Landlord Buildings Insurance: The Ultimate Guide One of the most important types of insurance you can have if you have a rental property is landlord buildings insurance, which ensures that the structure of your property is covered in case of damage. So today we’re going to explore what landlord buildings insurance covers, why it’s important, and how to compare policies effectively to ensure you’re getting the best protection for your property.
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Landlord Buildings Insurance – Useful links from our article:
What is Landlord Buildings Insurance?
Why is Landlord Buildings Insurance Essential?
Landlord Buildings Insurance Providers
What Does Landlord Buildings Insurance Cover?
Comparing Landlord Buildings Insurance Policies
What is Landlord Buildings Insurance? Landlord buildings insurance is a type of policy that covers the structure of a rental property, including the walls, roof, floors, windows, and permanent fixtures such as bathrooms and kitchens – if you can see it and use it, you can cover it! It’s purpose is to protect landlords against financial losses if the building is damaged due to various risks, such as fire, floods, vandalism, or natural disasters.
Why is Landlord Buildings Insurance Essential? For landlords, maintaining a rental property is about more than just generating rental income—it’s also about protecting your property’s value, and without it, you could face significant financial burdens if the building is damaged or destroyed.
Here are key reasons why landlord building insurance is essential:
It will protect you against structural damage You may be required to have it as a condition of your mortgage It will give you peace of mind It will help to ensure your tenant’s safety.
Landlord Buildings Insurance Providers
Provider Features Suitable for… Reviews
Alan Boswell Group
Award-winning service, in-house claims team, £5 million property owners’ liability cover.
Landlords seeking comprehensive cover and tailored advice.
Axa UK Loss of rent insurance, accidental damage cover, legal expenses cover.
Landlords looking for a balance of comprehensive coverage and competitive pricing.
Just Landlords
Specialist property insurance provider, part of Gallagher, offers coverage for holiday homes and unoccupied properties.
Landlords with specific property types or needs.
Direct Line for Business
Offers a range of landlord insurance policies, including unoccupied property insurance and rent guarantee insurance.
Landlords seeking straightforward, online coverage options.
Premierline Business Insurance
Provides building and contents cover, property owners liability, legal expenses, and landlord emergency cover.
Landlords comparing quotes from trusted insurers.
Admiral
Offers flexible policies with various add-ons.
Landlords seeking affordable options with customization.
LV=
Provides a range of landlord insurance products, including unoccupied property insurance and rent guarantee insurance.
Landlords seeking a reputable provider with a variety of options.
Hiscox
Offers bespoke landlord insurance solutions, including coverage for HMOs and student lets.
Landlords with unique property types or needs.
What Does Landlord Buildings Insurance Cover? A comprehensive landlord buildings insurance policy typically covers the following – but you can usually add or remove features as needed.
Protection against damage caused by storms, floods, and other natural disasters. Coverage for repairs or rebuilding after a fire or smoke damage. Protection against damage intentionally caused by tenants or vandals. Covers water damage caused by burst pipes or leaks. Protection against subsidence or ground movement that damages the building’s foundation. You can also usually add an optional cover that protects against accidental damage to the building, such as broken windows or structural damage caused by tenants. In addition to these core coverages, some policies offer optional extras, such as loss of rent cover or liability insurance.
Comparing Landlord Buildings Insurance Policies When it comes to selecting the best landlord buildings insurance policy, it’s crucial to compare your options carefully because not all policies are created equal, and understanding the differences between them can help you choose the right coverage for your property.
Here’s how we suggest you can effectively compare landlord building insurance policies:
Assess what coverage levels you need
Start by reviewing the core coverage provided by each policy, and make sure the policy you choose provides comprehensive coverage that matches your property’s specific needs.
Key questions to ask:
Does the policy cover all common risks (fire, flood, theft, vandalism)? Is accidental damage included or offered as an optional extra? Does the policy cover subsidence or structural movement?
Consider the total amount insured
The sum insured is the maximum amount the insurance company will pay out if the building is damaged or destroyed – remember that it should be based on the rebuild value of the property, not its market value.
questions to ask
Is the sum insured enough to cover the cost of completely rebuilding the property? Does the insurer offer a guaranteed rebuild cost or index-linking to ensure the sum insured increases with inflation?
Check for exclusions and limitations
Insurance policies often come with exclusions and limitations that could leave you without cover in certain situations so be sure to familiarise yourself with these.
questions to ask
What exclusions are included in the policy (e.g., unoccupied property, wear and tear)? Are there any limits on certain types of claims, such as water damage or accidental damage?
Compare the premiums and excesses
While the cost of premiums is important, it shouldn’t be the sole deciding factor, and when comparing policies, we suggewst you weigh the cost of premiums against the level of cover and the amount of excess you’ll be required to pay if you make a claim.
questions to ask
What is the premium for each policy, and how does it compare with others offering similar coverage? What is the policy excess for different types of claims, and are higher excesses required for certain risks (e.g., subsidence)?
Consider any optional extras
Many insurers offer optional extras that can enhance your policy – so you should take a look and decide if you need any.
questions to ask
Are optional extras available, such as loss of rent cover or landlord liability insurance? How much do these extras add to the overall cost of the policy?
Check your insurer’s reputation
When comparing landlord building insurance policies, consider the reputation and reliability of the insurer, so we suggest you look for companies with strong customer reviews, excellent claims handling, and a track record of providing support to landlords.
questions to ask
What do customer reviews say about the insurer’s claims process and customer service? Does the insurer have a good reputation for handling landlord insurance claims?
Here is a Handy Youtube Video About Landlord Buildings Insurance
Landlord Buildings Insurance – Other Useful Links About Landlord Insurance Hi, I’m Ally Cox , a senior copywriter and blogger at CompareYourBusinessCosts.co.uk, the UK’s trusted platform for comparing business services.over a decade of experience in the B2B sector, I specialise in simplifying complex topics like leased lines, VoIP, business energy, HR and payroll solutions, accounting software, and EPOS systems .HR, copywriting, and business operations- from clocking-in systems to card machines and office technology .informed, confident decisions when choosing products and services that improve efficiency and save money.
