Landlords Insurance

Protect yourself and your property

What is Landlords Insurance?

If you are a Landlord or are considering taking the leap and becoming one of the 2 million landlords in the UK, then although it is not a legal requirement, it is wise to protect yourself and your property just in case anything does go wrong.

And because insurers tend to view the risk of renters living in your property as a higher risk than you living in your property, Buildings & Contents Insurance won’t usually cover you.

How does Landlord insurance work?

Landlord Insurance is basically a combination of lots of different types of cover all under one umbrella to protect anyone who owns a property and rents it out. It is up to you what it includes, however the more you include, the higher the premium.

The options you can include are:

  • Buildings Cover
  • Loss of rent
  • Legal Expenses
  • Accidental/malicious damage or theft
  • Cover for your contents
  • Property damage due to illegal cultivation of drugs
  • Eviction of squatters
  • Public liability
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How much is Landlord insurance?

Lenders will ask you pretty early on the process what type of tenant you will be renting your property out to, as this will impact how much to pay for your insurance.

Not every insurer will be willing to cover every type of tenant, but most will give you a wide choice of tenants categories. These include:

  • Employees
  • Self-employed
  • Unemployed
  • Students
  • Those is receipt of housing benefits
  • Retired
  • Asylum seekers
  • A mixture of the above

Unfortunately, this is where categories of tenants will be labelled, and insurers will look at some of them as higher risk than others.

For example, should you let to students, unemployed or those in receipt of housing benefit then you may pay a steeper premium purely because the insurer sees them as higher risk due to them having a low-level take-home pay- meaning they may not be able to pay their rent.

It is also worth mentioning that you must always make it clear to an insurer who you will be renting to, as failure to do so could invalidate your policy.

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How can Tipping & Webb help?

There is a lot to think about when looking at Landlord insurance and so it is our job to find a suitable solution for you and your circumstances.

This is why at Tipping & Webb, we offer our clients a full financial review of income, assets, outgoings, lifestyle and most importantly your needs for now and the future.

We also make sure that we take the time to get to know you and your circumstances so that we can fully understand and advise what kind of cover would be suitable.

We appreciate that circumstances may change, which is why the service our advisers provide never ends. Because we want to ensure that the cover you have is right for you, at every period of your life.

If you would like a bit more information about Landlord Insurance, get in touch with a member of our friendly team today who will be happy to help.

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