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Lloyds Bank was founded in Birmingham in 1765 and grew steadily during the nineteenth and twentieth centuries, principally through the acquisition of smaller, provincial banks.
One of the most recent acquisitions was the Trustee Savings Bank in 1995 and the company traded as Lloyds TSB Bank from 1999 until 2013, when it was again rebranded simply as Lloyds Bank.
Following the financial collapse of 2008, the British government acquired 43.4% ownership of the Lloyds Banking Group.
Lloyds Bank has its headquarters in London, and regional offices in Halifax, Leeds and Sheffield, Wales and Scotland.
The bank should not be confused with the international insurance market that is Lloyds of London.
What makes landlord insurance a specialist product?
As one of the “big four” high street banks, Lloyds has a long history of serving both individuals and business owners – including the sale of financial products such as home insurance and landlord insurance.
It is important to recognise that there is a big difference between these two types of insurance policy:
- home insurance is designed to safeguard a residence of its owner occupier;
- landlord insurance is designed to protect residential or commercial property let to tenants.
The distinction makes landlord insurance a specialist product since the difference in uses to which the two types of property are put also expose those same buildings and their contents to different risks.
What does it cover?
Some of these differences might be illustrated with reference to some of the headings of cover offered by landlord insurance:
Landlord liability insurance
- as owners of let property, landlords have a particular duty of care not only to members of the public, but also to their tenants and their visitors;
- if any one of these individuals suffers a personal injury or has their own property damaged as a result of the landlord’s alleged negligence, very heft compensation may be ordered – cover for not less than £1 million or as much as £5 million is by no means uncommon;
Loss of rental income
- rent is the principal income stream if you are in the business of letting property;
- if there is an insured incident resulting in loss or damage to the property, rendering it temporarily unfit for occupation, that rental stream is lost;
- landlord insurance, therefore, commonly provides some element of compensation for such losses;
Building and contents insurance
- investment in any kind of property, of course, is likely to demand adequate insurance of the structure and fabric of the building and its contents – let property is no different;
- at the heart of the typical landlord insurance policy, therefore, there is typically building and contents insurance – even in the latter needs to be only of the most basic level, to cover the cost of damage to curtains and carpets, for example, in otherwise unfurnished accommodation.
Why choose a landlords insurance policy from UKinsuranceNET?
The principal headings of landlords’ liability, loss or rental income and building and contents cover are typically included as standard. Cover is also available for portfolios of let property.