How Much Does Landlord Insurance Cost?

Posted 02/10/19

It’s a question that many landlords ask: “How much does landlord insurance cost, roughly?”. Unfortunately, there isn’t a simple answer, because the cost of landlord insurance depends on individual circumstances – the type and level of landlord insurance cover you take out.

The easiest way to get an idea of how much landlord insurance costs is to get a quote. It only takes a few minutes to gather the information we need, and you could be covered with the right landlord insurance at the right price in minutes.

However, to help you understand the cost of landlord insurance, here is a rundown of some of factors that will affect the premium you pay.


How Much is Landlord Insurance? Building and Contents Cover

At the basic level, you’ll need insurance to protect your property asset if it is affected by a serious incident like fire or flood. This building, fixtures and fittings cover is vital and will pay for repairs and re-instatement after such an issue – that is, provided you have the right level of cover in place.

It is really important that your buildings cover is based on an accurate assessment of the likely cost of rebuilding or replacing your property – otherwise an insurer may turn down or only pay a portion of your claim if the worst should happen.

Clearly, the level of cover you need goes up as the rebuild value of your property goes up, and more cover means a higher premium. Similarly, insurers may consider the type and location of your property when working out how much landlord insurance costs. 

For instance, a property in a flood risk area or with a flat roof may cost more to insure, and the cost of landlord insurance may also be affected by issues like the security measures you have in place and the employment status of your tenants.

Then there is landlord’s contents insurance. As the name suggests, this is insurance to protect any contents you own in the property – from furniture for a furnished let to things like cookers and washing machines. Again, the level of cover you need will affect the price of your landlords insurance.


How Much is Landlord Insurance? Other Useful Covers

The covers above are essential to protecting your property, but there are potentially even more serious issues to consider too. For instance, accidents and injuries at home are an unfortunate fact of life for most people, but for landlords they can be ruinous.

What would happen if a tenant were to hold you legally liable for an injury or damage to their possessions sustained while in your property? Whether you are to blame or not, defending such a claim can be a lengthy, stressful and expensive business, with an uncertain outcome.

That is why we believe a comprehensive policy should include property owners liability cover to provide legal assistance in the event of a liability claim against you.

You may also want to ensure that your landlords insurance protects you against loss of rent following a major incident, and issues like accidental or malicious damage by tenants, theft of furnishings, and the cost of re-letting your property after repairs.

Obviously, whether you take out these extra covers is down to personal choice, even though they are highly recommended as a means of protecting against unforeseen stresses and costs – but adding these covers would clearly affect the overall cost of your landlords insurance.


How Much is Landlord Insurance? The Bottom Line

The bottom line is simple. If you do not have landlords insurance in place to defend your property or you have the wrong type or level of cover, then you are not properly protected – which could leave your assets, your investment returns, and your personal finances at risk.

So, to find out how much landlords insurance costs, get a quote today.


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