Landlords Insurance - safeguarding your investment
If you own a property that you are renting to tenants, then you will need Landlords insurance, which provides you with the financial protection to safeguard your property investment.
Whilst not a compulsory insurance, it will protect you as landlord, against the risks associated with your rental property and will typically include buildings and contents cover as standard.
There are a number of additional covers that you might also like to include in your insurance solution for complete peace of mind, such as property owners liability, loss of rent cover, legal expenses insurance and fixtures and fittings cover.
We are here to offer advice and guidance on the right insurance solution for your specific requirements. Get in touch today to talk through your requirements with an experienced broker. And don’t forget that we may be able to arrange competitive finance to spread the cost on a monthly basis through our partnership with Close Brothers Premium Finance. Please get in touch for details.
Creating cover that's right for you
To help you decide what you might need we explain what each cover is and why you should consider it for your insurance solution.
This insurance will cover the cost of a rebuild or repair following a disaster. If your property experiences a flood or fire, you need to know that you can rectify the damage and protect your investment.
It’s vital that you make sure you have your building sum insured set at the right level.
Property owners can be caught out by underinsurance, basing the cost of a rebuild on the market value of the property rather than the rebuild cost. If your property is found to be underinsured your insurer will apply an ‘average clause’. This means they will reduce your settlement figure proportionately to the amount of your underinsurance. The shortfall will need to be met to complete the repair or rebuild, either by you personally, or by other means. You can read more about the challenges of property owners insurance here.
If the property you own is a flat, then the buildings insurance will be the responsibility of the freeholder. If this is the case, you will probably only need fixtures and fittings cover for the buildings element of your solution.
Contents cover is fairly self-explanatory, providing protection against the loss or damage of the contents owned by you, within your property. These could be items of furniture, appliances, or crockery etc. It does not, however, cover tenants belongings, who will need to arrange their own contents insurance.
Property Owners Liability
If a tenant or visitor suffers a personal injury or damage relating to your property, they may file a compensation claim against you. Property owners liability insurance will protect you against the financial costs associated with such claims.
Loss of Rent
If your tenants have to move out following an insured disaster such as a fire or flood, you would lose rental income whilst a refurbish/rebuild takes place. By adding loss of rent insurance to your policy, you will be able to claim back the lost income to cover this period.
Tenant Damage Cover
Another extension you may consider for your landlords insurance policy is tenant damage cover. This is accidental damage cover for incidents caused by your tenant. This could be a wine spill on your carpets or a hole in the wall resulting from an attempt at DIY. It doesn’t, however, cover malicious damage caused by your tenant.
Legal Expenses Cover
This insurance protection will cover the cost of any legal services you engage to evict a tenant, up to the limit of your policy. We hope that this situation will never arise, but you may be left with no choice and this policy extension will help you financially to manage a difficult situation in the right way.
Malicious damage cover is a policy extension available to protect your property and its contents from malicious damage or theft. It covers any damage or theft caused by other third parties, but not by your tenant.
We’re here to help
Our experienced brokers are here to talk through your landlords insurance needs and will offer tailored advice based on their discussions with you. We have partnered with some of the best-known insurers who offer comprehensive insurance policies for property owners, so you can be assured of a solution that will safeguard your investment.
Get in touch today to discuss your insurance requirements by calling 01480 272727 or send us an email at email@example.com
Find answers to your Frequently Asked Questions below.
Arrange your Landlords Insurance today
Frequently Asked Questions
Why do I need Landlords insurance?
If you own a property and are renting it out, Landlords insurance is a sensible option because it provides you with financial protection to safeguard your property investment. Renting out a property can provide you with additional income or be your nest egg for retirement, so making sure you are protected if something unexpected happens will bring you peace of mind.
You can build your policy to include a variety of extensions that fit with your particular situation. Talk to one of our expert brokers who can guide you with impartial advice on what’s best for you.
Call today on 01480 272727 or email firstname.lastname@example.org
We’re here to help you protect your property investment.
Who should have landlords insurance?
Landlord insurance should be a serious consideration for anyone that rents out a property to tenants. Whether that’s a house, flat, block of flats, shop, factory or office space etc, if you own the property and gain an income you are a landlord and this insurance will help to protect your investment/asset.
Managing the risks associated with renting your property will help you to be prepared for the unexpected.
Discuss your insurance requirements with an experienced broker who understands the risks you’re facing. Call us on 01480 272727 or complete our enquiry form today.
What are the benefits of Landlords insurance?
- Peace of mind for you and your associates or family
- Provides reassurance for your tenants
- Comprehensive protection against potential business risks
- Single renewal date
- Protects your investment
How much Landlords insurance cover do I need?
This will depend on the property and the extent of the cover you are looking for. We advise not to cut corners will your landlord insurance and ensure that you have the right level of building sums insured, to allow for a rebuild if you suffer a total loss claim.
As an independent broker, our advice is completely impartial, so you can rest assured that we will only recommend cover that we believe is what you actually need.
How can I buy Landlords insurance?
We recommend purchasing your landlords insurance through a reputable broker who will provide impartial advice on what you need to manage your risks. At Barnes Commercial we will build a policy with you following conversations to understand your unique situation.
With the right advice, you will have adequate cover in place to navigate through any unexpected event successfully.
Get in touch today to discuss your landlords insurance requirements. Call us on 01480 272727 or send an email to email@example.com
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