As a landlord in London, you’ll need landlord insurance to protect potentially your largest and most expensive investments. Accidents, weather damages, and liability claims are costly for the property owner to fix, especially if it escalates to a lawsuit. Insurance Hero doesn’t just insure your rental properties, but any detached structures, landscaping, owner belongings, and equipment on the rental property can be included in your comprehensive, affordable insurance plan.

Landlord Insurance for Rental Income Properties

Landlord insurance is essential for any property owner in London, regardless if you’re renting out a basement room, a townhouse, or an apartment unit. A standard homeowner’s insurance policy only covers the primary residence of the homeowner, not any of their rental properties. 

Whether you rent out properties on a long-term or short-term basis, landlord insurance protects you and your rental properties from financial loss and liability. Landlord insurance covers the property, its contents, any attached structures to your rental properties, and loss of rental income. Your landlord insurance policy also covers liability if you’re sued by a tenant, visitor injuries, and any personal items you keep at your rental properties.

Landlords sometimes require tenants to carry tenant insurance. But having landlord insurance is important to ensure you keep your properties and belongings safe while providing a place for your tenants to stay. Otherwise, the ensuing damage and financial loss suffered could be very costly if escalated to a lawsuit or larger accident.

What’s Landlord Insurance?

Landlord insurance provides protection for property owners and their rental properties. It covers accidental damages, personal property used to service the rental units, and visitor injuries. There are several types of landlord insurance.

Rental property insurance applies to rental units in your primary residence and when you lease out a home separate from your residence.

Condo rentals insurance applies to when property owners rent out a condo they own.

Apartment buildings landlord insurance is for any rental structure with seven or more individual units.

Commercial landlords insurance applies to landlords that lease out properties for commercial purposes.

Unoccupied dwelling landlord insurance is for vacant units.

Student rental unit landlord insurance applies to properties that are rented out to students, most commonly in university or college areas.

Short-term rental landlord insurance applies to properties you lease out temporarily or periodically. It’s also called home share insurance is most commonly used for Airbnb units.

What’s the difference between landlord and homeowner’s insurance?

A homeowner’s insurance policy covers the property owner’s main residence, along with its contents, detached structures, and liability for the owner and their spouse and dependents. A homeowner’s insurance policy doesn’t cover rental units.

A landlord insurance policy covers the property owner’s rental properties. Whether it’s a basement unit, a room on the main floor, or a separate rental house, landlord insurance protects landlords and their properties against accidental damages, covered perils, and liabilities. For example, if a tenant accidentally causes a fire that burns down the kitchen, landlord insurance covers repair costs and lost rental income while the unit is uninhabitable.

How do I claim my landlord’s insurance?

Your insurance company will provide you with a landlord insurance policy that fits your coverage needs and budget. If you need to file a claim on your landlord insurance, contact your insurance company to submit a claim. You’ll need to provide information, such as proof of the damage, the total value of the damage, and receipts of any home upgrades required.

Some reasons where you’ll want to file a claim:

• Your unit was damaged by the weather, fire, burglary, or vandalism.
• A tenant caused significant damage to your rental unit.
• A visitor or tenant is injured.
• A tenant files a lawsuit for injuries sustained or property damage.
• Your unit is temporarily uninhabitable while under repairs.

Does landlord insurance cover vacancy for a rental property?

Vacant home insurance is generally only needed if the rental property is expected to stay unoccupied for an extended period with no tenants and sometimes no belongings. Landlords might have vacant home insurance if they’re planning on selling their rental properties. It’s generally more expensive than standard landlord insurance because vacant homes pose a greater risk to insure.

Does landlord insurance cover tenant damage?

Landlord insurance is meant to cover your rental properties from covered perils, such as bad weather or accidental damage like a burst pipe or broken HVAC system. Your landlord insurance policy might cover accidental damage caused by your tenants, such as if they accidentally cause a kitchen fire that destroys the appliances, the walls, and the flooring. It helps pay for costs of repairs, structural replacements, and lost rental income while the rental property is being fixed or rebuilt.

On the other hand, your landlord insurance policy won’t cover intentional damages, wear and tear, and maintenance issues. For example, if your tenant steals from your rental property, puts a hole into the wall, or breaks a piece of furniture. You could retain their security deposit or make them pay as outlined in their rental agreement or lease, but your insurance company won’t cover repairs or any costs for the damages.

Protect Your London Rental Property with Landlord Insurance

Whether you own one rental property or multiple properties, landlord insurance is always important for protecting your units against financial loss from covered perils and unintentional accidents.

Purchasing landlord insurance is easy with the help of Insurance Hero. The insurance specialists will support you throughout the process to answer any questions you have and find the right insurance plan. We help you save money and time by giving you the quotes and information you need to make a smart and informed choice.

Insurance Hero partners with many leading insurance companies, so you can compare the different plans offered and choose what’s best for you. All you need to do is submit your information using our online form or calls us at 1 (855) 777 4376 to get your quote today.