Need to know more about landlord insurance?
If you’re looking for the best landlord insurance policy but not sure where to begin, why not check out our handy guide?Read more
4* Defaqto rated landlord insurance
Finalist for the 'Best Landlord Insurance Provider' 2019
Rental properties come in all shapes and sizes, so it’s important that you find an insurance policy that meets your specific needs. After all, if you’re looking to insure a buy-to-let property rented to residential tenants, your requirements will be very different to a landlord with a large property portfolio who needs commercial landlord insurance. Even some common rental types such as holiday homes or unoccupied properties can be considered non-standard, requiring specialist landlord insurance cover. So what types of properties can Endsleigh provide a landlord insurance quote for?
Residential properties are rental properties that are let to residential tenants under a tenancy agreement. They are often houses, flats or maisonettes, and may be let to student or non-student tenants.
Commercial properties are rental properties that are let for business purposes to commercial tenants. Commercial premises are used by many different types of business and vary in size from shops and restaurants to leisure centres and factories.
Do you have multiple residential or commercial properties, a mixed portfolio of both, or a single property which is let to both residential and commercial tenants (such as flats above a shop)? If so, it could pay to insure them under one policy.
Non-standard properties are specialist rentals such as holiday homes, buildings of a non-standard construction or unoccupied properties. Rental properties that are affected by subsidence or liable to flooding are also likely to require specialist insurance cover.
We can provide:
If as a landlord or management company you own all of the flats or apartments within a single block or complex, you may wish to insure them on a single landlord insurance policy. This will ease the burden of admin and could mean you get better value for money.
With over 25 years’ experience in the let property market, we’ve taken the time to understand the needs of landlords. Our 4* Defaqto rated landlord insurance can be tailored around your business, whether you manage a single property or an entire portfolio. Not only that, but if you take out residential landlord buildings and contents cover combined, you’ll get up to a 20% discount.
Not sure whether you need landlord insurance? We’ve pulled together some frequently asked questions to help you decide.
If you’re renting out a property to tenants, whether it’s a single residential property or a large commercial premises, it’s important to make sure that you’re fully protected.
A policy will provide cover to protect the landlord’s buildings, contents or both against a range of perils, such as fire, flood, theft and malicious damage. Optional accidental damage insurance will further protect your buildings and/or contents against accidental damage caused by you or your tenants.
When you obtain a quote you’ll usually be able to choose additional landlord cover depending on the type of property you’re looking to insure, such as home emergency cover, legal cover or employers’ liability insurance.
While insurance isn’t compulsory by law, it may be a requirement of your mortgage or loan provider to make sure you have landlord buildings insurance in place.
If you’re letting your property furnished, you may require landlord contents cover to protect any items you own in the property. You can easily add contents cover onto your landlord buildings insurance with Endsleigh, with up to a 20% discount when you take out buildings and contents cover combined.
Endsleigh’s contents cover can protect your items - such as your carpets, curtains, furniture, household utensils, kitchen electrical goods and soft furnishings - against a number of different risks, such as if they are damaged in a flood or a fire or are stolen.
A single article limit of £2500 applies and you cannot insure personal items or valuables or any items belonging to your tenants, so if you have any particularly expensive items (such as fine art or jewellery) you may need to investigate covering these separately.
In the event of a claim your contents will be replaced with a deduction made for wear and tear. This includes temporary removal cover and occupiers liability up to £2 million. Plus we automatically provide cover for garden contents up to £500 and for gardening equipment up to £1000.
While home insurance will provide protection for your property’s buildings and any contents that you own (depending on the covers you selected when you took out your policy), it won’t necessarily provide cover for the additional risks involved with renting out a property – such as accidental or malicious damage by tenants or periods of prolonged unoccupancy.
Buildings insurance provides cover for the structure of your property against risks such as fire, theft and flood.
Landlord insurance, on the other hand, is a policy that can protect your rental property’s buildings and contents against risks such as fire, theft and flood, as well as providing cover for additional risks such as loss of rent and accidental damage or malicious damage caused by tenants.
The term ‘landlord insurance’ can also sometimes be used to refer to additional landlord policies, such as rent guarantee insurance or home emergency cover.
First things first, what’s the difference between a tenant and a lodger?
If you decide to take on a lodger to supplement your income, you will need to notify your home insurance provider as this could affect the cover you have in place. Some insurance providers may restrict cover if you have a lodger (such as excluding break-in where there is no forced entry), increase your premium due to the increased risk, or you may need to find an alternative policy.
If you’re a leaseholder, you may also need to check the terms of your lease and/ or notify the freeholder before taking on a lodger.
No, landlord insurance is not a legal requirement – although it may be a requirement for your mortgage to have buildings insurance in place.
However, there are other legal requirements involved with renting properties to tenants - such as carrying out regular gas safety checks on your properties and providing certain paperwork at the start of the tenancy.
The cost of landlord insurance can vary and is determined by a number of factors. The premium is calculated based on your insurance history, as an individual, as well as the insurance history of the property.
Other factors can include:
It’s important to be as accurate as possible when you provide this information so your quote is reflective of your circumstances. If false or inaccurate information is provided, it may invalidate the policy in the event of a claim.
If you’re unsure, speak to one of our insurance consultants who will be happy to help.
The excesses applicable when you make a claim with Endsleigh can vary depending on the type of insurance you hold, as well as the claim you are making.
With Endsleigh’s landlord building and contents insurance, the standard excess for most claims in £250 excesses but can differ depending on the nature of the claim. The most frequent excesses are subsidence (£1,000), malicious damage or vandalism (£1,000) and escape of water or oil £500).
For landlords who have insured more than five properties on one policy (portfolio insurance), you may incur excesses for property damage (£200) or subsidence (£1,000).
There is no excess for home emergency cover.
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