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Protecting the property from potentially damaging occurrences is a major priority for landlords, which is why Ashburnham provide flexible, comprehensive landlord insurance for freehold and leasehold buy-to-let properties.
Choose the level of cover you require, using our online policy form, and Ashburnham will instantly compare quotes from a panel of trusted insurers to provide you with the best value for money on your landlord insurance plan.
What Does Landlord Insurance Cover?
Landlord insurance protects landlords from potential risks that are usually associated with renting out a property. The most popular type of buy to let insurance for landlords is buildings cover, which protects a landlord’s most important asset, the property. Although this type of cover is good, owners should invest in additional protection to secure themselves from the chance of financial risks occurring. When you purchase a landlord insurance policy you should choose the insurance that you need based on the risks you want to protect yourself from.
For example, a strong buy to let insurance policy will cover a property owner’s liability and possibly include contents insurance for any furnishings they might want to protect from potential damage by the tenant e.g. ripped curtains and stained carpets.
The cost of your landlord insurance policy will depend on a number of factors including your property and tenant type, the types of insurance cover you choose, and the levels of cover that you need.
Types of Cover Ashburnham Offer Let Property Owners
The type of cover you need may vary. You can build your own landlord insurance policy choosing from covers such as buildings and contents insurance, loss of rent, public liability insurance and more. These are the most popular types of landlord insurance cover.
Buildings – covers the financial cost of repairing a property’s structural damage, typically caused by the environment (flooding, storms, etc.), malicious incidents, and unforeseeable accidents (e.g. a burst water pipe).
Contents – protects landlords from the costs of repairing and replacing furnishings that have been stolen or accidentally damaged by tenants (recommended for proprietors letting furnished properties).
Public liability – indemnifies property owners against liability if an incident occurs that harms or injures someone on their premises, including cover from the financial costs of any claims made due to negligence.
Loss of rent – guarantees monthly rent payments for a maximum of 6 months in the event that a tenant fails to make payment and owes in arrears (e.g. a resident has lost their job and can’t temporarily afford to pay rent).
Malicious damage – covers the damage caused on purpose by a tenant or other malicious person to the landlord’s property.
Legal expenses – indemnifies the expenses in pursuit or defense of any disputes connected to a landlord’s property that require legal protection.Types of Tenants Landlord Insurance Covers
Landlords must state what type of occupants they are letting a property out to when buying policies for residential properties. This is known as the “tenant type”. They are one of the many factors that can influence the price of premiums.
Examples of the tenant types that Ashburnham cover:
- Professional/Working tenants
- Student tenants
- DSS tenants
- Housing Association tenants
- Council tenants
- Asylum Seeker tenants
- Retired tenants
- Friends/Family Member tenants
- Company Employee tenants
Types of Occupancy Arrangements for Buy To Let Properties
There are also various occupancy and lease agreement arrangements that may exist. The most common scenarios are as follows:
- Standard Let – the property is let to one tenant or family
- HMOs (House in Multiple Occupation) – two or more tenants/families in the same property
- Residential Let – the property is used for residential purposes
- Commercial Let – the property is let to a business such as a shop or office
- Mixed Use – for example, the property may be a commercial shop downstairs with a residential flat upstairs
- Resident Landlord – the landlord lives at the property and rents part of it to tenants
- Bedsits – a house with multiple self-contained bedrooms and shared facilities
- Empty Property – an unoccupied property with the intention to let to tenants
Ashburnham Insurance accepts cover for all types of freehold, leasehold and tenancy arrangements. Even if it’s not listed above, a policy can normally be tailored to your specific demands and needs.
Is Landlord Insurance Compulsory?
Landlord insurance is optional, however, a standard home insurance policy will not cover a rental agreement. Additionally, if your property is mortgaged, you’ll usually need to get permission from your mortgage lender in writing before you can rent out your property.
Whilst it isn’t a legal requirement, landlord insurance makes good sense if you are a landlord renting out a property, just in case something goes wrong that could incur a great financial cost.
If your property becomes seriously damaged to the point that you won’t be able to rent it out, then you will lose the rental income that you would usually have. Cover for loss of rent can help protect you in this type of situation. Maybe your property has inflicted water damage from a flood, can you afford to carry out repairs and masonry work on your building? A comprehensive insurance policy will protect you in all such eventualities.
What Locations Are Covered?
Ashburnham provides buy to let insurance for rented properties within England, Scotland, Wales, Northern Ireland, the Channel Islands of Jersey and Guernsey and the Isle of Man. Cover is not currently available to oversea owners such as British expats and non-resident landlords living abroad. The dwelling that is being insured must bear a UK format postcode.
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