A let property is a home or building that an owner allows tenants to occupy under a rental agreement.
A let property is a house, flat or other property that an owner rents to someone else in return for rent. The owner is the landlord, while the person living in the property is the tenant.
A property may be let under different types of tenancy or rental agreement. The rights and duties of landlords and tenants can depend on the agreement and where the property is in the UK. GOV.UK provides further information about renting out a property and tenancy arrangements.
The term can also cover a property where only part of the building is rented out. Different rules and insurance needs may apply to holiday lets, commercial premises and a house in multiple occupation.
Standard home insurance is usually designed for a property occupied by its owner and their family. Letting the property to tenants changes how it is used and may change the risks an insurer is being asked to cover.
A landlord should tell the insurer before tenants move in. In England, if the property has a mortgage, GOV.UK says the landlord must get permission from the mortgage lender.
Clear and accurate information is important. An insurer may ask who lives in the property, how it is used and whether it will be empty for any period. One Financial Ombudsman Service decision shows that incorrect information about occupancy can affect how a policy or claim is handled. The outcome will depend on the questions asked, the policy terms and the full facts.
Let property insurance, which is often called landlord insurance, may include cover for the structure of the building. This can protect against insured events such as fire, storms, flooding and escape of water, subject to the policy terms and exclusions.
MoneyHelper explains that buildings insurance covers the structure of a property, rather than its market value.
Depending on the insurer and policy, cover may also be available for:
These features are not included in every policy. Rent arrears and eviction costs may require separate rent guarantee insurance or legal expenses cover. Conditions such as tenant checks and valid tenancy documents may apply.
A landlord’s policy will not usually cover a tenant’s personal belongings. MoneyHelper explains why tenants may need their own contents insurance for rented homes.
An insurer or broker may ask about:
The questions will vary by insurer. Landlords should answer them carefully and check that the policy documents describe the property and its use correctly.
Landlords should check the cover limits, exclusions, excesses and security conditions. They should also make sure the buildings sum insured reflects the property’s rebuild cost, not its sale price.
Wear and tear is usually excluded. Accidental damage or damage caused by tenants may only be covered when it is specifically included.
Insurance does not replace a landlord’s legal duties. Depending on the property and location, these can include repair, safety, licensing and alarm requirements. GOV.UK sets out key landlord responsibilities for rented properties.
We arrange landlord insurance for a range of let properties, including some homes that may be harder to insure because they are listed, at risk of flooding or otherwise non-standard.
Depending on the property and full details, cover may be available for buildings, landlord’s contents and liability. Other options may include loss of rent, legal expenses or rent guarantee cover.
Acceptance, price and cover depend on the insurer and policy. Limits, excesses, exclusions and conditions will apply, so landlords should check their documents carefully.
