property.
As part of our buildings insurance for landlords, we offer £5m property owner's liability and £10m employer's liability as standard.
What isn’t covered in my policy?
Unfortunately, buildings cover doesn’t protect you from damage caused by wear and tear. For example, you won’t be able to make a claim if your property has been impaired by frost or vermin.
Includes emergency assistance insurance
We provide landlord emergency assistance insurance as part of our buildings or full contents cover. This feature gives you and your tenants access to a 24-hour helpline that they can contact in an emergency if the problem is causing ongoing damage, the property has been made insecure or the safety of the tenants is at risk. A qualified contractor will be contacted on your behalf and the costs associated with a call out will be covered up to a maximum of £500.
Landlord buildings insurance whilst living in the property?
If you let out part of your property, it’s unlikely that you’ll be covered by an ordinary buildings insurance policy. Before you take out insurance, please inform us if you live in the property so that we can discuss your policy options to see if they are right for you.
What if my property is unoccupied?
Your buildings and contents will still be covered if your property is left unoccupied up to a maximum of 90 days. This offers you peace of mind in knowing that your policy will not automatically become invalid in between lettings. Cover for malicious acts, theft, escape of water or oil and accidental damage are excluded after the property has been left unoccupied for more than 90 consecutive days.
For a comprehensive list of what exactly is included in your cover and what’s excluded, you should refer to your policy wording and insurance schedule.
How much does landlord buildings insurance cost?
The cost of your policy will depend on a variety of factors, including the type and size of your property, how old the property is, what the building is made with and where your property is located. If you choose to take up optional extras, this may also affect the amount you need to pay. The cost of your premium can also be impacted if you have made claims on your insurance in the past.
When is my policy valid from and when does it end?
Your landlord buildings insurance covers you for 12 months. After this period, your policy will renew unless it is cancelled by you. You can find your exact start and end dates in your insurance documentation.
We always recommend that before you buy one of our insurance policies, you read through the Policy Wording to ensure that you understand the full Exclusions, Limitations and Conditions of the policy.
It’s really important that you understand exactly what we provide cover for, so here are some examples of what isn’t covered by our Landlord Buildings Insurance policy.
- Cover for malicious acts, theft, escape of water or oil and accidental damage are excluded after the property has been left unoccupied for more than 90 consecutive days.
- Cover restrictions and terms may apply to properties unoccupied at inception of a policy
- Accidental Damage cover will only apply if the Accidental Damage option is taken.
- Malicious Damage by tenant(s) is not automatically included under the standard policy cover. This cover is only available if the Accidental Damage option is taken.
- Liability as Employer cover is restricted to cover staff employed under a contract of domestic service in relation to the insured property.
If you want to know more about this policy, please refer to the full Policy Wording. Remember, these documents will be branded Homelet — our sister company.