Many people have become residential property owners in the UK by buying homes, and renting or letting them out to tenants. Investing in a property to let may be one of the biggest investments that you ever make, so it is essential to have the correct and adequate insurance in place to provide cover in the event of a claim.
A standard household insurance policy will NOT give you the correct cover, and if you had to make a claim under this type of policy it would not pay out.
If you let your property to tenants, there are a number of important factors for consideration when taking out a Property Owners insurance policy, for example the type of tenant you will be renting the property to, the area in which the property is situated, the amount of No Claims Bonus and also the amount of excess on the policy that you will be responsible for in the event of a claim.
As experts in this sector, we can help you to ensure you have the right cover in place.
The main things that should be looked at to cover under the policy are:
|Buildings||The property should be insured for the full rebuilding cost, including domestic outbuildings, gates and walls. You should also take into account, architects fees and debris removal.|
|Landlords Contents||You are not responsible for covering the tenants contents, but if you have your own contents in the property, i.e. carpets, curtains, blinds, furniture etc, you may wish to insure them under the policy.|
|Public Liability||All policies should include public liability. This is very important, and will cover you in the event, for example, of a tenant being injured whilst in your property, for which you could be found liable.|
|Loss of Rent||
If the property becomes uninhabitable due to an insured peril, e.g. a fire in the property, and it cannot be rented out for say a six month period, you will lose out on the rental income you would have received. Loss of rent cover ensures that you are paid the same amount, had your property not had that fire.
We are specialists in:
- Business Insurance
- Landlord Insurance
- Industrial Insurance
- Personal Insurance
- Leisure Insurance
- Haulage Insurance
- Agricultural Insurance
BB Insure advised and fully organised both our company and personal insurances. The whole process was handled fast, smoothly and with professional care…
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Call us on 01205 360 000 or send us your enquiry today. We are here to help you