What Is Landlord Insurance in Ireland?
Landlord insurance in Ireland is an important part of renting out to tenants. Insurance is there to make sure you can cover large costs if you have unexpected damages to the property. Insurance can also cover basic wear and tear for routine repairs.
Is Landlord Insurance Compulsory in Ireland?
Landlord insurance is not compulsory in Ireland but it is still vital to have if you want to avoid costs for repairs in the future. Having good insurance will give your tenant confidence that you as a landlord are reliable and well prepared.
What Are the Benefits of Landlord Insurance?
- Security — Knowing that you are covered means you do not have to worry about damages and you can relax knowing that wear and tear can be taken care of.
- Tenant Confidence — A well-insured property creates a long-lasting relationship with your tenant, encouraging them to stay and renew their tenancy agreement.
- Indirect Effect on Tax Relief — If you are carrying out repairs, you might be eligible for tax relief. Expenses for repairs count as allowable expenses when doing your annual tax return.
What To Watch Out For with Landlord Insurance
- Avoid "Normal" Landlord Insurance — A cheap basic policy is generally not enough cover. Take out an All Risks policy to make sure your property is insured against everything.
- Make Sure Malicious Damage Is Covered — Ensure that malicious damage caused by the tenant is covered, not just accidents.
- Check the Electricity Certificate Policy — Most policies require that a BER rating certificate is updated every 2 to 3 years.
- Unoccupied Property Condition — Some policies restrict cover if the property is left unoccupied for a period of time. Note how long this period is if you change tenants regularly.
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What Does Landlord Insurance Cover in Ireland?
- Landlords Liability — Covers the legal costs associated with a tenant's accident, illness or death. Usually covered up to a certain amount per claim.
- Loss of Rent — Covers missed rental payments if your property becomes inhabitable due to extensive damage.
- Rent Guarantee — Covers you if your tenant defaults or misses a payment, usually for up to 2 months.
- Contents Cover — Protects furniture, appliances, fixtures and exterior parts like fences and walls.
- Emergencies — Extra emergency cover for boiler problems or electrical emergencies with 24/7 professional support.
What Affects Your Landlord Insurance Cover?
- Location — Higher crime rate areas result in higher premiums to compensate for greater risk.
- Number of Tenants — More tenants may mean a higher premium due to greater risk of damage.
- Number of Properties You Own — Insuring multiple properties may qualify you for a better deal.
- Safety Policy — Security and fire alarms installed can lower your premiums.
How Much Does Landlord Insurance Cost in Ireland?
The amount you pay depends on the condition, size and location of the property. Every policy is bespoke, meaning it is put together for your specific needs. The best way to compare is to get quotes from various companies. Many companies offer an average cost of around €250.
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Who Offers the Best Landlord Insurance?
Most insurance companies offer a basic package. Here are our top five landlord insurance providers:
- Bank of Ireland
- Allianz
- FBD
- AXA
- 123