If you are a property owner, you need insurance that fits your exact requirements, protecting your assets and investments including its unique features.
What is Property Owners & Landlord Insurance?
Property Owners Insurance is also known as landlord insurance. These two terms are used interchangeably but generally refer to the same insurance product.
Landlord insurance is essential for protecting your property and income. It covers you against unexpected events like fire, flood, and damage caused by tenants. With the right policy, you can have peace of mind knowing your investment is safeguarded.
What Does Landlord Insurance Cover?
Below, we have set out some core sections typically insurable under a landlord insurance policy:
- Firstly, building insurance: Covers the structure of your property.
- Helpfully, loss of rent: Protects your income if your property becomes uninhabitable. For residential properties, alternative accommodation is often included as standard.
- Crucially, property owners liability: This is basically public liability for landlords. It covers claims made against you by tenants or visitors, for instance that they have tripped on a loose carpet.
- Finally, legal expenses: Covers your legal costs in case of disputes. Cover can include contract disputes, rent recovery (pursuing the tenant for unpaid rent) and dilapidation disputes.
What do I need to know about Landlord Insurance?
Every insurance policy is different, but there are some key points you should be aware of:
Building Reinstatement Declared Value
Firstly, you should be careful when selecting the figure you want the property insured for. You need to insure for the cost of reinstating the property as new on the first day of the policy. This must include the costs of debris removal and professional fees. Significantly, this is not the same as the market value of the property.
Many policies have both a “Declared Value” and a “Sum Insured”, the difference between which is explained here.
If you do not select the correct figure for insurance purposes, you may not be fully covered in the event of a claim, known as “average”.
Helpfully, the Association of British Insurers has a free calculator online which gives a rough idea of the potential rebuild costs. Alternatively, our partners can carry out a desktop rebuild cost assessment for a small fee, or can undertake a on site assessment.
Unoccupied Properties
If your property is partly or completely unoccupied, including if undergoing building works, you must tell the insurer. There will be conditions which you must adhere to, and the coverage provided under the policy may be reduced.
Malicious Damage by Tenants
Additionally, not every policy gives cover for damage caused by tenants within your property. Instead, many insurers provide limited cover for such damage, and have conditions which must be complied with, such as tenant referencing and regular inspections. Should your policy have such requirements, we will always bring this to your attention in our documentation to you.
Properties with Flat Roofs
Finally, if your property has any portion flat roof, this is classified by insurers as “non-standard construction” and must be specifically declared. This is because this construction has a higher prevalence of water damage claims. Many insurers have inspection conditions which apply for any flat roof. If your policy has such conditions, we will always bring this to your attention in our documentation to you.
Why Choose Us as your Landlord Insurance advisor?
- Expert advice: We understand the unique needs of landlords.
- Tailored cover: We create policies to match your specific property and requirements. We work with in excess of 50 property insurers, and will source a range of quotations to source a policy most suitable for your needs.
- Competitive prices: We offer competitive rates without compromising on cover.
- Excellent service: Our dedicated team is here to help.
We are also able to source cover for properties with specialist requirements including:
- Non-standard construction
- Listed buildings
- Unoccupied or partly unoccupied
- Previous flood history or high flood risk areas
- Previous subsidence history
- Policyholders with adverse financial histories including CCJ’s, IVA’s, liquidations, administrations or insolvencies.
