UK Landlord Insurance Industry 2017

With the landlord insurance sector in the UK worth approximately GBP2.51 billion in 2012, accounting for 7.3% of the non-life insurance segment, growth has been maintained during the economic crisis.

Landlord insurance covers a property’s owner from damage and financial losses connected with renting out a building on a residential or commercial lease. Policies can be tailored to cover buildings, contents, the loss of rental income, legal costs, public liability and unoccupied periods.

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It was in fact the economic recession coupled with a poor housing market that has generated an increase in the number of houses occupied on a rental basis. In 2012, the UK saw 35% of residential properties being let through either private or social housing landlords. On the commercial side, the British Property Federation estimated that two-thirds of the UK’s 1.86 million commercial properties were occupied on a leased basis.

Notable factors driving a demand for an increase in landlord insurance include a large number of homeowners choosing to rent out their property as opposed to selling for a reduced price, a rise in unemployment creating an increase in tenants, pessimistic businesses reducing their commitment to long commercial leases, as well as an escalating number of extreme weather incidents.

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Since 2000, Britain has recorded four of the top five wettest years on record, and the Association of British Insurers (ABI) reported that flood damage costs to homes and businesses increased by 200% in the decade to 2010, rising from GBP1.5 million to GBP4.5 million. In 2012, insurers handled 486,000 flood claims, the equivalent of 1,330 a day, at an average value of GBP18,200.

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