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<\/a><\/p>\nIs it compulsory to have landlord insurance?<\/h2>\n
The short answer is no. In the UK there is no legal responsibility to be covered by landlord insurance. Should you be seeking a buy-to-let mortgage, however, it might not be that simple, as many lenders will require that landlord insurance be in place as part of their mortgage agreement.<\/p>\n
However, it\u2019s extremely important to understand that a normal, owner-occupier home insurance policy will not cover you against rental risks. If you\u2019re renting out all or part of a property, you should seriously consider landlord insurance in order to avoid potentially costly problems.<\/p>\n
How much does landlord insurance cost?<\/h2>\n
The price of your landlord insurance policy will depend on a range of different factors, and varies by landlord. Your premium will be affected by things like the types of cover you\u2019re including, the number of properties you\u2019re insuring, their location, and the number of tenants. Ultimately, the premium will be calculated based on the level of risk the insurer considers present for you. The good news is that landlord insurance is not prohibitively expensive, and should run into the hundreds, rather than the thousands.<\/p>\n
You should also note that landlord insurance is tax deductible, meaning that you can offset it against your rental income. We\u2019ll be covering landlord tax in more detail on Ideal Flatmate in the coming weeks, so stay tuned for more.<\/p>\n
What level of landlord insurance cover do I need?<\/h2>\n
Being under-insured is just as risky as not being insured at all. It\u2019s really important that you make sure you\u2019re taking out enough cover when you buy your policy.<\/p>\n
For buildings insurance, you should calculate your cover level based on the rebuilding cost of the property. Similarly, contents insurance should be based on the total replacement value of the items being insured.<\/p>\n
More complicated is landlord liability insurance. Liability claims can be huge, especially in the unlikely but possible event of a death. Most landlord insurers offer liability insurance up to \u00a35 million, but they will also generally offer different levels below this.<\/p>\n
Where can I get landlord insurance?<\/h2>\n
There are many landlord insurance providers in the UK. Some of these are actual insurers, while others are brokers.<\/p>\n
However, not all landlord insurers are alike. Some, for example, will not cover unoccupied properties, while others specialise in houses in multiple occupation (HMOs). You should also make sure that you understand the excess. An insurance excess is the requirement for the policyholder to pay the first part of any claim. Excesses can vary significantly, but a lower excess generally means a higher premium. Think carefully about the excess you\u2019d be able to pay in the event of a claim. Remember that many insurers will allow you to spread the cost of your policy across a full year – but also note that some charge interest for this facility.<\/p>\n","protected":false},"excerpt":{"rendered":"
Letting your house to tenants can be a sound financial decision, but that doesn\u2019t mean it comes without risk. New landlords are often nervous about either the costs they may have to cover or the safety of their property. That\u2019s where landlord insurance comes in. Landlord insurance can protect you against a wide range of … <\/p>\n
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