How to safeguard your property following Renters’ Rights Act changes
Designed to strengthen tenant protections, the Renters’ Rights Act paves the way for a more balanced and transparent rental landscape for all involved.
Looking ahead, further reforms aim to elevate security and property standards.
Navigating these changes requires foresight and preparation. Gallagher, the NRLA’s trusted landlord insurance partner, highlights how suitable protection can help you stay prepared.
Stricter Decent Homes Standards (DHS) requirements
The Act extends the DHS, previously applied only to social housing, to the private rented sector. This means landlords must now meet stricter requirements around common renting risks, such as property condition, repair and overall livability, which could lead to higher maintenance costs.
How insurance can help: Depending on the cause of loss or damage, landlord insurance can help to cover unexpected repair costs, helping landlords stay compliant without the financial burden. Landlord insurance can include cover for malicious and accidental damage to the building and contents, offering a vital financial safety net.
The Renters’ Rights Act: A hidden opportunity for landlords?
Experiences from similar reforms show the outcomes may not be as adverse as many landlords anticipate.
With over half of landlords in the UK owning more than one rental property, there is a significant opportunity to streamline operations and implement a proactive strategy to transform any financial challenges into opportunities. Having specialist insurance for adequate protection can play a key role in such a strategy.
Source: Official Statistics, English Private Landlord Survey 2024: main report, published 5 December 2024.
Why landlord insurance matters more than ever
To seize these opportunities and guard against the financial risks introduced by the Act, landlords can benefit from suitable protection. Landlord insurance can provide a solid foundation for that security.
Gallagher Landlord Household Insurance includes:
- Buildings insurance: Cover for the cost of repairs or rebuilding if the property is damaged or destroyed, helping landlords comply with stricter property standards.
- Contents insurance: Protection for landlord-owned items such as appliances or furnishings in rented properties.
- Property owners’ liability: Cover for claims if a tenant or visitor is injured on the premises, which is a growing concern with expanded tenant rights and safety rules.
- Property owners’ legal protection: Cover for legal costs and expenses arising from specified civil and criminal incidents in connection with your business.
- Specialist landlord cover (where home insurance falls short): Standard home insurance rarely covers tenant-related risks. Landlord insurance fills this gap by offering protection against risks such as tenant-caused damage and loss of rent due to the property becoming uninhabitable.
With the new Act mandating higher property standards and stricter compliance, suitable landlord insurance can help to ensure landlords are not left financially vulnerable when the unexpected happens.
Landlord Insurance from Gallagher
With vast experience handling insurance policies for a wide range of landlords, and with relationships with some of the leading insurers, Gallagher aims to simplify your insurance arrangements and help to protect your property, its contents and your liabilities.
Alternatively, speak to the specialist Gallagher team on 0800 612 0094.
How rent guarantee insurance can complement landlord insurance
Landlord insurance protects the building and assets, while rent guarantee insurance specifically addresses rent arrears, offering income protection and peace of mind.
Gallagher can also provide NRLA members with Legal Expenses and Rent Guarantee Insurance.
The sole purpose of this article is to provide information on the issues covered. This article is not intended to give legal advice, and, accordingly, it should not be relied upon. It should not be regarded as a comprehensive statement of the law and/or market practice in this area. We make no claims as to the completeness or accuracy of the information contained herein or in the links which were live at the date of publication. You should not act upon (or should refrain from acting upon) information in this publication without first seeking specific legal and/or specialist advice. Arthur J. Gallagher Insurance Brokers Limited and National Residential Landlords Association, an Introducer Appointed Representative of Arthur J. Gallagher Insurance Brokers Limited, accepts no liability for any inaccuracy, omission or mistake in this publication, nor will we be responsible for any loss which may be suffered as a result of any person relying on the information contained herein.
National Residential Landlords Association is an introducer appointed representative of Arthur J. Gallagher Insurance Brokers Limited, which is authorised and regulated by the Financial Conduct Authority. Registered Office: Spectrum Building, 55 Blythswood Street, Glasgow, G2 7AT. Registered in Scotland. Company Number: SC108909.
