Building insurance covers some of the most expensive issues that property owners face, from roofing problems and general disrepair to a complete rebuild. Not only can it be a wise idea for any property owner, but it’s also a condition of many buy-to-let mortgages. It’s, therefore, something to consider for any landlord.
When browsing the market for buy-to-let building insurance, try and weigh up how cost-effective the product is by looking at both the price of the premiums and the excess fee, and make sure both are within budget if the worst happened. Another crucial thing to bear in mind when purchasing a policy is to make sure the sum insured is the rebuild cost of the property – not the price you paid for it, or what it’s worth on the market today. Underestimating this figure could leave you underinsured, or worse, invalidate your policy.
If you can, compare policies from multiple providers. Some include extra features in their standard policies, or others will offer package deals for competitive rates. To kick off your research, this list comprises some of the buy-to-let building insurance policies on the market.
Direct Line
A buy-to-let insurance policy with Direct Line is a comprehensive policy package, including either buildings cover or contents cover as standard, with the option to add a range of additional features. Their buildings insurance is particularly extensive, covering boiler breakdowns and replacements. Policyholders will benefit from a 24/7 legal helpline for advice and guidance through any legal matters and will be assigned a dedicated claims handler to support them through any claims.
Their buy-to-let package also includes up to £2 million of public liability cover, glass and locks replacement and the cost of rehousing your tenants following an insured event. Optional add-ons include landlord emergency cover to help you respond immediately to incidents at the property, Malicious Damage by Tenant cover, Theft by Tenant cover, and landlord legal expenses cover. They also offer a multi-property insurance package for landlords with several rental properties. You can get a quote online through their website, or on the phone.
AXA
AXA also offers a package buy-to-let insurance deal, with some of the most extensive levels of cover on the market. They offer up to £10 million in property owners’ liability insurance to protect landlords against third-party claims, as well as cover to re-house tenants to live in alternative accommodation if something major goes wrong. Customers can choose the components of their landlord cover to include options such as employers’ liability insurance, accidental damage cover, contents cover and loss of rent cover if the property becomes uninhabitable following severe damage.
With a rating of 4.6 out of 5 stars based on 12,110 reviews, AXA offers efficient and helpful customer service at a competitive price. They can also cover up to 10 properties in one single policy and offer 0% interest on instalments if you choose to pay monthly.
UKinsuranceNET (Broker)
A buy-to-let insurance policy with UKinsuranceNET is a flexible product, where landlords can choose the elements of cover they need. Their policies can include buildings insurance to protect the bricks and mortar of the property against fire, flooding, subsidence, storm damage and more. Other features you can add to a policy include landlords’ liability insurance, landlords’ contents insurance and loss of rent insurance. Benefits to a plan with UKinsuranceNET are that they accept a range of tenants and include up to £20,000 of free contents cover. Landlords with multiple buy-to-let properties can also make considerable savings on their multi-property policies, and policyholders can also secure up to 13 weeks cover for vacant properties.
Towergate Insurance (Broker)
Towergate Insurance can offer a range of insurance products for property owners, including buy-to-let buildings cover, with excesses as low as £100. Their buildings cover can provide protection against escape of water, accidental damage, fire and more. Customers also have the option to add malicious damage to the policy. They can also offer reduced rates to landlords with multiple properties, with flexible options to add additional buy-to-let properties mid-policy.
Alan Boswell (Broker)
Offering a range of five-star-rated landlord insurance products is the Alan Boswell group. They provide award-winning customer service at competitive prices. Their landlord buildings policies include the rebuild or repair cost and property owners’ liability up to £5 million as standard. Customers can combine a buildings policy with other products, including landlord content insurance, employers’ liability up to £10 million, legal expenses and home emergency cover. Another perk is that landlords can secure full cover between tenants for up to 90 days when the property is unoccupied.
Policyholders will benefit from a team of dedicated UK-based advisers as well as in-house claims team to support you through making a claim. You can buy a policy directly through their website, or call them for advice from their advisory team.
Endsleigh
With over 25 years of experience, Endsleigh provides a range of flexible insurance products for landlords, suitable for those with both residential and commercial properties, or even a portfolio. Their residential landlord insurance policy includes up to £1 million of buildings insurance, covering the fixtures and fittings against a range of perils, such as fire, flood and theft. They offer a discount for customers who combine buildings and contents insurance, which comes with occupiers’ liability of up to £2 million.
You can generate a quote quickly and easily on Endsleigh’s website. They can also provide cover for non-standard rental properties, including properties which have previously suffered from subsidence or flooding. For these types of property, it’s best to get in contact over the phone.
LV=
Buy-to-let insurance from LV= has a range of features included on their standard policy, including cover for accidental damage, vandalism and theft by tenants as standard. Loss of rent or alternative accommodation costs are also included, should any damage to your property render it uninhabitable. Their buildings cover insures a whole host of events, with up to £1 million available. Details of their coverage and the policy documents are available on their website, or you can call them for a quote.
