Property owner’s insurance covers losses that you may incur relating to your rental property. There are two main types of property owner policies – Residential and Commercial and for each, the property in question may be a single property, a group of properties together (such as flats or apartments), or various properties in various locations (known as a property portfolio). We can also provide quotations for some risks that mainstream insurers may shy away from like Houses in Multiple Occupancy (HMO’s) , unoccupied property and property undergoing work.
Each property owner policy can be tailored to your needs and cover can vary depending on your requirements. The most basic aspect of a policy is buildings cover which will pay for the rebuild or repair to the structure of the building, however you may also wish to include some of the following;
Some policies are also specifically designed for unoccupied properties that may be awaiting sale or renovation, you can also choose reduced cover or full cover on these policies. You may have certain obligations (such as visiting the property frequently) where a property is unoccupied.
Having your property portfolio insured under one policy can make the administration of the insurance easier and more cost-effective.
Whilst it is not a legal necessity to have landlord’s insurance, if the property is mortgaged your lender will usually make it a requirement to have suitable insurance in place. If you have any employees who deal with your rental properties it is a legal requirement to have Employers Liability cover and this can be added to most policies.
We deal with the UK’s top insurers which means we can access the policy that is right for you. Our dedicated team is waiting for your call to discuss all the options available to you and make sure you are fully protected. Call us now on 0161 641 3229.