Let Property Insurance, also known as Landlords insurance, encompasses any property not used for own use by the freeholder but rented/leased for business or residential use.
Although not a requirement by law, let property insurance does offer peace of mind for the landlord, and you are likely to find that most mortgage providers are going to want at least buildings insurance for your property.
Get the right insurance for you
Like standard home insurance, you are given the option of building only and buildings and contents cover. If you rent out furnished accommodation, then it may well be worth considering also having contents insurance. If not, then buildings only should be sufficient. Buildings insurance will give you cover if there’s damage to the building, such as from fire or flooding.
At Bruce Burke, our team of trained insurance specialists have a strong understanding of the let property market and the insurance that is required. We can talk to you about what your plans are for a property, or portfolio and can work with you to make sure that you get an insurance policy that covers your needs.
Some extra cover options include
- Accidental damage
- Loss of rent if your tenants can’t pay
- Legal expenses
How an insurer will work out your premium
Because statistically owner occupiers are more likely to look after their own property this kind of property may realise a higher premium.
On the other side of the risk analysis, it is more likely that let properties will have more protections and alarms due to statutory regulation such a smoke detector, fire alarms, fire doors and carbon monoxide alarms.
We are able to provide quote for residential let properties, commercial let properties and empty properties.
Factors affecting let property insurance premium for residential lets: –
Type of tenant
The type of tenant is an important rating factor insurers use to determine risk to a property and therefore the premium. There are single, married, co-habiting and families, also there are professional, employed, self-employed, benefits and asylum seekers.
The property itself
We all remember the three little pigs, so construction of a property is important with brick considered one of the best. There are also timber frame and flats with cladding which have been sadly found to be a fire risk.
Maintenance isn’t covered
All properties require maintenance and maintenance costs aren’t something that is covered by insurance but can lead to a claim from resultant damages such as flood. Newer properties will require less maintenance and properties with flat roofs will normally require evidence that they have been maintained in the event of a claim.
Different types of insurance for landlords
Landlords Let Property insurance
Landlords unoccupied insurance
Unoccupied home insurance cover focuses on the perils that can occur over a period of time when your property is left without an occupant. Ours specifically looks to cover the needs of landlords in place of landlord let property insurance.
Unoccupied Undergoing Works Insurance
If you are a landlord and own a property that is unoccupied whilst undergoing renovation, you may find your current building or contents insurance policy is invalid in the event of a claim. This is due to the increased risk of a claim being made on an unoccupied property. We can cover minor refurbishments to major works.
Landlords Home Emergency Insurance
Landlord home emergency cover is offered as an optional extra on most landlord home insurance policies. It can help recoup the cost of out-of-hours callouts and subsequent repair fees that can result from emergency situations.
Landlord home emergency cover policies provide emergency assistance 24 hours a day, 365 days a year. So even if your tenant suffers a burst water pipe on Christmas Day, you should be able to get it sorted.
Holiday Home Insurance
Holiday letting insurance is specialist insurance that covers holiday homes that are rented out to paying guests, as well as friends and family on a short-term basis. Policies typically cover public liability, accidental damage, loss of rent as well as periods when the property is unoccupied.
Tenants Contents Insurance
Tenants insurance is contents insurance for renters. It’ll cover your belongings while they’re in your rented house or flat, so you’ll be compensated if there’s a burglary or your things are damaged by something like a fire or burst pipe.
Most policies also include tenant’s liability cover for accidental damage to your landlord’s items. That could save you from losing your deposit because of a mishap like spilling something on the carpet or breaking a window.
Commercial lets
When considering commercial landlords insurance, the same risk factors apply as to the residential let properties as well as a few extra. In the case of the tenant the occupation of the business being undertaken at the premises will be one of the main rating factors, so a fish and chip shop is a greater fire risk than an office. The size, location, security features are also going to be taken into consideration when your premium is worked out.
No two businesses are the same which is why it is reassuring to know that Bruce Burke are on your side. We have many years’ experience across industries and our team will work with you to make sure that your insurance meets your requirements.
