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Landlord - Insurance

As a landlord, it is important that you ensure you have the right insurances in place. Unfortunately there is plenty that can go wrong when you give a tenant(s) occupancy of your investment and you need to be protected.

When you become a landlord, standard building and contents insurance is no longer enough and if you fail to tell your insurer that you have rented out your property it is unlikely that they will pay out on any claim you subsequently make. To ensure you are protected you therefore need specialist landlord insurance.

Landlord insurance comes in several parts and you need to work out whether you need them all.

The Types of Insurance

Landlord Building Insurance – This is a must because it protects the bricks and mortar of your property. If you suffer a flood or a fire, building insurance will cover the rebuilding costs and any remedial work that is required.

If you pay a service charge, your building insurance may be included in this. We would therefore advise you check with your management company and see if building insurance is included in the service charge and if so what is covered by this insurance. You can then make an informed decision whether you need to purchase any further cover.

Landlord Contents Insurance – This is another vital piece of cover, particularly if you rent the flat furnished. This cover will protect your items from theft or damage. You do not have to insure your tenants’ possessions, this is their responsibility.

Landlord Liability Insurance – Recently there has been an increase in personal injury claims. Meaning that a tenant could you responsible if they were to injure themselves in your property and this may arise in a legal claim for compensation. The average claim against landlords is £5000 however some have topped £100,000 and therefore we would highly recommend that all landlords take out cover to protect themselves against such claims.

Loss of Rent Insurance – Most investment properties still have mortgages on them and we tend to find that landlords rely on the rental income to meet their monthly mortgage repayments. If your property was damaged or destroyed and as a result you were unable to rent it, you would still be liable to pay your mortgage and therefore it is advisable to take out insurances to protect you against such a scenario.

To assist our landlords in ensuring they have the correct insurances in place, Case McNair are delighted to offer you a bespoke range of insurance services tailored specifically for Landlords via Let Alliance.

The Let Alliance Landlords Buildings & Contents comprehensive policy is available now… simply click on the Let Alliance logo within this web page and you will be automatically directed to their website allowing you to quote and apply within minutes. There are no paper application forms and you will receive confirmation directly from Let Alliance of your new insurance policy.

The Let Alliance policy comes with some fantastic cover benefits & options, including NIL EXCESS and Malicious Damage cover and as well as 90 days unoccupancy cover. Take a look at the list of the major benefits:

  • Up to £2million sum insured available
  • Accidental Damage included as standard for buildings – no additional charge!
  • Up to 90 days unoccupancy
  • Legal Liability Cover up to £5million
  • Up to 20% Loss of Rent
  • Trace and Access up to £5,000
  • Malicious Damage by Tenant extension available
  • Comprehensive contents cover up to £50,000 sum insured
  • Replacement locks
  • Variable excess discounts available
  • Pay monthly policies
  • Underwritten by AGEAS (formerly Fortis)

Not only this but Let Alliance also provide a Buildings Only cover option as well as Emergency Assistance (also with NIL EXCESS).

If you would like a free quote or to apply now, just click on the Let Alliance logo… it’s as easy as that!

If you have any further questions regarding this or any other area of the Case McNair proposition, please contact us on 0161 711 0990 or email us via info@casemcnair.com and we will be more than happy to assist you.

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