INSURANCE
Legally speaking, it’s not compulsory to have any insurance as a landlord. But as there are so many risks that are associated with letting a property and so many areas where problems can arise, landlords are advised to assess their own needs and purchase appropriate cover: a normal “buildings and contents” policy will almost certainly be inadequate for a landlord’s needs.
renting out their property. Cover can be arranged for: accidental damage, cover for alternative accommodation
and/or loss of rent if the building becomes uninhabitable, home emergency cover, key insurance for theft or
loss, legal, buildings and contents.
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An introduction to Landlords Insurance
Landlord Insurance. Keep your investments safe.
To ensure you are protected as a landlord, we recommend that you purchase Landlord Insurance, as normal home insurance isn’t designed for rental properties. Direct Line’s Landlord Insurance, on the other hand, has been designed specifically for landlords, buy-to-let owners and management companies.
For example, did you know that, as a landlord, you could be held liable for injuries that happen on your property or for damage to a neighbouring property? That’s why Public Liability cover should be a key feature of any landlord insurance policy. Direct Line Landlord Insurance provides Landlord with up to £2m public liability cover as standard.
And there’s even better news - Direct Line guarantee to beat the price of any other insurer – which means your Landlord insurance could cost you less than you might think, whether you have one property or lots of them. To discuss your needs speak to Direct Line’s team of UK-based Landlord Insurance specialists on 0845 301 5098, (New customers only. Cover on an equivalent basis to ours. Excludes NI. Qualifying Criteria apply.)
Direct Line have helped thousands of landlords get their properties back into action quickly and efficiently. And they can help you too, should the worst happen, by letting you use your own network for repairs, as well as their own. (Claims settled on an individual basis.) They’ll also make the claims process easier for you with a dedicated, named personal claims handler who can, if you wish, liaise directly with your tenants, family or builders.
Why you, as a Landlord, need Public Liability Insurance
Public Liability Insurance provides cover to pay for any legal costs associated with valid claims.
- Personal injury claims arising from incidents connected with a rental property
- Claims made by tenants for damage to their personal belongings
- 3rd party claims made from neighbouring flats and houses following an incident such as escape of water, falling trees or roof tiles
If you are found to be legally liable following a claim, Public Liability insurance will cover the following costs associated with the legal action:
- Loss of earnings
- Future loss of earnings
- Damages awarded to the claimant
- Your legal costs in defending a claim
- Claimants' legal costs if you are at fault
Make sure you and your property are properly insured
Whether you’re renting out property to provide a small income in the hope of a return on your investment, or you have a portfolio of properties from which you earn your main income, it's important that you consider the insurance you need for each rental property – as the potential loss of income or the actual loss of your investment could be disastrous.
It’s also important to consider the potential impact of the following and to take steps to make sure your financial investment is protected as well as possible.
- The cost of repairs if your property is damaged for example by fire, storm, flood, or lightning
- The cost of replacing your contents in the property under the same circumstances
- The possible loss of rental income if, for certain reasons, your tenant had to move out for example the property had been damaged by fire
- The potential costs should an employee be hurt or have an accident while carrying out work on your property where you are legally liable
- Unexpected leaks and other accidental damage
- Theft from the property of your fixtures, fittings or furnishings
- Replacing locks and other damage after theft in the event that the keys are stolen or locks are damaged
- Damage caused by tradespeople working on your property
- Accidental damage to property by tenants or others not living there
- The cost of 3rd Party and Personal Injury compensation claims where you are legally liable
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High level of standard cover |
Optional extras - extend your cover |
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Buildings insurance cover (1) |
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Public and property owners' liability up to £2m in case a claim is made against you. |
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Contents cover. (Cover only for leasehold properties, such as flats, where a freehold management company may already have buildings insurance.) (2) |
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We’ll pay to re-house your tenants following an insured event such as a flood or fire. (Subject to policy limit.) |
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Free accidental damage to your property (when you insure your building) |
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Glass and locks replacement (3) |
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New for old replacement if any of your contents are damaged |
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Accidental damage for contents (when you insure your contents) |
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Free access to business helpline 7 days a week |
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Access to your own Personal Claims Handler |
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0% interest on your monthly payments for the first year. |
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Loss of rent following an insured event |
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Employers' liability – protection if an employee claims against you for an injury caused while at work |
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Speak to Direct Line’s team of UK-based Landlord Insurance specialists on 0845 301 5098, whether you have one property or lots of them.
Direct Line aren’t on comparison sites, so go direct for their best deal.
