What Does Property Owners Insurance Cover?
There are a whole host of policies that can make up a landlord insurance package. Not only can a policy cover the building and your contents, protecting against theft, fire and flood, but a bespoke policy can also include loss of rent, property owners’ liability, accidental and malicious damage, public liability and more.
Property owners’ liability insurance – We cover any compensation claims that arise as a result of negligence by the property owner. These claims can relate to third-party injury or damage of third-party property.
Loss of rental income – Whether you need to provide alternative accommodation for your tenants, or you lose rental income if the property is uninhabitable, we can provide cover for your loss of earnings for that period.
Commercial buildings insurance – In the event of a theft, fire or flood, we cover damage to your building and could pay out up to the cost of rebuilding your property should the worst happen.
Landlords content insurance – If your property is rented out fully furnished or half furnished, we would look to provide cover for the contents in the event of accidental damage or through damage by fire, theft or hazard event.
Employers’ liability insurance – If you employ anyone at the property, you need employers’ liability insurance as a legal requirement. It protects you against legal costs arising from claims brought from staff injury or illness.
Unoccupied property cover – We can protect your property if it has to remain vacant when you have a gap in tenants or perhaps you need to complete renovations prior to renting it out.
Rental arrears – If your tenant isn’t up-to-date on their rental payments you can add cover that can protect you against losses if your tenant falls into arrears and is unable to pay.
What Does It Not Cover?
Our comprehensive policy is designed to provide cover that gives you peace of mind. If you’ve added contents cover to your insurance policy it can protect any items you provide in a furnished or part furnished property, but your tenants must take out their own policy to protect their personal contents.
Whether your property portfolio comprises one or two properties, or it’s a whole building with multiple properties, tailored cover can ensure your unique circumstances are covered.
With a package of cover that meets all your needs as a landlord, we protect you from financial loss that can arise due to unforeseen things that crop up. Protect yourself against loss of rental income or damage to your property, and with liability protection bolt-ons it can even cover you when the property is empty.
Contact our expert advisors to get your property owners Insurance in place and get protected.
What Is Property Owners Insurance?
Often referred to as landlord insurance, insurance for property owners is a combination of cover that offers comprehensive protection to anyone renting out a property they own.
We also offer specialist commercial property owners insurance, designed for property owners who rent out properties for commercial use.
Do I Need Landlord Insurance?
You’re not legally required to have landlord insurance, but it can be risky to proceed without it and could leave you open to some hefty losses.
Your home insurance policy doesn’t cover the complexities of a rental property so we’d strongly recommend you take out a policy. Some mortgages might even require you to have a policy in place to be able to secure any borrowings.
As the property owner it is your responsibility to make sure it’s safe by ensuring the relevant maintenance and repairs are carried out. Any third-party injury or damage of third-party property could arise, resulting in compensation claims that could leave you/your business exposed.
This is where property owners insurance can protect you against losses in the long run.
Is Building Insurance the same as Landlord Insurance?
A building insurance policy is not designed to cover the complex aspects of rental properties. Building insurance is one part of it, but a landlord insurance policy is designed to use multiple policies that make up a comprehensive package of cover. It’s worth checking what insurance policies your mortgage company requires you to have in place to secure your lending.
Can I Get Insurance For Multiple Properties?
Yes, we can insure multiple properties. The cover would be individual to each property and we would design a bespoke deal that features multiple policies within it.
For a free quote contact us on 01204 570370 or fill in the form below to request a call back
How Much Does Property Owner Insurance Cost?
The cost of your policy will depend on your circumstances, as each policy is built to suit your needs. Each element to be covered, or type of insurance required, would affect the premium of your policy. It can also affect the terms of your policy that can vary subject to your situation.
There is a variety of information that you should be providing to insurers to get the right level of cover and also at the right premium. This should include:
- What is the value of the property – It’s vital you get an up-to-date valuation for your property at least once every 5 years to ensure you’re correctly covered. The value is for the cost to reinstate the property and not it’s current market value.
- How is the property used? – An insurer needs to understand the use of your property to provide adequate cover. Is it commercial, residential or even unoccupied?
- What type of tenant is in the property? If it’s a commercial tenant an insurer needs to know what type of business it is. If it is residential, what are the circumstances: are they students, are they working professionals, DSS or is it even multi-tenure?
- What type of property is it? – We’re talking about structure and materials here. What construction materials have been used? When was it built? Does it have any sections of flat roof?
- Is the property covered by any security systems? Have you got alarms fitted? What type of locks secures the property? Is it in a gated community?
- Has the property got a history of flooding? – This should have come up on your searches when you purchased the property, but your insurer will need to know this as it can increase the premiums to cover a property that is prone to flooding.
- Have there been any previous claims against the property? – It’s good to have this information to hand, with dates and the approximate claim amount.
All of the above (and more) will affect the premium insurers are able to offer, as well as the terms they can put forward.
With our property insurance we aim to give you peace of mind as even with the greatest tenants, renting can be hard work and things do sometimes go wrong.