Many landlords take out insurance when they first let a property and then barely look at it again.
The policy renews, the premium gets paid, and life moves on, which is understandable.
But it’s worth asking whether that policy still reflects your situation, or whether it ever fully covered you in the first place.
Standard Home Insurance Won’t Cut It
If you’re letting a property that’s only covered by a standard buildings or contents policy, and you haven’t told your insurer it’s tenanted, you may find a claim rejected at the worst possible moment.
Insurers assess risk based on the information provided when the policy was taken out. A tenanted property carries different risks than an owner-occupied one, and policies are priced and worded accordingly. Assuming your regular home insurance covers a rental property is a risk that’s simply not worth taking.
Landlord insurance typically includes cover for the building itself, landlord’s contents where the property is furnished, loss of rent and landlord liability. However, what sits underneath each of those headings varies considerably from one insurer to another.
Loss of Rent: The Gap Most People Don’t Spot
Most landlord insurance policies will cover loss of rent if your property becomes uninhabitable following an insured event such as a fire or flood. That part is fairly standard.
Cover for rent arrears, where a tenant simply stops paying, is a different matter altogether. This usually requires a separate rent guarantee insurance policy and isn’t included automatically. It’s one of those products that feels optional until you suddenly need it.
Liability: Don’t Assume the Default Figure Is Enough
As a landlord, you’re legally responsible for the safety of your tenants and anyone who visits your property.
If someone is injured because of a maintenance issue that falls within your responsibility, landlord liability insurance can protect you against potentially significant legal claims. Most policies include liability cover, but the indemnity limits vary between providers.
Given the potential value of personal injury claims today, it’s worth checking that your level of cover reflects the risks rather than assuming the standard amount is sufficient.
Void Periods: Where Cover Can Quietly Disappear
This catches more landlords out than you might think.
Many insurance policies restrict or even remove certain elements of cover once a property has been empty for 30 or 60 consecutive days.
Whether you’re between tenants, carrying out refurbishment works or simply waiting for the right tenant, your insurer may require you to notify them once the property has been vacant for a specified period.
If you don’t, you could discover that your cover isn’t quite what you thought it was.
Don’t Let Auto-Renewal Do the Thinking for You
Insurance isn’t something most landlords think about until they need it. Unfortunately, that’s often the moment they discover the small print they never realised was there.
A policy that was right five years ago may no longer reflect your property, your tenancy arrangements or the risks you face today. Spending an hour reviewing your cover could save thousands of pounds and a huge amount of stress in the future.
Debbie Reay, Senior Lettings Valuer & Negotiator at Home Finders, says:
“We often speak to landlords who haven’t reviewed their insurance for years because it simply renews automatically. Most assume they’re fully protected, but policies can change and so can your circumstances. It’s always worth taking the time to understand exactly what you’re covered for before you ever need to make a claim.”
Need a Second Opinion?
If you’re unsure whether your landlord insurance still gives you the protection you need, we’d be happy to help.
At Home Finders, we work with landlords every day and understand the risks that come with owning an investment property. If, after reviewing your current policy, you think it may be time for a change, we can introduce you to a reputable specialist insurance provider offering robust landlord insurance that’s designed specifically for rental properties.
Whether you’re a first-time landlord or have built a sizeable portfolio, making sure you have the right level of protection is just as important as finding the right tenant.
There’s no obligation and no hard sell—just the opportunity to make sure your investment is properly protected before you ever need to make a claim.
Get in touch with our team today and we’ll happily point you in the right direction.
Letting Agency Done Ethically
A lot of people don’t trust letting agents. We’re trying to change that.
That’s why we’re proud members of the Ethical Agent Network. We’re the only local agency to have met the Ethical Agent Network’s rigorous standards and are independently reassessed every six months to ensure we continue to provide transparent, professional and ethical service.
Whether you need advice on legislation, compliance, property management or would simply like introducing to a trusted insurance provider, we’re here to help you protect your investment with honest, straightforward advice.
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