There are an estimated 2.74 to 2.82 million landlords in the UK. This number represents individuals who declare income from a property on their Self-Assessment tax returns.
However, while there's no legal requirement for landlords to have insurance in the UK, it's estimated that 14% of landlords do not have specialist landlord insurance to protect both their properties and rent. With an average UK monthly rent now hitting around £1,350, including London, the risk of unprotected loss of rent due to a problematic or none paying rent is huge given the current financial climate, pandemic fallout and cost of living crisis.
It's difficult to pinpoint the exact number of tenants who defaulted on rent in 2024; however, statistics show that 13,000 buy-to-let mortgages were in arrears of 2.5% or more in the third quarter of 2024. The time it takes to evict a tenant in the UK varies, but it generally takes at least 6 months and can take longer depending on the circumstances. With current escalating rent this could impact UK landlords and UK economy as a whole with the potential for over three billion pounds of lost rent over the next 12 months.
Landlord insurance, or buy-to-let insurance, is a specialized type of insurance designed to protect property owners who rent out their properties and covers risks and costs associated with renting out a property that standard home insurance may not cover.
Landlord insurance can include various types of coverage, such as, Buildings insurance, Contents insurance, Rent protection and emergency cover etc.
A typical landlords buildings insurance policy would cover loss such as damage to the fabric of the property due to a fire, flood or malicious damage etc, with other additional extras available at the point of obtaining a quote.
Rent protection insurance, also known as rent guarantee insurance, is a type of insurance policy designed for landlords to protect against financial losses due to tenant rent arrears and are either available as stand-alone products or as an optional extra when obtaining a buildings insurance quote.
Specialist landlord’s insurance ensures that you’re covered should the worst happen.
Got an investment property? Inherited a house you’re considering renting out? Have a large portfolio of properties? No matter your situation, specialist landlord’s insurance ensures that you’re covered should the worst happen.
Our landlord insurance protects your buildings and contents against loss and damage. It also safeguards against problematic tenants and other unexpected costs associated with being a landlord.
Our exclusive range of landlord insurance products give you a comprehensive range of features and benefits. You can cover just the building or both building and contents. You can also add additional options such as rent protection or emergency cover. All of our policies are underwritten by a carefully selected panel of the UK's leading insurance underwriters.
Visit https://lethq.co.uk/service/landlord-insurance/ to obtain your no obligation quote.
