If you own a home which is let for residential purposes then you need to make sure you have adequate cover in place.
We can arrange cover for your buildings, landlords contents, loss of rent, and property owners public liability cover.
As insurance brokers we search a specially selected panel of UK insurance companies to find you the best deal on the market. Why search around when we can do all the searching for you.
More and more people are becoming residential property owners in the UK by buying homes and renting or letting them out to tenants, either outright or maybe on a ‘Buy To Let’ scheme. It can be one of the biggest investments you will ever make and you must make sure you have the correct and adequate insurance in place to cover you in the event of the worse happening.
The Right Insurance Policy – What To Insure?
If you let your property out to tenants then a standard household insurance policy will NOT give you the correct level of cover and if you had to make a claim you will not be paid.
You must make sure you have a residential property owners insurance policy or landlords insurance policy to cover you correctly. There are a number of things you should look at covering under the policy, below are the main ones.
You should insure the property for it’s full rebuilding costs, including domestic outbuildings, gates and walls. You should also take in to account architects fees and debris removal.
You are not responsible for covering the tenants contents but if you have your own contents in there you may wish to insure them. These may be carpets, curtains, blinds, furniture etc.
All policies should include public liability and will normally be £2 million worth of cover. This is vital to have and will cover you in the event of for example a tenant getting injured whilst in your property and you can be found liable.
Loss Of Rent
If the property becomes inhabitable due to an insured peril, e.g a fire and the property cant be rented out for say 6 months, you will lose out on the rental income you would have had. Loss of rent cover will ensure you are paid the same amount had your property not had that fire. Most policies will automatically cover you for up to 20% of the buildings sums insured although with some insurers you have to pay extra for this cover.