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Vasek Landlords Insurance
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Since its entry into the market in 1998, Vasek has come to pride itself on being a specialist provider of landlord’s insurance.
The company lays claim to more than 30 principal headings incorporated into its landlord insurance policies, which have been granted a 5-star rating by market analysts defaqto.
It continues to strive for improvements to the quality of its service and products through a flexible and adaptable approach to the business.
What makes landlord insurance a specialist product?
If you are buying your property with the help of a mortgage, you already know the distinction made by lenders between a standard residential mortgage and a buy to let mortgage – the amount that might be advanced for the latter is based on estimated rental income, because your investment represents a business proposition.
This is just the kind of distinction also made by insurers – standard home insurance is appropriate for owner occupiers of their homes, but specialist landlord insurance is required if the property is let to tenants. When the property is let for what are essentially business purposes, insurers consider the risks to be distinctly different.
Indeed, there is such a distinction that if you hold standard home insurance, but it is in fact let to tenants, any claim for loss or damage is likely to be rejected by your insurer.
What does it cover?
Landlord insurance is designed to protect the buy to let owner’s business, at the centre of which is the let property itself.
At the heart of this kind of insurance, therefore, is cover for the structure and fabric of the building against such potentially major risks as fire, flooding, impacts, storm damage, vandalism and theft. It is often combined with a contents insurance to protect items within the let property that are owned by the landlord.
Landlord insurance typically recognises the important to the landlord of maintaining a steady income stream from rents. In the event of the property becoming temporarily uninhabitable after an insured incident, therefore, policies commonly offer compensation for such lost rental income.
Although property owner’s liability insurance is typically included in both standard home insurance and insurance for landlords, it may be especially important to the latter. If a tenant, one of their visitors or a member of the public suffers an injury or has their property damaged, you may be held liable as the landlord and order to pay potentially very substantial damages.
Property owner’s or landlord’s liability indemnity, therefore, typically provides cover for claims amounting to £1 million or more.
Why choose a Vasek landlord insurance policy?
There are a number of features which might make Vasek’s insurance for landlords a suitable choice:
- accidental damage – often an additional extra with property insurance – is included as standard for both the building and its contents;
- if you arrange building cover, contents insurance of up to £5,000 is also included free – a helpful addition, since landlords of unfurnished accommodation made need only very basic contents insurance to cover such items as carpets and curtains;
- also standard is cover against malicious damage caused by tenants;
- theft and attempted theft by tenants is also included;
- compensation for loss of rental income – following an insured event – up to a maximum 100% of the total building sum insured; and
- a generous £5 million of cover for landlord’s liability indemnity.