Where a property is mortgaged, buildings insurance is a mandatory requirement of all Lenders. Additionally, property owners need the reassurance that they will not be faced with substantial costs for damage, which would be covered under such a contract.
Many insurance contracts have restrictions and conditions automatically applied if the property is not occupied by the owner, and, indeed a good number of insurers will not offer cover for rented property. It is a condition of all policies that 'Material Facts' are declared to the insurers. Material Facts are those which will influence an insurers decision whether to offer cover, and on what terms and conditions. Knowing that the property is to be let is a 'Material Fact' and must be disclosed. Failure to tell the insurers could result in claims being declined or the policy being cancelled when a claim is notified.
Landlords who choose to retain their existing policies may find that either they are not suitable, or that, in the event of a claim, they may not be covered.
Comprehensive buildings insurance
An elite buildings insurance package that covers all the risks associated with let properties for the private and professional landlord. Cover includes:
- Rebuilding costs following loss or damage caused by an insured peril, up to the sum insured.
- Loss of rent and re letting costs following damage from an insured peril of up to 30% of sum insured.
- 90 days unoccupancy cover in between tenancies without restrictions.
- £10,000,000 employers liability.
- £5,000,000 property owners liability.
- Nil excess option.
- Accidental damage option.
Low cost Buildings insurance
A policy designed to cover the main risks associated with property letting for the private and professional landlord. Cover includes:
- Rebuilding costs following loss or damage caused by an insured peril up to the sum insured.
- Loss of rent and re letting costs following damage from an insured peril of up to 20% of the sum insured.
- £5,000,000 public liability.
- £5,000,000 domestic staff liability.
Full Contents Insurance
A policy designed to enable private and professional landlords to protect the contents of their let property. Cover includes:
- Landlords contents on a new for old basis for loss of damage.
- Loss of rent and re letting costs following damage from an insured peril up to 30% of sum insured.
- Replacement of locks following theft of keys.
- Full cover for unoccupied properties in between tenancies for up to 90 days.
- £10,000 000 employers liability.
- £5,000,000 landlords liability as owner.
Limited Contents insurance
A policy designed for part furnished properties where the landlord has limited furnishings. Cover includes:
- Landlords contents on a new for old basis for loss of damage.
- Loss of rent and re letting costs following damage from an insured peril up to 30% of sum insured.
- £10,000 000 employers liability.
- £5,000,000 landlords liability as owner.
- Cover includes curtains, blinds, light fixtures and fittings and Kitchen white goods only.
Rent guarantee
A product that protects your landlords income and investment. Cover includes:
- Rent guarantee for up to a maximum of 12 months.
- 50% of the rent for up to 3 months after vacant possession has been obtained.
- Landlords legal expenses up to £50,000.
Legal Expenses
A product that pays all the legal costs involved in arranging the eviction of tenants who have defaulted on their agreement, or unauthorised occupants. Cover includes:
- Landlord’s expenses up to £50,000.
- Nil excess.
Emergency Assistance
24 hour emergency assistance for landlords let property. Cover includes:
- Cost of contractor’s call out and labour charges, parts and materials up to £500 inc VAT.
- Nil excess.
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