Let Property insurance

Insurance for let properties (landlord’s insurance) is different from standard buildings & contents, because specialist cover is needed. Our comprehensive Let Property insurance covers the key risks, and includes extra benefits such as cover for student tenants and up to 60 days unoccupied. Plus, there are discounts for multiple properties on the same policy.

Let Property insurance is ideal for professional landlords, buy-to-let landlords, and even accidental landlords who find themselves with additional properties due to an inheritance or a change in personal circumstances. We can even discuss specialist schemes for long-term unoccupied properties.

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Let Property insurance cover details

What’s covered
  • Buildings and/or landlords’ contents cover available.
  • Accidental damage cover for buildings & contents.
  • Loss of earnings/rehousing costs if the tenants have to move out following an insured event.
  • Non-standard occupancy (e.g. student tenants).
  • Up to 60 days’ cover when unoccupied.
  • Liability for accidents on the property which cause injury.
What’s not covered
  • Only suitable for owners of residential property let on an assured shorthold tenancy agreement for a minimum of 12 months.
  • Not covered for wear and tear or gradual deterioration.
  • Not covered for damage to gates and fences caused by a storm or flood.
  • Not covered for loss or damage caused by radioactive contamination, war or terrorism.
Optional cover
  • Properties which will be unoccupied for long periods.
  • Cover for malicious damage by tenants (which many landlord policies don’t include).
  • Legal expenses and/or home emergency cover.
Ways to trade
  • Schemes – Build your business by offering bespoke personal lines insurance which meets your customers’ exact needs.
  • White-labelling – Re-brand our tried and tested personal lines products and schemes, neatly marketed through your own website.
  • Software houses – Trading platforms operated by software houses offer a fast, easy, competitive and compliant way for brokers to access our niche personal lines products online.

Explore the Let Property insurance market

Market information
  • One in five homes are now owned by a landlord.1
  • 2 million private landlords now rent out 5 million properties.2
  • The government wants 1 million new homes by 2020.3
  • 15% of all new mortgages are for buy-to-let.4
  • The number of owner-occupiers is falling.5
  • There are more tenants in privately rented properties than in social housing.6
  • The current value of buy-to-let properties is estimated at £989 billion.7
  • Buy-to-let mortgage lenders will specify that insurance must be in place.8
  • By 2020, there will be around 6 million buy-to-let properties.9
  • By 2032, buy-to-let will account for over 33% of the UK’s housing stock.10
  • 69% of landlords arranged their last buy-to-let mortgage through an intermediary or broker.11
  • There were 2,299,355 university students in 2013/14, with 30% choosing to live in private rented accommodation.12
  • 29% of landlords (400,000) had their property damaged by tenants in 2014-15.13
  • 8% of landlords had to make an insurance claim.14
  • 5% of rental income is typically spent on landlord insurance premiums.15

1, 2: http://www.telegraph.co.uk/finance/personalfinance/investing/buy-to-let/..., 3: http://www.bbc.co.uk/news/uk-england-34209027, 4: http://issuu.com/landlordinvestor/docs/04_landlord_investor_february/17, 5: http://www.insidehousing.co.uk/number-of-owner-occupiers-falls-while-pri..., 6: http://www.channel4.com/news/social-housing-rent-private-landlord-tenant..., 7: http://issuu.com/landlordinvestor/docs/04_landlord_investor_february/17, 8, 9: http://www.telegraph.co.uk/finance/personalfinance/investing/buy-to-let/..., 10: http://www.ipsdirect.com/mobilenewsdetails.aspx?id=2147001940, 11: https://www.hesa.ac.uk, 12: ??, 14, 15: http://www.landlords.org.uk/news-campaigns/news/400000-landlords-affecte...