If you own Commercial or Residential Property, it is important to look after your investment by insuring:
- your asset, (buildings & contents)
- property owners liability, and
- legal expenses.
There are extra risks when tenants are involved, which means you should be taking out insurance specifically designed for property owners.
Landlords Residential Property
If you own a buy-to-let property it is important to look after your investment by insuring the buildings and contents. There are risks involved when tenants are involved, which means you should be taking out insurance specifically designed for landlords.
If the property you are letting was your home, it is essential you tell your current insurer you are doing so or your policy could be null and void. Your insurer may be happy with this change, although it may require that tenants meet specific criteria.
Special features of Landlord policies typically include extra cover for Owners’ Liability, Loss of Rent (should an insured event cause damage to the property, meaning it is empty for an extended period whist the repairs are made), Legal Expenses to help cover legal costs involved in protecting your rights in legal disputes between you and your tenant(s), and different levels of Contents cover for furnished or unfurnished properties.
Rent Guarantee Insurance
Should your tenants fail to pay the rent, you may wish you had rent guarantee insurance.
Rent Guarantee cover is relatively inexpensive and can help you lessen any financial losses if a tenant fail to pay the rent; these losses could be substantial if you are making mortgage payments on the property.
Note: It is usually a requirement of this type of insurance that the policy holder carries out references checks before the tenants move into the property.
Landlords Legal Expenses
Legal Expenses insurance can help cover Landlords’ legal costs in disputes arising between them and their tenants, enabling Landlords to pursue and defend their legal rights. The cover provided by such insurance usually includes:
- Breach of Tenancy Agreement
- Pursuit of Rent Arrears
- Legal Defence
- Legal Advice & Assistance
- Optional Rent Guarantee Cover
- Tax, VAT, PAYE & NIC Investigations