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Lloyds of London Landlord Insurance
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If there is one name almost certain to be known, by even passing reference to the world of insurance, it is Lloyds of London. The institution is legendary.
Unlike insurance brands and companies, Lloyds of London is in fact a market place which specialises in insurance and related financial products. Members of Lloyds, known as “names”, come together as groups of underwriters, known as “syndicates” – of which there are more than 80.
Acting in the market together, a number of different syndicates might underwrite the same risk or risks. All business – between syndicates and the brokers who arrange insurance cover on their behalf, takes place on a strictly face to face basis in the so-called “Underwriting Room”.
The sound status of Lloyds of London as a financial institution is confirmed by the A rating it receives from AM Best and the A+ rating it is awarded by Fitch and Standard & Poor's.
What makes landlord insurance a specialist product?
An insurance market with the prestige and standing of Lloyds of London has a wealth of experience and expertise in just about every aspect of insurance – including the underwriting of policies for landlords.
Landlord insurance is very much a specialist form of insurance, to be distinguished clearly from the type of home insurance typically arranged by the owner occupier.
The distinction is based on the fact that insurance arranged by an owner occupier is for the home in which he or she lives; landlord insurance is for the protection of a buy to let business and its principal asset, the let property.
If you are the owner of let property, it is important to keep this distinction firmly in mind, since you are likely to find any claim rejected by your insurer if you rely on standard forms of home insurance but are, in fact, running a business letting the property to tenants – even if your role is that of an “accidental” landlord.
What does it cover?
There are many different variants on the theme of landlord insurance – as many as there are different types of landlord. Typically, however, insurance addresses four principal headings of risk:
- building insurance – protection of the structure and fabric of the building itself against such major risks as fire, flooding, impacts, storm damage, vandalism and theft;
- contents insurance – cover for those contents of the let property which remain in the ownership of the landlord;
- loss of rental income – compensation in the event of the let property becoming temporarily uninhabitable or unusable following a major insured event; and
- landlord liability insurance – indemnity for the property owner in the event of claims by tenants, their visitors or members of the public who suffer a personal injury or have their property damaged as a result of some alleged breach of the property owner’s duty of care.
Why choose a Lloyds of London landlord insurance policy?
Whilst you are unable to purchase your landlord insurance directly from the insurance market at Lloyds, the policy you arrange is almost certain to be underwritten by a Lloyds underwriter.
Any such policy carries the considerable weight, prestige and backing of one of the most reputable underwriting markets in the world.