What is the Best Insurance Company for Landlord Insurance 2020 / 2021?

As a landlord, you need the best insurance company for landlord insurance that protects your rented property from potential damages as well as legal costs associated with being a landlord. This special type of insurance cover is not only essential but could underpin the very success and survival of your rental business. Should you opt to furnish your rental property, it’s also worth taking into consideration contents insurance as some insurers providers both building and contents coverage under a single package.

As a landlord, the average home insurance may be insufficient to cover your rental property hence why you need to take out landlords' insurance. This specialty insurance typically provides cover against unexpected events such as subsidence, flooding, fire, and property damage. If you are renting out a property that is furnished, you may want to consider contents insurance that covers items like TVs and the furniture you have provided to your tenants.

Why Get this Type of Insurance?

When thinking of investing in a rental property or if you decide to rent out part or even your entire private home, the truth is that you will be having lots of your money and valuables tied up in there.  So, most likely, you will also want an additional level of protection that covers your investment. This is best achieved from the best insurance company for landlord insurance provider.

Although landlord insurance is not legally required, a standard buildings and contents insurance policy may be inadequate to give your investment the level of coverage needed. There is a possibility of your insurer refusing to honour some claims should the need to claim arise when you only have a standard home insurance. Additionally, if you own a buy-to-let mortgage clause for your property, the lenders may actually specify that you need to have landlord insurance.

So as you shop for your landlord’s insurance cover, don’t make a mistake of going for the cheapest deal but ensure that it accords you all the protection your rental property needs. In fact, you need the best insurance company for landlord insurance.

1. Legal & General Insurance Limited

L & G landlords insurance ranks among the best insurance company for landlord insurance. It’s flexible, making possible for you to choose the right cover for your needs. The specialist landlord insurance gives you protection for loss of rent and also covers the cost associated with alternative accommodation for your tenants should that be needed. Even better, you can also opt for the extras that extend your level of protection.

Basically, landlords insurance from Legal and General provides coverage for the structure itself including the permanent fittings, fixtures, and outbuildings. This type of insurance protects you in case of damage to your rented-out property from unexpected events that could impact your rental income or inconvenience your tenants.

Key highlights include:

Buildings Cover - Protects you from events like flooding, fire, storms, subsidence and much more.

Contents Cover - Protects your household goods that you have installed on your rental property from events such as theft, fire, storm, and flood.

Multi-Property - Several rental properties can be covered under a single policy. This helps in making matters less complicated and you also qualify for a discount depending on the size of your portfolio.

Features that make L&G a contender for the best insurance company for landlord insurance at a glance:

  • Receive cover for rent loss or cost of alternative accommodation for your tenant as standard (up to £40,000)
  • Home Emergency Cover (up to £500)
  • Owners liability cover (up to £2 million)
  • Optional insurance for landlord’s contents.
  • Optional cover for malicious or accidental damage by tenants.
  • Optional cover for legal expenses linked to the eviction of squatters.

Legal & General Insurance Limited appreciates how protecting your rental property is critical to you. That is why they have assembled a flexible set of insurance options that will surely meet your needs. They have been rated by expert reviews as the best insurance company for landlord insurance for fast service and for providing a legal helpline free of charge.

2. Sterling Insurance Company Limited

Sterling is viewed as one of the best insurance company for landlord insurance providers. Besides the standard coverage, it also takes care of premises liability for your family rental properties (one to four) as well as your short-term rentals. Also available from this insurer are several coverages that are optional allowing you to customize the policy so that it meets your specific requirements.

To distinguish between the standard home insurance and other types of cover sought by owners of to-let properties, Sterling Insurance describes their landlord insurance as a form of commercial cover under the Executive Asset, a specific brand name.

Executive Asset landlord insurance offers more comprehensive coverage. Some of the key features that make the Sterling the best insurance company for landlord insurance include:

  • Both your property capital value and rental income get covered against inflationary increases.
  • Covers you for rent loss and for the provision of alternative tenant’s accommodation (maximum 3 years) as standard.
  • The building insurance extends to cover theft of fixed fabrics like aerials.
  • Property owner’s liability.
  • Employers’ liabilities cover as a standard.