Simple Landlord
As the name suggests, Simple Landlords Insurance aim to make things straightforward when it comes to insuring your buy-to-let property. Their approach seems to be working, earning them the Feefo Trusted Service Award in 2020 based on over 4,000 reviews. They offer flexible cover for a range of properties, including risk-prone properties. Landlords can build a tailored policy, choosing the cover features right for them. For investors with a portfolio of buy-to-let properties, Simple assign you a dedicated account manager with no hidden fees.
Their buildings insurance is one of the more extensive on the market, offering up to £2 million of cover for structural repair. Theft and accidental damage is also included as standard with their buildings policy, with malicious damage and vandalism available as optional extras.
CIA Landlords (Broker)
Some of the most comprehensive policies on the market are those available through CIA Landlords, having ties with some of the biggest insurers in the UK. Their buy-to-let insurance policies all include buildings and contents insurance as standard, along with a range of other features including unoccupied property cover, accidental damage cover to buildings and property owners’ liability. You can choose to extend your coverage even further by opting for paid add-ons, including loss of rent and malicious damage by tenants. The good news is that CIA Insurance guarantees not to be beaten on price. You can get a quote online or phone them to arrange cover.
Aviva
A combined home insurance policy for buy-to-let investors is available through Aviva. They offer a variety of insurance products suitable for landlords with a single buy-to-let investment or those with a portfolio of properties. Their comprehensive landlord insurance package includes an extensive buildings insurance cover for a range of incidents such as fires, flooding and theft, as well as landslip, heave of land and subsidence. Buildings cover extends not only to permanent fixtures and fittings but to outside spaces including driveways, patios and gates. Other features of a combined policy include contents cover, replacement locks and liability protection.
Zurich
Zurich is one of the world’s largest insurance enterprises, operating in over 200 countries around the globe. They can offer a variety of commercial and personal insurance products, including buy-to-let insurance. Whether you have a single buy-to-let or a portfolio of properties, Zurich can offer a high level of cover of up to £5 million per premises. You can choose to add optional landlords’ contents up to £50,000 as well as employers’ liability for maintenance staff that might work at the property. You can also choose to add on legal expenses cover to your policy for an extra fee.
Nova Insurance
Customers purchasing buy-to-let insurance from Nova will benefit from a bespoke, tailored policy. Nova Insurance has high ratings for quick and attentive customer service, owing to the flexibility of their advisers. Nova Insurance treats each customer as an individual, finding an insurance solution which covers each landlord’s individual property needs. Possible features of a Nova Insurance policy include rent guarantee insurance and unoccupied property insurance. You can get in touch with their advisers to arrange bespoke cover or generate a quick quote on their website.
Allianz
One of the policies in the Allianz insurance product range is their Property Owners insurance cover, designed for properties which aren’t occupied by the owner, such as those let out to tenants. Their Property Owners Select policy insures your building, fixtures and fittings and contents as standard. It also includes loss of rent, as well as property owners’ liability cover and employers’ liability, making it particularly suitable for landlords with a portfolio of buy-to-let properties. Allianz insurance products are only available through a broker.
Pen Underwriting
A residential let insurance policy by Pen Underwriting can offer building insurance for a buy-to-let property of up to £1 million, or £500,000 for unoccupied properties. They are particularly flexible with regards to who can take out a policy and for what type of client, whether that’s a property used for holiday lettings or clients with bankruptcies or CCJs.
Their unoccupied property insurance is particularly extensive, covering the property against the full range of perils as for an occupied property. Other features of a policy with Pen Underwriting include property owners’ liability up to £5 million and accidental damage for all tenant types. A Pen insurance product is only available through a broker.
HomeProtect
HomeProtect is a specialist home insurance provider, offering several insurance products for investors with buy-to-let properties. Their buy-to-let landlord insurance offers multiple cover features, including buildings, contents and accidental damage. HomeProtect is particularly flexible when it comes to the type of property you are looking to rent out, no matter its location or how many tenants live in the rental property. Their policy also includes loss of rent following an insured event covered by their buildings insurance.
Deacon
One of the lesser-known providers is Deacon, who offer a particularly extensive building cover policy, including many usually additional features as standard. Not only do they insure the building up to the sum insured, but they also cover any outbuildings, walls, fences, gates, car parks, driveways, footpaths and pavements that belong to the property, as well as its CCTV, aerials and external lighting. Their standard cover also includes up to £2 million of public liability insurance, with the option to increase it to £5 million for an additional premium.
Admiral
A buy-to-let insurance product by Admiral comes with three possible levels of cover: Admiral, Gold and Platinum. All three tiers of insurance include property owners’ liability as standard. Their standalone buildings insurance policies include an unlimited buildings sum insured in all three cover tiers, as well as alternative accommodation cover, loss of rent, replacement locks and keys cover and emergency access included as standard.
You can choose to combine your policy with a contents insurance cover, too, with the option to upgrade your cover with a range of extras, such as malicious damage by tenants or landlord legal protection. Admiral is particularly flexible concerning the type of property you want to insure, with a policy available for all kinds of residential property. You can call them directly for a personalised quote.
