Landlord
Property Insurance UK - If you purchase landlord property insurance
uk, what are
the covers you may be offered. The following tend to be the normal ones
offered to a Landlord:-
Of all of these
covers, Buildings Insurance for Buy to Let is the most common, mainly because
most people buying property for rent do so with a mortgage from a Building
society who stipulate that the property must be insured and their Interest
noted. This interest is noted to satisfy the Contract Rights Act 1999,
which states that anyone have a financial and wishing to share in the benefit
of a contract must have their name listed on the contract. The covers
violable under Landlords Buildings and Contents are very similar to those
offered by a Standard Home Insurance Policy, the main differences will be that
the Liability section of the policy will be written to note that the property
is tenanted and their will be certain restrictions with regard to Theft &
Malicious Damage cover.
Restrictions - Under these types of policies is not
unusual to exclude Malicious damage by the tenant and to restrict Theft cover
to forcible and Violent means only. You may also find that the insurer places
certain restrictions on cover when the property becomes unoccupied. It is
usually to allow full cover for 30 days between tenants before restrictions
come in to force. After this time some of the perils (such As Theft &
Malicious Damage and Damage caused by escape of water may be excluded. Some
insurers go as far as to exclude all cover apart from Fire Lightning Explosion
& Aircraft. If you are going to buy this type of insurance contract, always
study the insurers un occupancy terms quite closely.
Void Periods - As well as a restriction in cover, if your Buy to let
Property becomes unoccupied for a period in excess of the designated time in
the policy wording, you will normally be required to inspect it at least once
every 14 days, you don’t need to do this yourself, you can appoint an agent to
do it for you but they should jeep a log of their visits. You will normally
also be required to keep the building in a good sate of repair, remove any
build up of post or waste around the property and drain down all of the water
systems. The services should also be turned off. The only exception to this is
that during the winter months, some insurers are quite happy for you to leave
the central heating system on to help prevent burst pipes.
Range of Perils - The range of peril covered by a Landlords Buy to Let
Buildings and Contents insurance will included the following:- Fire,
Explosion, Lightning and Earthquake Smoke Riot, civil commotion, strikes,
labour or political disturbances Malicious acts or vandalism Storm or Flood
Water or oil escaping from any fixed domestic appliance or system including
any costs in locating the source of any escape Frost damage to fixed water or
heating systems in the home Theft or attempted theft Impact by road or rail
vehicles, aircraft or animals, Subsidence, Landslip or heave Accidental
breakage of fixed, sanitary fixtures and ceramic hobs Accidental damage to any
cables or underground service pipes servicing the home. As well as the
above, it is usual to include Liability cover for up to £2,000,000 and loss of
rent by insured peril under the standard contract wording. You will normally
be offered quoted on a Standard range of insurance perils or cover included
full Accidental Damage Insurance. Each insurers policy will differ so always
read the Key facts leaflet. If you borrow money from a Bank or Building
Society, they will to be satisfied of the following conditions:-
-
Their name is
listed on the schedule
-
The policy is Index
Linked
-
The policy covers a
wide range of perils
The other types of
contract available to Landlords are not so widely purchased
Legal Expenses will provide you with Help if the Tenant or usually their
guarantor breaks the tenancy agreement, it may also be possible to obtain
defense cover if you are prosecuted under any Landlords Health & Safety
Legislation.
Emergency Assistance cover is quite popular with Landlords who live abroad
and want to be able to give the Tenant a contact in the case of an emergency
etc.
Rent Guarantee Insurance will cover you if your re unable to collect your
rent become of tenant default.
