L

Loss of Rent

A good Landlord’s insurance policy will include, under both Buildings and Contents sections, cover for Loss of Rent following a claim in respect of an insured peril, such as a fire or escape of water, which then results in a loss of rent for the Landlord, because the property is uninhabitable. Cover is normally provided up to 20% of the section sum insured.

Loss Adjustors

Loss adjusters are impartial claims specialists appointed by an insurer to deal with a claim on their behalf. Loss adjusters’ fees are paid by the insurance company concerned who rely on them to check claims for quantity, description and pricing. After discussions with the policyholder, the loss adjuster’s report to the insurance company enables the company to process the claim without delay.

Liability Insurance

As Property Owner and/or the Employer of Domestic Staff. It is standard practice for most Landlord’s Insurance policies to automatically include liability cover. Under cover for Buildings You are covered for Your legal liability as owner of the Buildings to pay damages and claimant’s cost and expenses for accidental bodily injury or illness; or accidental loss or damage to property. The standard limit of indemnity is £2,000,000 which most people find adequate. For those who do not find this figure adequate, say because of contractual conditions with a Local Authority, it is possible in most circumstance to get this increased to £5,000,000 upon payment of an additional premium. Under cover for Contents You are covered for Your legal liability as owner of the Contents to pay damages and claimant’s cost and expenses for accidental bodily injury or illness; or accidental loss or damage to property. In addition under the contents section you also have cover for Your legal liability as the employer of domestic staff where the injury or illness happens as a result of or in the course of their employment by You. The standard limit of indemnity in connection with the employment of domestic staff depending upon insurer varies between £5,000,000 and £10,000,000.

Letting Agents

Should you decide to employ the services of a Letting Agent you must expect to pay them, normally around 10% of the rental income per year, plus VAT.

Legal Expenses Cover

Cover is provided for irrecoverable costs and fees to pursue or defend claims involving a breach of a tenancy agreement. It should be clearly understood that insurers have several stringent conditions attached to the granting of this cover that must be strictly adhered to by the Landlord before a tenancy is granted. You should carefully read any Key Feature document supplied by an Insurer so that you are fully aware of their particular terms and conditions.

Leaseholder

If you are a leaseholder, you should check the terms of your lease and obtain the necessary written consent before letting.

Landslip

The downhill movement of unstable earth, clay, rock, etc, often following prolonged heavy rain or coastal erosion