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Landlord building insurance
Owners of let property – whether residential or commercial – are advised to pay particular attention to the importance of landlord building insurance.
The might prove critical in protecting your property against a range of potentially very expensive risks and perils.
The particular scope and nature of your building insurance might also be a factor taken into account by prospective tenants or lessees of your property.
Why do you need landlord building insurance?
On one level the question is especially easy to answer. If you are buying your let property with the aid of a mortgage, the lender is almost certain to insist that adequate buildings insurance is maintained as a condition of the loan.
A mortgage lender, though is only interested in the building being insured to the amount of the outstanding loan.
If you have not needed a mortgage advance, there is no compulsion for building insurance, but you might agree that it is certainly needed – and to a greater degree of protection than might have been demanded by any mortgage lender.
In either event, the total sum insured needs to be enough for clearing the site, instructing architects and engineers and rebuilding your property in the event of a major disaster which effectively demolishes it.
This may come from a number of risks, such as fire, explosions, earthquakes and impacts. But there are other risks and perils, such as flooding, subsidence, smoke damage, storm damage, vandalism and theft which may also result in extensive damage – the like of which may prove extremely expensive to repair without the protection of landlord building insurance.
What you need to know when buying cover
Not all landlord building insurance policies are the same. Some might include certain risks as standard; others might exclude particular risks. What you need to know, therefore, is exactly what is covered, to what extent and whether any specific conditions are attached to elements of the insurance policy.
Some policies, for instance, might include unexpected extras – such as cover against malicious damage caused by your tenants or extended cover during those period when your let property is temporarily unoccupied.
You also need to know the likely impact for your tenants or leaseholders of any landlord building insurance you buy. This is likely to be a matter of particular concern to tenants of commercial property, where there is the possibility of a confusion between landlord’s and tenants’ responsibilities for items such as fixtures, fittings or equipment installed for the conduct of the tenants’ business.
Why choose us?
UKinsuranceNET has a proven track record in the provision of residential and commercial building insurance for a wide variety of landlords and properties, occupied by tenants from all kinds of backgrounds and businesses.
When you buy building cover from us, you also stand to gain up to £20,000 free cover for any contents you own.
Our aim is to establish a personal relationship with our customers to further our understanding of their precise insurance needs and requirements, so that we may identify the most suitable products available – at a competitive price.