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Property Insurance Guide

Sunset behind a house
05 November 2014

By UKinsuranceNET In Free Guides and Checklists

There’s a lot to know about Property Insurance. For example how insurance can help you to protect both yourself and your assets.  How important it is to choose the right insurance company, and what exactly are the cover options available and are they right for you and your business.

Whilst appreciating that some of these insurances can be deemed as compulsory, there are others which should be considered on their merits. This guide attempts to provide a valuable starting point when considering which types of property insurance and any extensions of cover would be right for you.
Businesses will of course want to make their own judgment about the advice in this guide.

There are many different forms of property insurance as shown below.
The main forms are Buildings Insurance, Contents Insurance, Landlord’s Insurance, Let Property Insurance and Buy-to-Let Insurance. Block insurance, insurance for Blocks of Flats, insurance for other properties including, offices, shops, doctors and dentist surgeries, restaurants, takeaways, bistros, wine bars etc.

Then there are other forms of specific property insurance risk such as Hotel Insurance, Salon Insurance, Massage Parlor Insurance and Night Club Insurance, insurance for other risks such as Guest Houses or Bed and Breakfast establishments. Then of course there are insurances needed for commercial property such as factories, warehouses along with a whole range of property being used for other commercial uses.

Property Insurance Guide – What Do Landlords Need?

If you are a landlord then you have very different insurance needs to the average homeowner. Although you will share common elements of home insurance cover such as buildings and contents features you may need to look at specialist options to help you get the best protection. This property insurance guide will hopefully make things easier for you.

In general terms this property insurance guide will show you the three things you may want to think about when it comes to landlord’s insurance. These are:

  • Your building
  • Your contents
  • Your income

Let’s take a look in a little more detail.

  • Your building — you can’t say for definite that nothing will ever go wrong with your property. A tree could crash through your roof in a storm. Your tenants could get drunk and decide to knock through a wall. You could get flooded. Buildings insurance may well be the best protection you can get.
  • Your contents — if you rent out furnished or even semi-furnished properties then think about how much it would cost for you to replace your fixtures and fittings if they got damaged. A flood, for example, could see all of your furniture at a ground floor level ruined. Contents insurance could, once again, give you the right levels of protection.
  • Your income — many landlord’s insurance policies may be able to help you protect your income as well as your property. So, for example, you may be able to get additional cover that will replace your income if you have a problem with your property that means that you can’t have tenants in it for a period of time. You may also want to consider liability cover. Could you afford legal fees and compensation costs out of your own pocket if your tenant had an accident that was caused in or by your property?

Hopefully this property insurance guide will have given you some pointers to get going with. This is a specialist kind of insurance and you may simply find that you can get the best levels of protection by taking things further with the help of a specialist insurer that understands what you need.

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