Standard home insurance doesn’t provide the right cover if you’re letting out a property. Landlords need a different type of protection, not just for the building, but also for legal claims, emergency repairs, and potential loss of rent.
There are several types of landlord insurance available, depending on the property you let and the risks you want to protect against. Here’s what to know before choosing a policy.
Is landlord insurance a legal requirement?
There’s no legal rule that says you must have landlord insurance. But it’s often a requirement of your mortgage, and relying on standard home insurance could leave you unprotected.
Landlord insurance is designed for rental properties and the risks that come with them. Without it, you could face large repair bills or legal costs if something goes wrong.
Types of landlord insurance
Letting a property always involves some risk, whether that’s physical damage, lost income or liability claims. Insurance helps protect your investment and reduce financial stress.
Buildings insurance
This covers the structure of the property, including permanent features like fitted kitchens and bathrooms. It usually includes protection against damage caused by fire, flooding, storms, vandalism or subsidence.
If your property is a leasehold flat, check whether the building is already insured by the freeholder. If not, you may need to take out your own policy.
Contents insurance
If your property is furnished or part-furnished, contents insurance will cover items like furniture, white goods, carpets and curtains. You can often add accidental damage cover to help with issues like broken appliances or stains on soft furnishings.
Landlord liability insurance
This covers you if a tenant or visitor is injured at the property and you’re held responsible. It can help with legal costs and any compensation that might be awarded.
Loss of rent and rent guarantee insurance
Loss of rent cover helps if your property becomes uninhabitable due to something like a fire or major leak. It reimburses you for the rent you would’ve earned during repairs.
For more consistent protection, rent guarantee insurance can cover missed rental payments if a tenant defaults. At Northwood, we offer a fully managed Guaranteed Rent service, giving landlords complete peace of mind, whether a property is tenanted or empty. Your income stays on track, no matter what.
Emergency home insurance
This is an optional extra with many landlord policies, but it can be well worth it. Emergency insurance gives you access to tradespeople for urgent issues like burst pipes, heating failures or electrical faults. Policies usually cover the call-out, parts and labour.
Accidental damage insurance
This covers unexpected mishaps like smashed windows, broken fittings or spilt drinks on carpets. It’s not always included in standard cover, but it can offer extra peace of mind, especially in properties let to families or students.
Want more than just insurance?
Landlord insurance can cover a lot, but not everything. And even with the right policies in place, you’re still responsible for chasing late payments and handling day-to-day maintenance.
That’s where Northwood’s Guaranteed Rent comes in. It’s not just insurance, – it’s a complete property management service that guarantees your rent every month, even if the property is empty or your tenant stops paying. We’ll also take care of the admin, legal paperwork and inspections, so you can let your property without the hassle.
Whether you own one property or a growing portfolio, it’s one of the simplest ways to protect your income.
