Renting out a property? Get landlord insurance today
When it comes to protecting your rental property, you need an insurance policy that will cover it all.
Owning a rental property is a big investment. So you’ll want to make sure you and your tenants are protected no matter what – and landlord insurance is a great way to guarantee that all-important peace of mind.
What is landlord insurance?
Property insurance for landlords protects properties that you rent out to tenants. Unlike home insurance, it covers the extra risks that come with renting out a property. Our landlord home insurance includes:
- Landlord buildings insurance - to cover any damage to the structure of the building.
- Landlord contents insurance - to cover items you own inside the property, like carpets and furniture.
- Accidental damage - so you can replace any items your tenants accidentally break.
- Legal expenses - to cover legal costs up to £100,000 relating to the property.
- Landlord advice line - so you can get free legal advice for any issues you have.
Does the tenant or landlord pay buildings insurance?
It’s your responsibility as the owner to take out landlord insurance cover for your rental property.
Why do I need landlord insurance?
Your standard home insurance may not cover you for everything you need, because there are often issues that crop up in rental properties that will differ to ones in your own home:
- You might not see the property often enough to know about any issues.
- Your tenants may not notice an issue like a slow leak and, without prompt attention, these situations could lead to expensive repairs when the problem is discovered.
- Your tenants might be careless and more likely to cause accidental damage as they don’t see the property as their own home. They may even cause damage maliciously if you have a dispute with them.
- You could be found liable if a tenant is hurt in your property.
Plus, while it’s not a legal requirement, mortgage lenders will often insist on it.
What does landlord insurance cover?
Our landlord insurance includes a range of cover, including:
- Up to £500,000 buildings cover - this covers damage caused by things like fire, storm, subsidence, flood, and theft.
- Flexible levels of cover - choose the level of cover you need for the items in the property owned by you rather than the tenant, including carpets and furniture.
- Accidental damage cover - we’ll repair or replace things you or your tenants accidentally break (up to the sum insured).
- Legal expenses cover - unlimited legal advice and up to £100,000 to cover the cost of any legal fees to do with your property, such as evicting tenants.
- Cover for malicious damage or vandalism by your tenants - if your tenant damages your property, we’ll cover the repairs (up to the sum insured).
- Alternative accommodation cover - if there’s a major incident like a fire or a flood, we’ll cover the cost of temporarily rehousing your tenants (up to 20% of the buildings sum insured).
What’s not covered by landlord insurance?
Here’s some examples of things we can’t cover . But make sure you check your policy for more details:
- Damage caused by wear and tear or poor maintenance
- Damage or loss caused deliberately except if it's malicious damage or vandalism
- Storm or flood damage to fences, hedges, and gates
What additional cover is available?
Peace of mind is priceless, that’s why we offer additional home emergency cover, just in case. We cover a range of emergencies such as:
- Plumbing and drains - such as a blocked drain or a burst pipe
- Internal electrics - such as complete failure of internal electrics
- Pest infestation - such as removing wasp or hornet nests
- Security - such as a smashed window
This additional cover also includes :
- Emergency helpline available 24/7
- Approved tradesmen
- No costly call-out charges
- Optional cover for boiler, heating and hot water system
Do you cover professional landlords?
Saga Landlord Insurance is designed for customers where the ownership of rental (aka Buy To Let) properties is not your main source of income. If you let out properties as a commercial enterprise, own five or more rental properties, and/or are a professional landlord, our private landlord insurance is not suitable for you.
If you are a private landlord owning between one and four rental properties and those properties are in your own (or partner's) name, then you can get a quote for Saga Landlord Insurance.
Tips for protecting your property
Here are some tips on keeping your tenants and property safe :
- Hire a property manager - a property manager can conduct spot checks, visit the property while it’s vacant and help with a range of other issues.
- Check the locks - locks installed before 2008 can be vulnerable to a common burglary method called ‘lock bumping’, so it’s safer to update them to more modern ones with sturdier mechanisms.
- Windows - consider upgrading any older, wooden windows to modern UPVC. Not only will this make them more secure, but it could also improve your property’s energy efficiency rating.
- Add lighting - porch lights that illuminate the exterior or motion sensor lights can help your tenants feel safe and is one of the cheapest and easiest ways to prevent crime.
- Security system and cameras - security measures like these are a great way to help give you peace of mind and your tenants added safety.
- Keep keys safe - keep up to date with who has a key for the property (tenant, property manager, yourself, etc) and make sure when tenants leave, they always return the keys.
- Property inventory - full inventory checks should be carried out at the start and end of the tenancy, so you can document the condition of your rental property and everything it contains. This document can also come in handy if you ever need to make a claim.
- Screen tenants - ask for employer and character references from potential tenants to make sure they’re the right fit for your property.
- Secure all outbuildings - don’t forget to make sure your shed or garage has safe and reliable locks on them to prevent theft.
Protect the things that matter. Get a landlord insurance quote today.
Saga’s range of insurance products is designed specifically for our customers and is unique to us. Saga Landlord Insurance is provided by Royal & Sun Alliance Insurance plc which meets our high standards of quality and service.
Frequently asked questions
Each rental property you own will need their own landlord insurance policy.
Yes, you are covered for up to 20% of the amount your building is insured for if your home cannot be lived in as the result of loss or damage covered by the policy.
Our standard landlord insurance doesn’t include boiler cover as part of the policy . Boiler issues or failure cause unexpected problems for tenants and also for you, so it makes sense that you want to be insured against this.
To make sure you have the right cover for your boiler, you would need to add Saga Home and Heating Emergency to your policy.
- Home and Heating Emergency – This adds further cover for a sudden and complete breakdown of the boiler, heating controls and main heating system.
If you don't need boiler cover but do want cover for other emergencies, that's an option.
- Home Emergency – This provides cover for a range of home emergencies relating to gas and electricity supply, water supply pipes, plumbing and drains.
We understand that you may not always be available to deal with property issues which is why we have made it possible for your tenants to deal with any emergency on your behalf. You can add Saga Home Emergency at any time by calling 0800 027 1355.
Yes, you can claim any expenses of running and maintaining your rental. This includes:
- Letting agent and management fees
- Ground rents and service charges
- Water, gas, electricity, and council tax
- Ground rents and service charges
- The first £1000 of your income from the rental property (this is known as your property allowance)
This depends on whether the person living with you is a renter or a lodger.
If someone is renting part of your property and lives separately from you, you’ll need to apply for specialist landlord insurance.
If you have a lodger who shares living space with you, this can be covered on our standard home insurance as long as you notify us in advance.