Property Insurance: FAQs

 

Can I insure all types of property under one policy?

We accept self contained dwellings let to single occupants, couples and houses in multiple occupations. We can also insure most commercial and part-commercial let properties with competitive rates and terms.

Can I insure my properties if I have had previous claims?

Occasional claims are acceptable at normal terms.  If you have had large or frequent claims, we can still offer a quote.

I let out a leasehold flat and the freeholder arranges buildings cover, do I need to arrange any insurance myself?

Yes, you should consider insuring for your liability as a landlord, for any contents you may have in the property and for your Loss of Rent following damage.

If I employ someone do I need cover?

Yes you will need to  have cover for legal liability to employees (defined as leaners, caretakers, gardeners and persons doing minor repairs and maintenance). We can provide this for up to £10 million any one incident.

Should I insure my let property from exchange or completion?

Insurance is usually offered from exchange, but you should be guided by your solicitor on the exact date.

Can I pay my landlords insurance premium monthly by direct debit?

We offer a range of competitive credit facilities.

What about injury to my tenants or other people?

This would come under the Property Owners Liability section of the policy, and a limit of £1m, £2m or £5m can be provided.

What is my let property has had subsidence or has been underpinned?

Insurers will need to see a structural engineers report and details of any remedial work. Once the details have been received by the insurers they will confirm the cover to be offered. Until a report is received, we will be able to cover the property, but subsidence cover will be excluded.

What type of tenants can you cover?

We can provide quotes for a whole range of tenancy types: working professionals/families, students, DHSS, asylum seekers and those in receipt of housing benefits.  Some of these are normally declined by other Landlords insurance providers.

What is a Buildings Sum Insured (BSI)?

This is the figure to rebuild your property if it was completely destroyed. This should not be confused with the market value of the property (which is normally much higher than your sum insured)

Will my cover continue when my tenant moves out?

In the first instance you will need to let us know. Insurers will allow a certain amount of time at full cover, subject to you taking certain precaution.

Why does a normal house insurance policy not cover my rented property?

A traditional home insurance policy may not pay when the property is being used to make an income (for example when you are renting your property to tenants). Equally Landlords Insurance provides additional cover such as Property Owners or Tenants Liability and Loss of Rent, which are not offered through normal household insurance policies. To ensure you are fully protected, it is recommended that you purchase a Landlord’s Insurance policy which is specifically designed for these circumstances.

 

 

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