Landlords’ Insurance:

As a landlord your property is likely to be your biggest asset and you will want to keep it that way. Adequate landlord insurance can mean make or break for a landlord, but the world of landlord insurance is often confusing, making it difficult to know whether you are really getting the best cover for your needs. You may ask yourself, for example, can I just rely on normal home insurance? What sort of cover should I look for? Is the cheapest policy really right for me?

What is the best landlord insurance cover for you?

Landlords should consider a variety of policy features when looking for the best landlord insurance cover for their particular circumstances. Standard ‘home insurance’ policies may appear to be sufficient, but it is likely that the specific requirements of a landlord will necessitate specialist cover to meet their additional needs, such as loss of rent, cover between tenancies and malicious damage by tenants and/or guests. It is also important to find landlord insurance that helps to cover your liability as a landlord should a tenant, or a visitor, become injured on your property. 

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It is always best practice to ensure that you read the terms and conditions of your insurance policy to ensure that it covers your unique policy requirements. This provides you with the opportunity to speak to your insurer about additional cover if required, it is better to identify this sooner rather than later.

Building insurance

Any property owner will recognise the importance of buildings insurance to protect their property in the event of damage from storm, flood or fire. Like standard home insurance, mortgage lenders will require this insurance to be in place before finalising a loan.

For landlords, buildings cover can however be adapted to include scenarios involving tenants or guests. For example, Hamilton Fraser’s Total Landlord Insurance Premier policy includes cover for theft, accidental damage or malicious damage by tenants and/or guests, something often excluded by other insurers or added for an additional cost.

Despite your best efforts to find reliable tenants, problems can still occur throughout the tenancy and there is simply no price for peace of mind. With comprehensive cover you can rest assured that your property is protected should you need it.

How is Hamilton Fraser Total Landlord Insurance’s Premier policy different?

  • Cover for theft, accidental damage or malicious damage by tenants and/or guests (subject to terms and conditions)
  • Extensive property disputes support
  • Cover between tenancies for up to 90 days

Contents insurance

Landlords can often confuse their tenants’ contents insurance with their own. While tenants should be responsible for their own possessions in your property, landlords should also look to protect their own assets. For example, if you have let your property furnished then you are likely to have a higher contents limit than an unfurnished property. This type of cover is not essential but can be invaluable should there be any accidental damage to glass and sanitary fittings, which can otherwise be costly to replace.

Comprehensive all-inclusive contents cover can also include malicious damage, theft and even extend to gardening equipment, which can add further security to your property.

Loss of rent

For most landlords, their rental income is vital to keep things ticking over financially. For example, rent payments could be helping to pay off the rental property mortgage or be your primary source of income. Loss of rent can be very damaging and it is therefore worth considering a landlord insurance policy that can help you meet your monthly payment obligations or revenue expectations in the event that your property is rendered uninhabitable as a result of an insurable event such as fire or flood.

How is Hamilton Fraser Total Landlord Insurance Premier policy different?

  • Loss of rent or alternative accommodation included (30% of buildings sum insured on the Premier policy)
  • Denial of access cover (limited to 90 days)

Accidental damage

No landlord wants to receive a call about a tenant who has put their foot through the ceiling, but unfortunately accidents do happen. Accidental damage is damage that occurs suddenly due to an unexpected and non-deliberate action that is outside of your control. Being prepared for the unexpected can help to avoid any nasty surprises along the way and so accidental damage cover is a potentially useful addition to landlord property insurance policies. 

How is Hamilton Fraser Total Landlord Insurance Premier policy different?

  • Accidental damage included as standard under buildings insurance

Liability and disputes cover

Liability cover is a vital area of insurance for a landlord and should be an essential feature of the policy you buy. Liability cover helps protect you in the event of a tenant, or visitor, being injured on your property or third party damage arising from your property. For some properties liability cover may be mandatory, but if it is not included within your standard policy it is definitely worth considering.

Similarly, property disputes can cause considerable amounts of stress, not to mention being potentially very costly for you as a landlord. It is important there is adequate cover for legal protection against disputes arising from your property, goods or services or criminal damage. This can be invaluable should the worst happen and so it is a good idea to look for an insurance policy that can fully support your needs.

At Hamilton Fraser Total Landlord Insurance we also cover incidents where there has been third party property damage arising from the insured property. An example would be a leak from the insured property that has seeped into next door causing damage to their property.

How is Hamilton Fraser Total Landlord Insurance Premier policy different?

  • Property owners’ liability and employers’ liability
  • A legal telephone advice line for property disputes
  • Nuisance and trespass cover
  • Criminal defence costs
  • Contract disputes

Our top tips for finding the best landlord insurance for you

  1. Ensure it is ‘landlord’ specific – there really is no substitute for a comprehensive landlord insurance policy. Normal home insurance simply won’t cover you in the same way and will be inadequate when it comes to protecting you against certain scenarios specific to landlords, such as loss of rent cover, accommodation costs or landlord liability cover
  2. Make a note of your needs – every landlord is different and understanding your specific requirements can help you to identify the best landlord insurance for you. It may be that you are more likely to need some cover options over others; it is a case of weighing up the risks and making an informed decision
  3. Cover over cost, don’t get caught short – A lower priced policy may seem better in the short term when it comes to cash flow, however the lower cost may come at a higher price further down the line, leaving you out of pocket when your policy isn’t a comprehensive as you thought. It is important to read and understand the policy cover you are buying fully, to ensure that all your property insurance requirements are met. Don’t forget you can always discuss your individual insurance requirements with Hamilton Fraser Total Landlord Insurance by giving our expert team a call on 0800 63 43 880
  4. Look for policies that give you extra – landlording requires a vast amount of your time and effort, so look for policies that give you that little bit more to fully support your needs. For example, both Hamilton Fraser’s Total Landlord Insurance Essential and Premier policiesaccommodate for housing benefit tenants, students, houses in multiple occupation and working tenants, with no difference in cover or price subject to an assured shorthold tenancy agreement. Additionally, there is also a dedicated in-house claims team of expert advisers to give you a sole point of contact in the event of a claim
  5. The best landlord insurance policy – this is the policy that fully accommodates your needs without costing the earth or being so complicated that you don’t really understand what you are covered for and what is excluded

As a landlord you are constantly juggling tenants, rent payments and maintenance, not to mention your legal obligations, and you may therefore not be able to visit your property as much as you would like. For this reason, assessing your specific insurance needs and finding a comprehensive landlord insurance policy that suits you can help to minimise your property worries. Once you have the right insurance in place, you can rest easy knowing that, if the worst happens you are fully covered.

To find out which landlord insurance cover is best for you, call Hamilton Fraser Total Landlord Insurance on 0800 63 43 880 quoting code LZ2019 or get a quote online in under 4 minutes. As a LandlordZONE reader, you are eligible for an exclusive 10% discount.

©LandlordZONE® – legal content applies primarily to England and is not a definitive statement of the law, always seek professional advice.

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