Landlords insurance, sometimes called buy-to-let insurance, is for someone who owns a property and rents it out to other people. This includes renting it to tenants, family members, holiday lets, or to businesses. It also applies to those who own an empty property, who are intending to let it or sell it.
There are 3 basic things you can cover yourself for: physical material damage to the building and contents, liability to the public (like a postman tripping on your front step), or financial loss like loss of rent and legal costs.
There are several things that can happen to your property called perils. There are too many to list here, but common perils that occur are fire, storm and flood, escape of water, theft and accidental/malicious damage. You can also insurer property for terrorism, but be aware this is not normally included; this would have to be added on separately.
You should insure your building for its Rebuild Value. This is the cost of rebuilding the property in the event that it is completely destroyed. This is different from the market value.
There are two ways to find this. You can pay a surveyor or you can use the BCIS online calculator. If you set your rebuild value too low, your insurance might not pay the full amount. So it’s important you get this right.
The tenancy type can have a large impact on your insurance agreement, so you need to know what kind of tenants you have. Tenants can include: working professionals, people referred by Social Security, students, asylum seekers. Or if you do not have any tenants in your property, your tenancy type would be classed as "unoccupied". If so, you need to make sure that your insurance still covers you. Many policies do not cover the property if it's unoccupied for more than a certain a length of time.
While you do have tenants, they can be on a 6 month let, a 12 month let, or a number of different time frames. We can arrange cover based on all types of tenants that you might have in your property.
If you own a building used for any business, that you either rent out or operate from it yourself – we can help make sure it’s insured correctly and can be provided in a business insurance package.
If you have employees in your business, you are legally obliged to make sure they are protected with Employees Liability insurance. You can add this onto your Public Liability insurance.
Car insurance for a car that’s used for business and company purposes as well as social, domestic and pleasure. If you use your car for your work, this could be right for you.
If you give advice as part of your work, we can financially protect you for claims against your professional indemnity. Crucial cover for those in service industries, and professions who are paid for their advice and knowledge.