What is landlord buy-to-let insurance?
Landlord insurance for buy-to-let properties provides protection from all sorts of damage to your property such as storms and floods, or subsidence or vandalism.
If there is major damage to your property like a burst pipe, or a fire, the onus is to get the property fixed and the subsequent bill could run into the thousands.
Repairs for a burst pipe could run into thousands of pounds and a fire could destroy your property. Having buy-to-let insurance would protect you from hefty repair bills.
If you’re a landlord, home insurance may not cover you if you’re letting out the premises for a rental income. So, you’ll need dedicated insurance to protect your property.
Renting out property can be a risky business, so while you’re not legally required to have landlord insurance for your buy-to-let property, you’ll need to be properly covered if anything goes wrong. Without the right cover, unexpected incidents could leave you seriously out of pocket.
Do I need buildings insurance for my buy-to-let property in the UK?
While buy-to-let insurance is not legally required, it is highly recommended that you get cover so that you’re protected in the event that something should go wrong with your property.
There are several things that buy-to-let landlord insurance protect you against, such as:
- Accidental damage to your property
- Damage to any fixtures and fittings
- Cover for your contents
- Fire damage
- Lightning and/or storm damage
- Loss of rental income
What does landlord buy-to-let insurance cover?
There are several things that buy-to-let insurance can cover. Here are a few examples.
Buildings
Cover for the replacement value of the buildings following damage caused by fire etc. If you find yourself in need of an architect, surveyor, or consultant get in touch to find out how we can help.
Property owners' liability
Flexible cover between £1 million and £10 million, so you can choose the right level of cover for your needs. You’ll also be covered for legal costs and expenses in connection with accidental injuries or deaths that occur on your property.
What does landlord buy-to-let insurance cover?
With AXA, we know how important your rental properties are to your livelihood. That’s why we have a variety of optional extras you can also add to your policy, these include:
Multi-property cover
If you’re a seasoned property owner with multiple investments under your belt, then our cover may be exactly what you’re looking for. With our landlord cover you can insure up to 10 properties on a single policy – letting you keep everything you need in one single place.
Rental income
If your property becomes uninhabitable for reasons beyond your control – for example, fire flood or storm – we will provide cover for rental income your stand to loose if when your tenants can’t stay in your property.
Glass replacement service
Broken glass? Not to worry, Landlord Insurance offers a 24-hour replacement service which can fix windows, doors, or partitions.
What do I need to get a buy-to-let insurance quote?
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Your property’s build date
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The property’s full post code
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Your property’s rebuild cost, bearing in mind the cost won’t be the same as the market value of your property
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If your premises are an HMO, we’ll need to know the type of tenants occupying your property
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Details and cost of any claims or incidents you’ve made in the last five years. We only require details of the property you want us to insure
Is landlord insurance required by law for buy-to-let properties in the UK?
No, there is no legal requirement for buy-to-let owners to get landlord insurance. However, you may find that many lenders will require you to have landlord insurance in order to get a buy-to-let mortgage for your property.
How do I insure my fixtures and fittings?
With AXA, you can choose between two types of insurance to protect your property. Choose from:
Buildings insurance
Cover for the construction and shell of your property. It’ll protect your building in case of fire, lightning, or storm damage. Fixtures and fittings (defined as things that cannot be moved from the property) are generally covered by buildings insurance.
Contents insurance
Cover for the things you fill your property with – i.e., anything which can be removed from the property. It’ll cover your sofas, white goods, furniture, electrical equipment, and other houseware.
How much does buy-to-let insurance cost?
10% of our landlord customers paid from £184* for their cover between October and December of 2023.
Every landlord policy is different and so is their price. There are several things that influence the cost of your policy, here are a few of the most common.
- How my properties you are insuring – you can cover up to 10 with our standard policy
- What type of property you’re insuring
- Where your property is located
- How old your property is
- If you have added any optional additional covers
To find out how much you’re likely to pay for cover with AXA, you can get a quote online now – and you’ll receive an automatic 10%** discount for getting a quote online.
Buy-to-let insurance FAQs
Do I need landlord insurance for a buy-to-let property?
Ordinary home insurance doesn’t meet the needs of rental properties, that’s why you need landlord insurance for your buy-to-let property.
If I’m letting my buy-to-let property out as furnished, will my furniture be covered?
No, you’ll have an option to take out landlord contents insurance to protect everything from the furniture to electrical or electronic items you provide for your tenants. Your tenants need to arrange insurance for their own contents and belongings.
Why do I need buy-to-let insurance instead of home insurance?
Home insurance policies are designed to cover domestic properties, while landlord insurance is designed to cover rental or commercial properties.
If your property is leased to tenants who intent to live in the property, then your home insurance won’t cover any legal liabilities that arise. If you’d like to learn more, check out our guide to home insurance bs landlord insurance.
Does my buy-to-let insurance cover loss of rent?
With AXA, we’ve got your back if you suffer from the loss of rent. If you add this optional extra, and your property is left uninhabitable due to damage during your time insured with us, we’ll cover your loss.
To find out more, be sure to consult your policy terms and conditions.
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Landlord advice
*10% of our customers paid this or less between July and September 2024.
**This discount is applied automatically and lasts for the lifetime of your policy.
Terms, conditions, eligibility and exclusions apply. Underwritten by AXA Insurance UK plc.