Residential Landlords Property Insurance
Whether you’re a landlord or a Resident’s Association trustee, property ownership and management is a huge financial responsibility. If you’re letting out your residential property then it can become even more of a headache, especially if things go wrong. If there are gaps in your residential property owners insurance, then you could easily be left counting the cost of everything from vandalism and intentional damage through to fire, flood damage, or even claims against you from your tenants. To help you protect yourself and your property, Business Insurance Services can supply you with insurance that covers almost every eventuality.
The type of cover we offer will depend on your individual circumstances, so let’s break things down a little into individual groups, although bear in mind that whether you fall into the private landlord or Resident’s Association category, there will be some crossovers when it comes to particular types of insurance.
What is landlord property insurance?
For private landlords, specific landlord cover is available, which will protect you financially against everything from rent arrears to damage caused by tenants, and loss of income during vacant periods. However, if your property business owns and manages more than one property, you may need more complex insurance cover.
At Business Insurance Service, we understand not just the insurance industry, but the specific needs and requirements of your sector too. That’s why we break our packages down into two sections – core elements (those that are essential for all landlords, managers, and property owners), and optional cover.
What is covered on a landlords property insurance policy?
- Buildings cover that includes subsidence and accidental damage cover
- Landlords Content insurance – this is essential if you are renting out furnished or semi-furnished property or if your complex has communal areas including gardens
- Property owner’s liability insurance – to protect you against financial claims for injuries or damage to property sustained by visitors
Optional covers can include a wide range of property insurance such as
- Loss of rent if the property is uninhabitable or undergoing major repairs
- Legal expenses – we do advise all our clients to take this cover out, as it can save you a huge amount of money in the event of legal action by a tenant, or if you have to take legal action to evict a tenant
- Alternative accommodation – if the property you own becomes uninhabitable (for example, through fire or a serious water leak) then you will need to find alternative accommodation for your tenants.
How do I calculate my buildings insurance rebuild cost?
If you own a standard, brick-built home there are two ways to calculate your rebuild cost:
- use the Building Cost Information Service’s house rebuilding cost calculator
- hire a chartered surveyor to carry out a professional assessment
If your home is made from non-standard materials, has special architectural features, or if you live in a listed building contact a chartered surveyor for advice. Further advice is available here from The Association of British Insurers (ABI) in respect of checking your buildings sum insured.
Business Insurance Service are unable to offer any advice in respect of rebuilding sums on property, but we do have relationships with insurers and surveyors who can potentially work with you to assess your properties rebuild sum, contact our trained brokers and we will be more than happy to help.
What insurance do I need for an Unoccupied property?
We can also arrange for specialist insurance for unoccupied properties, and those undergoing renovation. These insurance packages will protect your empty property against a wide range of potential risks including:
- Weather damage
- Water damage
- Theft and vandalism
You can choose the length of your cover, ranging from 30 days upwards, depending on how long you estimate the property will be vacant.
Bear in mind, though, that there may be some provisos included such as the installation of alarm systems, the removal of all valuables, and that utilities are disconnected or switched off. You may also have to arrange for regular visits to the property to inspect it for damage or unlawful occupation.
Resident’s Associations – A different kind of insurance
Resident’s Associations are made up of individuals who all have a collective responsibility for their property, whether that’s though financial upkeep or ensuring work is carried out to maintain the properties. In this instance, RA’s will need to consider a few additional insurance criteria to make sure they are adequately covered.
- Directors and Officers’ liability – full transparency is needed when dealing with RA funds, but if things go wrong then there is the possibility that everyone could be held accountable. Directors’ and Officers’ liability cover provides financial cover for legal representation, as long as proven fraud or illegal profit has not taken place.
- Employer’s liability – if a Resident’s Association employs anyone, for example, gardeners, handymen or other tradespeople, even if they are employed part-time or on a sub-contracting basis, it is a legal requirement to have Employer’s Liability.
- Public liability cover – if a complex has communal areas that are accessible to the public then public liability will protect the association against compensation claims for personal injury or damage to property.
Remember, that whether your Resident’s Association operates as a business or NFP organisation, you will need insurance to safeguard the financial security of both the association itself, and the individual members.
How Business Insurance Service can help landlords
At Business Insurance Services, we understand just how complex life can get for landlords, especially when property is involved. So we use our expertise, our experience, and our know-how to find the right property insurance for you.
We use our position as one of the UK’s most trusted insurance brokers to find you competitive quotes from the UK’s top insurance providers. We’ll then help you put together an insurance portfolio that’s right for you, your property business, and your budget.