Landlord Insurance
Comprehensive cover for residential landlords
As an independent broker, we have access to policies from a wide range of insurers, so we can get the right cover to protect your investment. We can insure flats, converted properties, houses, bungalows, thatched and non-standard properties.
What is Landlords insurance?
If you let your property to tenants (whether you’re a buy-to-let landlord or an accidental landlord renting out a house you can’t sell) you might need more than just home insurance.
Do I need Landlords Insurance?
While you’re not legally required to have landlord insurance, there are risks associated with a rented property that won’t be covered under a home insurance policy. And without the right cover, unexpected events could leave you seriously out of pocket.
Level of cover
Landlord buildings
Protects your property’s structure, floors and fittings, as well as outside spaces like driveways, patios and gates.
Property owners' liability
If you employ someone to work on your property (like a gardener or a handyman) you’re required by law to have employers’ liability cover.
Landlord contents
Contents cover will protect any furnishings and appliances that belong to you – like, beds, TVs, carpets or major appliances.
Loss of rent cover
If your tenants have to move out following an insured event the insurers will pay for alternative accommodation and you will be able to claim back loss of rent.
Accidental damage
Whether it’s a broken window or stained carpet, accidental damage caused by tenants can be covered by your Landlord insurance.
Legal Expenses
This is help with legal fees when taking tennant to court for non-payment or equally when defending someone taking you to court.
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Optional Extras
Rent Guarantee
In the event that the tenant defaults on the rent, Rent Guarantee Insurance covers missed rent payments, so you won’t suffer a loss of rental income.
Malicious damage
With malicious damage cover in place, if an unhappy tenant deliberately damages your building or contents, you’ll be able to recover the cost of the damage caused.
Employers' liability
If you employ someone to work on your property (like a gardener or a handyman) you’re required by law to have employers’ liability cover.
Frequently Asked Questions
What does Landlord's Insurance Cover?
To summarise to above, along with buildings and contents protection, Landlord Insurance policy can cover you against:
- Non-payment of rent
- Damage to your property (by the tenant)
- Loss of rent or the alternative accommodation costs if your tenants have to move out following an insured event
- Emergency overnight accommodation (for your tenant)
- Emergency repairs
- Liability for injury or loss related to your rental property
- Legal costs
At Chelsea we offer flexible cover to suit your needs as a Landlord. If you let commercial rather than residential premises, our sister brokerage handles commercial property owners insurance.
What types of tenants you can cover?
Professional let
A working person, couple or family who earn a living and pay their rent themselves.
Department of Social Security (DSS) tenants
DSS means Department of Social Security and refers to tenants who receive financial housing benefits from the council.
Not all insurers cover buildings occupied by DSS tenants, although it’s not difficult to find through any good specialist insurer. If you opt to rent to DSS you will see an increase in your premium, but many landlords choose this option because of the increase in potential tenants.
Students
Similar to DSS, student lets also demand a higher premium for many insurers but your potential yield can be higher, just make sure your insurer is aware it’s students you let to.
Family members
It’s very common for landlords to let to a family member. For insurance purposes, you should have a tenancy agreement in place, even if in real life you operate less formally.
Sub-letting
Insurers generally don’t allow sub-letting. This is because of a potential lack of control and awareness of the exact occupancy leading to potential problems in the event of a claim. The tenants are not under an agreement directly with the landlord and may not have been vetted.
Should I use a tenant referencing service?
In order to qualify for Rent Guarantee Insurance and Legal Expenses only cover, you need satisfactory references for your tenants. This is a quick and relatively in-expensive service that can even be done online. We have a partner service we recommend here.
Are there any exclusions?
1. Tenants’ contents are not your responsibility. Landlord contents insurance will only cover property and contents which belong to you. Any items the tenant brings with them will need to be covered by their own contents insurance.
2. Wear and tear: The general maintenance and upkeep of a property is still the owner’s responsibility.
3. Third party work: Damage caused by faulty workmanship will be covered by the workman’s own liability insurance and therefore, you don’t need to pay for coverage of their work.
Claim Philosophy
You only really know how good your insurance broker is when you need to make a claim. We're committed to resolving your claims and make you whole in days, not months.
From the moment you tell us about your claim until the moment you receive your settlement we will be with you and take away the pain.
About Us
We understand your treasured finds reflect your own personal journey, and that the larger your collections become, the greater your need for the right protection.
For more than 10 years service HNW clients and understand their demands and expectations. We’re proud of our glowing 5-star reviews from our happy clients!
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Chelsea Insurance Brokers are a trading name of:
Kensington Insurance Brokers
Authorised and Regulated by the Financial Conduct Authority: 445714
Company Registration Number: 03001530
Our Services:
- Jewellery Insurance
- Fine Art & Collectibles Insurance
- Home & Contents Insurance
- Landlord
- Business & Commercial
Our Address:
10-12 Old Bond Street, Mayfair
London
W1S 4PN