Landlord insurance

If you're renting out a property, it's important to make sure that you have adequate insurance in case anything goes wrong.

Your property portfolio is one of your most valuable assets. As a broker, Wesleyan Financial Services search a panel of leading landlord insurance providers for you. We find you the best policy tailored to meet your needs.

What's covered?

• Malicious damage to buildings by tenants
  If the tenant intentionally causes damage to the property, such as smashed windows
• Alternative accommodation or loss of rent
  If the property isn't fit to live in following an insured event such as a fire or flood
• Repair or re-build your property
  Following an insured event such as a flood or fire
• Accidental damage to underground services
  For which you are legally responsible for. This includes domestic oil pipes, water-supply pipes, gas pipes, underground sewers, drains and septic tanks
• Theft or attempted theft
  Including broken windows and doors
• Trace and Access Cover
  Covers the cost of locating the source of a leak and making the necessary repairs
• Subsidence, heave or landslip
  On the site of your property
• Public Liability, up to £5,000,000
  Covers costs and damages for bodily injury or damage to property caused by an accident on your property

Cover available may vary depending on insurance provider

What's not covered?

• Wear and tear
  Such as worn carpets or damp formed over a period of time
• Accidental damage or loss to contents
  That belong to your tenants
• Cover for loss of rent
  To any property that was unoccupied immediately before the insured event,
  giving rise to a claim
• Theft or attempted theft
  For money, certificates, documents or valuables

Limits, exclusions and charges do apply. Full terms and conditions of the policy and cover, including the policy benefits and exclusions, will be contained in the Policy Wording and Policy Summary. Risk must be acceptable to underwriters at normal terms.

For those that need a bit extra, you can broaden your cover (extra charges apply) to include: 

• Landlords Legal Expenses
  Covers costs for legal disputes such as eviction
• Landlords Rent Guarantee
  To protect your rental income should your tenants unable to pay their rent
• Accidental damage or loss to buildings and/or contents
  To fixtures and fittings such as sanitary ware, carpets and free-standing furniture

Limits, exclusions and charges do apply. Full terms and conditions of the policy and cover, including the policy benefits and exclusions, will be contained in the Policy Wording and Policy Summary. Risk must be acceptable to underwriters at normal terms.

Is it compulsory to have landlords insurance?
By law you don't need to have landlord insurance, however your mortgage provider may want you to take out landlord's insurance as part of your conditions of securing a mortgage - in particular if it's a buy-to-let or landlord mortgage.

Is home insurance the same as landlords insurance?
No, home insurance is not the same as landlords insurance. It doesn't offer the same cover, although there are some similarities between the two.

Home insurance cannot cover you for issues that are associated with renting out your property unlike Landlord insurance.

Landlord insurance can offer cover such as rent guarantee which protects your rental income if your tenants are unable to pay, legal expenses for disputes such as eviction or malicious damage by your tenants.

Is landlord insurance tax deductible?
In short, yes - landlords insurance is tax deductible.

Landlords can claim certain costs relating to the running and maintaining their rental property as a business expense such as Landlord insurance.

Therefore, you can deduct the cost of insuring your buy-to-let property from your rental income, when calculating how much Income Tax you owe, and therefore reducing your tax bill.

Before you apply online for Landlord Insurance, we recommend that you read the following documents:

• Services and Costs keyfacts
• Landlord insurance - information you should read

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