Residential property owners insurance: an introduction
Residential property owners insurance: an introduction
If you own a residential property that you rent out to tenants, you’ll need residential property owners’ insurance, or landlord insurance. Without adequate protection in place, you may find that you don’t have the level of cover that you thought you did in the event you need to make a claim.
Even if you’re an expat living overseas and you’re renting out a UK property, this is still an important cover to take out – landlord insurance for expats is vital to maintain peace of mind while you’re abroad.
In this article, the Greenfield Insurance Brokers team will answer some of your questions regarding residential property owners’ insurance, what it typically includes, and how to find the right policy for your building.
What is residential property owners’ insurance?
Residential property owners’ insurance is a type of buildings insurance policy that covers the cost of repairing or rebuilding the property. While this type of insurance is not a legal requirement, if you don’t have it you will have to pay for any damage that your property suffers yourself.
What type of insurance does residential property owners’ insurance cover?
With residential property owners’ insurance, you are covered for damage caused to your property by:
- Burst pipes/escape of water
- Flooding
- Falling trees
- Fire
- Storms
- Subsidence
- Theft
What elements can be included in residential property owners’ insurance?
There are several types of covers that are not included as standard but can be added to a policy if needed, including:
- Loss of rent cover – this safeguards landlords whose tenants fail to pay their rent.
- Malicious damage by tenants – this protects the property and its fixtures and fittings from intentional damage caused by tenants.
- Legal expenses – this helps to protect you if you’re in a dispute with a tenant due to rent arrears, a repossession, or poor property maintenance.
- Alternative accommodation – if your property needs repairing, this will keep your tenants housed until they can return to the property.
- Accidental damage – this is for unexpected accidents that cause damage to the property or its contents.
Can I get insurance for a mixed-use property?
Some domestic properties are also partly commercial (for example, a building which consists of a shop below a flat). Insurers should be able to cover you with a specialised policy that covers both the commercial and domestic aspects.
Is this the same as landlord insurance?
Residential property owners’ insurance is indeed a form of landlord insurance. If you require landlord insurance for a commercial property, please see our commercial property owners’ insurance page for more information.
What’s the cost of residential property owners’ insurance?
Every policy is unique, so there’s no set cost for this type of insurance. Instead, the cost will be influenced by several factors, including:
- The property’s age
- The level of security at the property
- The level of cover you need
- The flood risk based on the location
- Your claims history.
Why choose a specialist broker like Greenfield Insurance Brokers?
At Greenfield Insurance Brokers, we specialise in property insurance, including UK landlord insurance for expats, and are here to help you find the right cover with confidence.
Our team will work with you to understand your legal and financial responsibilities, compare quotes from trusted insurers, and tailor your policy to suit your property’s specific needs. We’re also here to provide expert support whenever you need to make a claim, ensuring you’re protected every step of the way.
Want to know more? Contact us today..
Frequently Asked Questions
- Do I need specialist landlord insurance for a rental property?
Yes; a standard home policy won't cover properties that are rented. Landlord insurance (sometimes referred to as property owners insurance) is specifically designed for properties that are rented out and incorporates additional covers such as rental income protection in the event of damage to the property - What’s the difference between landlord insurance and home insurance?
Landlord insurance can include covers like tenant damage, loss of rent and landlord liability - a standard home policy will not cover these. - What does landlord buildings insurance cover?
This covers the physical structure such as the walls, ceilings etc against risks like fire, flood, storm subsidence and escape of water. - What does landlord contents insurance cover?
Landlords contents cover provides cover against loss or damage to contents that belong to the landlord - landlords contents could include items such as white goods, carpets, furniture. - What is loss or rent cover?
Loss of rent cover means that the insurer will continue to pay the rental income in the event the property is uninhabitable as a result of an insured peril. For example; there is a fire at the property, the tenants have to move out due to the damage, it takes 8 months to repair the damage, the insurers could continue to pay the rent that you would have taken during this time. This cover is not to be confused with rent guarantee insurance which is a type of policy to protect your rent if the tenant does not pay. - What is landlord liability insurance?
This covers the legal costs and compensation if a tenant or visitor is injured on your property. - Does insurance cover tenant damage?
Some policies include malicious or accidental damage caused by a tenant however this does not come as standard and may be an optional extension. - Do I need different insurance for HMOs?
Yes - HMO (House of Multiple Occupancy) often carry a higher risk and require a specialist insurer. At Greenfield Insurance Brokers we work with a wide range of specialist property insurers who can help with HMO properties
