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Inter Hannover Landlords Insurance
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Inter Hannover is the UK arm of the German multinational insurance company – the third largest reinsurance company in the world – Hanover Re.
At its headquarters in London, Inter Hannover employs around 150 people, but the group as a whole employs well over 2,000 individuals worldwide.
Inter Hannover’s principal single risk business is landlord insurance.
What makes landlord insurance a specialist product?
It is not only the sheer size of the investment in buy to let property in Britain that makes landlord insurance a specialist product – it is a specialist product because of the particular risks and perils it is designed to protect. These distinguish the product quite definitely from the kind of standard home insurance that might be arranged by the owner-occupier of his home.
It is different simply because of the use to which the premises are to be put. The risks and perils of a property under owner-occupation are different to those in which a landlord is striving to earn an income from rents – the latter, quite clearly, is a business or commercial objective, quite unrelated to having your own home in which to live.
What does it cover?
The building’s use might make the need for insurance quite different to standard home insurance, but there are similar, major risks against which the let property must also be protected.
These include such serious threats as fire, flooding, impacts, storm damage, vandalism (including malicious damage caused by tenants) and theft. Any one of these might leave the structure and fabric of building beyond repair, so that there needs to be a sufficient level of cover to pay for the cost of its reconstruction.
Protection of the structure and fabric of the building, along with those contents owned by the landlord, is therefore typically at the heart of landlord insurance.
Also important is protection of those duties and responsibilities attached to the role of a landlord or property owner. If a tenant, one of their visitors or a member of the public happens to suffer a personal injury or have their property damaged, they might level a claim alleging negligence on the part of the property owner. Landlord insurance, therefore, typically includes cover for indemnity against such claims up to levels as high as £1 million or more.
As a form of business insurance, cover for landlords may also typically include safeguards and compensation for the loss of rental income. If the premises are rendered temporarily uninhabitable following a serious insured event, for instance, this element of landlord’s insurance is designed to provide a degree of compensation for the disruption to your business and the loss of rental income.
Why choose an Inter Hannover landlord insurance policy?
Although Inter Hannover claims an interest in arranging insurance for landlords running a small buy to let business, it is clear that its major marketing efforts are directed towards high-worth premises – cover for sprinkler failure in properties it may cover is as high as €75 million, for example.