Besides the above standard features, the Sterling Executive Asset package has additions that come as Asset Ultimate and/or Asset Extra designed to ensure you get above-average coverage levels for your commercial or residential property.

Other optional endorsements include:

  • Water Damage & Sump Pump Failure
  • Contents Coverage
  • Personal Injury
  • Equipment Breakdown
  • Related Private Structures
  • Loss of Rents
  • Automatic Inflation Protection
  • Earthquake Protection.

Reviews have also rated Sterling among the best insurance company for landlord insurance providers based on excellent discounts available that include:

  • Higher Deductibles.
  • Burglar & Central Station Fire Alarms
  • Sprinkler System Cover
  • Proof of Tenants Insurance
  • Rental Property (Lease Agreements)

Sterling Insurance Company Limited is a privately owned, independent British company based in West Malling, Kent. Although the Group was established in 1994, a series of prudent acquisitions have contributed to appreciable growth in its fortunes in a relatively short time making it a good candidate for best insurance company for landlord insurance.

3. Allianz Insurance Plc.

​Top among the best insurance companies for landlord insurance providers is Allianz through their Complete Property Owner product. This package is capable of catering for a diverse blend of 20 residential or commercial premises. Whether yours is a single buy-to-let investment or an extensive portfolio of properties spread throughout the country, Allianz Insurance Plc. can provide you with a cover against legal action and damage in a single tailored policy. Such a policy can also have optional extras like employers' liability and loss of rent as required.

The standard Allianz perils cover includes a broad range of incidents. This includes cover against property damage caused by explosions or fire, plus incidents linked to different natural disasters such as earthquakes, floods, storms, lightning, etc. You also get protected against malicious damage, theft, subsidence, riots, labour disturbances, and lots of other problems that can lead to property damage.

Allianz understands the importance of your investment to your livelihood thus why it qualifies as the best insurance company for landlord insurance. It is for that reason that the insurer has developed and designed several coverages that ensure your assets are adequately protected.

These covers include, but not limited to the following:

Property Damage – damage or loss to buildings and the contents.

£2,000,000 Property Owners' Liability – with option of increasing the amount to £10,000,000

Commercial Legal Expenses – up to £100,000 for a single event and a maximum of £1,000,000 for a single period of insurance for the specific covered events.

Optional covers that are available include:

  • Loss of Rent – maximum of £750,000 annually.
  • Personal Accident at £20,000 – max 3 units.
  • Employers' Liability – max of £10,000,000.

Investing in to-let-property involves some serious financial commitment and it potentially comes with excellent Return-On-Investment (ROI). However, becoming a landlord also comes with a sizeable risk element. This is why you need the best insurance company for landlord insurance from Allianz.

​4. Cornish Mutual Assurance

Those who let out property need the best insurance company for landlord insurance that takes into consideration the particular risks and challenges they face as landlords. Cornish Mutual provides insurance services designed for the small businesses operating in Devon, Cornwall, Dorset, and Somerset. Their business insurance products are perfect for non-farming rural businesses. They are in particular, suitable those who want landlord insurance in South West England.

A key feature of Cornish is the free access to a helpline that is accessible 24 hours to help you in case of tax or legal problems related to your business. The landlord insurance from Cornish Mutual can be tailored to meet your specific circumstances or needs.

Other key features include:

  • Comprehensive property and contents cover, including damage, breakages, and thefts.
  • Cover for loss of rental income (in case for some time you cannot let out the property due to events like flood or fire).
  • Employers insurance (up to £10 million)
  • Public Liability cover (up to £2 million) as standard.
  • Legal coverage for a broad variety of risks faced by a landlord. This includes covering you for legal costs in the face of a legal challenge (up to £100,000), covers you as you pursue claims against any tenant who has caused property damage or causing a nuisance, plus rent arrears recovery.

This is rated among the best insurance company for landlord insurance packages. This is because it also takes care of your defence costs in the event you are accused of being guilty of an offence related to your property as well as any legal costs that you incur in the process of repossessing your property.

Cornish Mutual business insurance is based on principles of honesty, transparency, and fairness. It is not a surprise that experts have rated Cornish Mutual as among the best insurance company for landlord insurance providers.