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Let property insurance
There are a number of reasons why you might choose to let property you own:
you have invested in a residential or commercial buy to let property with the specific intention of earning your livelihood from such a business – you are what might be called a “professional” landlord; or
you might have inherited a property, or have found a new home in which to live, and decide to make some additional cash by letting out your other home – you might be called an “accidental” landlord.
In either case, you are likely to be concerned about insurance to protect the property.
Why do you need let property insurance?
You need let property insurance if the property you own is let to anyone.
The reason is quite straight forward and one that is taken especially seriously by employers: when the property is let, there is a fundamental change of use – from owner occupation to the business use of letting for rent – and with that change comes a different list of risks and perils.
Because of that particular use, specialist let property insurance is necessary and has to replace any standard home insurance which might have been arranged when the home was owner occupied.
Failure to make that change in insurance may result in any claim being rejected if you have only standard home insurance, but the property is in fact let to tenants.
It is an important consideration, therefore, which might all too easily be overlooked by the “accidental” landlord.
What you need to know when buying cover
When buying your let property insurance it is important to know just what – and what is not – covered. Although the details of any policy may vary widely from one insurer to another, typical components are likely to include:
Buildings and contents cover
insurance against the risk of loss or damage to the structure and fabric of the building and any contents within it that you might own;
since risks such as fire, flooding, impacts, explosions and earthquakes might result in the total loss of the property, the total building sum insured needs to reflect the current costs of possible reconstruction;
Landlord’s liability insurance
as the landlord, you have a duty of care to take all reasonable precautions to prevent injury or property damage to your tenants, their visitors or members of the public;
any alleged breach of this duty may result in very substantial claims for compensation, so landlord’s liability cover is necessary to provide indemnity;
Loss of rental income
you may be relying on the rental income to earn your living – or simply to pay any mortgage repayments on your investment – so it is important to maintain that income stream;
in the event of a major insured incident leaving the property temporarily uninhabitable, however, landlord insurance is there to provide an element of compensation for such a loss of rental income.
Why choose us?
Our experience here at UKinsuranceNET has been gained by arranging landlord’s insurance for all kinds of property occupied by tenants from many different backgrounds.
With substantial discounts available if you want cover for an entire portfolio of properties, we may help to ensure that you are fully protected by the insurance you need – at a competitive price.