What is Landlord Insurance?

An essential part of a let property purchase is the need to have adequate levels of cover in place to fully protect what can often be a substantial investment for your clients. Trusting tenants with a buy-to-let purchase is one thing but having the procedures in place to fully protect the property from unfavourable situations is another. Failure to do so can be an expensive mistake with disastrous consequences.

What can I protect against?

• Buildings and Contents Insurance Buildings insurance is a standard type of cover on all policies, which protects the external structure of the property. In the event of the property being damaged by flood or fire, for example, buildings insurance would cover the rebuild costs and will usually include the rebuild of structures within the rooms themselves such as bathroom suites or kitchen units. Let property clients with furnished properties may also seek contents insurance to protect assets such as furniture and electrical goods.
• Loss of Rent Loss of rent provides cover for the period of time that the property is uninhabitable during scenarios such as fires, floods and gas leaks. It is a product feature that recovers the rental income the landlord would have received during normal circumstances and is most beneficial for those dependent on the revenue to fund substantial mortgage repayments.
• Rent Guarantee Missed rental payments by tenants are a major risk factor for landlords. Sometimes, unforeseen circumstances occur which are outside of the tenant’s and landlord’s control. Missed rental payments can often jeopardise the landlord’s ability to fulfil mortgage repayments on the buy-to-let investment and bring them a whole new set of problems. Rent Guarantee alleviates cash-flow complications and helps resume business as normal.
• Legal Expenses Another important feature of cover includes legal expenses that protect against the cost of having a disruptive tenant, including events such as evicting squatters and repossessing the property. Legal cover can also protect landlords against the cost of defense if criminal action is taken.

How much do you charge for providing Landlord Insurance?

We do not usually charge a fee for advice and arranging an insurance product. We will receive a commission from the insurer and this is reflected in the premium amount you pay them. All commissions would be disclosed to you before agreeing to proceed.

Can I get this type of cover online? Use a comparison website?

Have a look, then contact us with your quotation to see how competitive we are.

Many price comparison sites only offer ‘standard’ insurance policies and won’t necessarily take your personal circumstances and needs into account. Equally, because comparison sites don’t provide one to one advice, you could be left with unanswered questions or worse still, be unaware that you are underinsured or unable to make a claim because of small print or legal complexities you weren’t aware of during the application process.