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You can expect a reliable let insurance policy to include:

Landlord buildings insurance

Buildings insurance covers repair costs if your property suffers damage due to:

• Natural disasters
• Subsidence/heave
• Fires
• Theft/burglary
• Vandalism

The policy safeguards you from expenses to restore your building and any permanent fixtures, such as built-in kitchens, bathrooms or exterior lighting fittings caught in the crossfire.

Landlord contents insurance

Contents insurance protects any of your items within the rental property, such as:

• Soft furnishings – curtains, carpets, etc.
• Furniture – tables, beds, sofas, shelves
• Kitchen equipment – crockery, cutlery, glassware
• Outdoor items – outdoor seating, barbeques, decking, hot tubs
• Electronics – TVs, stereos

There’s no legal requirement to cover the cost of your tenants’ belongings. Their insurance policies will have to handle those losses.

Rent guarantee insurance

As the name suggests, this plan accounts for instances where your tenants stop paying rent or fall short of their regular retainer. Rent guarantee insurance is also called tenant default insurance. There are a few policy add-ons you can add to your landlord insurance policy, such as rental income protection and loss of rental income cover – which we’ll touch more on in a minute.

Legal expenses

Legal expenses insurance covers legal fees should you find yourself in a legal dispute – either with tenants or third-party persons.

Renting your property is a serious business, and payment issues often push landlords to take their occupants to court. However, that doesn’t make the process any less expensive.

Alternative accommodation

Alternative accommodation helps property owners pay to place their tenants in temporary rehousing during insured events. For example, you may need to relocate your occupants while your plumber repairs a leaking pipe that’s flooding the building.

Accidental damage cover

Accidental damage compensates landlords for unexpected repairs made to their property or insured belongings. Damaged walls, stained rugs, and structural mishaps from DIY projects all warrant unintentional incidents.

Landlord liability insurance

Liability cover will reimburse your litigation costs, hospital bills or compensation costs associated with an accident occurring at your rental properties.

Property owners’ liability is convenient for landlords who end up in specific high-expense legal issues with their renters. If a tenant or visitor suffers injuries or losses while on your property, they have the right to take you to court.

Unoccupied property cover

An unoccupied property policy is ideal for landlords who are:

• Still searching for tenants
• In-between renters
• Renting out to students who travel on holidays
• In the process of renovating the property

This policy covers landlords for periods when you’re not renting out your property. Unoccupied buildings are more vulnerable to theft and vandalism since offenders know there won’t be anyone inside to catch them. However, there is usually a timeframe limit tied to this kind of cover, normally between 60 and 90 days.

Note: Some of these policies may not be standard and can vary between insurance providers. They might be available as optional add-ons to your policy. Do check these finer details with your insurance company.

Are there any exclusions on a landlord insurance policy?

Yes, there are a few instances where buy-to-let property insurance won’t cover you:

• Normal wear and tear due to poor maintenance upkeep (e.g. flaking paint, rusted handrails, etc.)
• Deliberate damage to the property (to claim the insurance payout)
• Pet damage
• Uninsured building structures/items not mentioned on the policy
• Tenants personal belongings
• Boiler cover