Home Insurance for Landlords
There are special Home Insurance policies designed for landlords. The crucial point is that you have let your insurance company know that the property concerned is occupied by paying tenants. All the features and benefits covered under a standard Home Insurance policy are included - as well as a few important extras.
These landlord policies insure your loss of rent - as well as the cost of alternative accommodation needed - if the house becomes uninhabitable due to loss or damage caused by an insured peril such as fire, storm, flood to name but a few.
Some insurance companies may ask for details of tenant occupancy as this can be a rating/pricing factor. It may also influence whether an insurer is actually prepared to accept the risk in the first place. For example, a number of insurance companies will not provide cover if a property is let out via Airbnb.
This won’t a problem for you - since we have our own bespoke underwriting facility with an insurance company called Ergo. Ergo is a German Insurer and is A-rated. This enables us to offer insurance to landlords or investors who may require cover for the following types of properties.
- Houses, Flats and Apartment Blocks
- Vacant Houses, vacant flats, vacant Apartment Blocks – once it has a roof, windows and doors. It must be secure and weather tight.
- Houses in the course of construction at second fixing stage – where CAR (Contractors All Risks) or self-build cover has ceased.
- Houses or Flats in the name of the Representatives of a deceased person.
- Houses/Flats used for Airbnb
- Houses/Flats rented to Professionals, Families, HAP recipients, Students and Asylum Seekers
- Houses/Flats bought by Pension Trusts
- Houses/Flats in the name of Limited Companies.
Landlord insurance policies come with a few additional conditions. You must notify us if the home becomes vacant or does not contain enough furniture for normal living purposes. If you are just in-between tenants and doing a bit of fixing up, painting etc., then cover will continue as before. However, if you have no plans or tenants lined up, then it is likely the cover will be reduced to fire and liability only. Give us a call and we can advise you.
As with all home insurance policies, you need to tell us if the home is used for business (other than letting to tenants).
Finally, you must be in compliance with the House Standards for Rented Houses Regulations 2008 and subsequent amendments. And of course you need to keep the house in good condition. In relation to fire safety, there are some very specific requirements such as having fire extinguishers, fire blankets and at least two smoke detectors. These must be either wired into the electricity supply or have ten year batteries.
Call us now on 0818 22 44 33 and we'll be
happy to quote you.