Landlord/Let Property Insurance

We have a range of products specifically designed for landlords, and we are able to provide very competitive rates for landlords insurance policies.

Our online quotation system provides access to rates we can achieve with a limited number of our let property specialists. However, we can often improve on these premiums if you talk to us personally, as we have very competitive products which we cannot quote online.

 

Advice for Landlords

• Insurance for Student lets
  Many insurers will not quote for landlords of properties occupied by students and a specialised product is needed. If you have a property and are considering letting to students, please make sure that you notify your insurer. Failure to do this could lead to your policy being void and future claims not being met by the insurer. We are able to offer competitive insurance policies designed specifically for owners of student lets.
• Insurance for properties let to DSS referrals and Asylum seekers
  Once again, most insurance companies will not insure DSS or Asylum seekers lets. Some insurers are happy to continue to insure a property if a tenant is receiving benefits, provided the tenancy is still with them and not the DSS. However, you must in all cases notify your insurer if your tenant becomes unemployed and is in receipt of benefits, as some underwriters will not continue cover. Graham Edwards have access to competitive insurance products for DSS lets and asylum seeker lets. You may wish to receive an instant indication of premium online or telephone us for our most competitive premium available.
• Landlords contents
  A landlords contents policy will cover material damage to the contents of your let property, as well as additional cover for loss of rent.
• Property Owners -Under Insurance
  A recent survey carried out on behalf of Norwich Union found over 91% of property owners cases they checked were under-insured, adding up to a shortfall of more than £33 million detected in just 3 months! Please ensure you check that your sums insured are adequate, as a shortfall in the amount you insure can lead to large reductions in the value of any claim you have to make.
• Government legislation relating to tenants deposits
  From April 6th 2007, the government introduced a law safeguarding tenants deposit money, requiring that all landlords and letting agents taking deposits for assured shorthold tenancies (ASTs) in England and Wales to safeguard them with a Government-authorised tenant deposit protection scheme.
  There are many profit making schemes charging for this service, but we have identified the only free scheme to be approved by the government, which can be accessed online at www.depositprotection.com or by telephone on 0870 7071 707. Please note that we cannot assist with this process, and that it is your responsibility to ensure that you have made the necessary arrangements to comply with the law.
• What do I need to cover?
  Landlords and owners of let properties need to consider the following areas when selecting an insurance policy.
• Buildings
  Buildings cover is the basic insurance cover you will need to insure material damage to the building structure. The buildings amount insured must be adequate to cover the cost of demolishing the existing property and rebuilding it, including professional fees for architects etc and the removal of debris from the site. For additional guidance on rebuilding costs, there is no substitute for the advice of a qualified surveyor. However, to check the adequacy of your existing sums insured, you should visit BCIS
• Accidental Damage to buildings
  Most insurers will not provide accidental damage to buildings which are tenanted. However, this is something we are able to offer with selected insurers. Ensure that you request this cover if it is required.
• Loss of Rent
  A vital area of cover on your let property policy is the loss of rent cover. If you rely on the rental income to pay the mortgage, or as your source of personal income, you must ensure that the loss of rent cover is adequate. Remember, the mortgage payments do not stop just because you have suffered a loss.
  Loss of Rent cover will compensate rental income lost following an insured incident eg. Fire, at the insured address which results in your tenants having to move out whilst the property is restored. Please note that this does not include cover in the event of your tenants simply failing to pay the rent, which is covered below.
• Liability to tenants
  As the owner of your property, you have a legal liability to ensure that your property is safe and well maintained. Liability to tenants will insure you against sums you become legally obliged to pay tenants should they successfully pursue an action against you.
  You should note that most policies carry a duty of care and you should check the policy terms to ensure that you comply with both the legal requirements of the tenancy eg. Gas inspections etc, and any additional terms your insurer may apply. Failure to do so could invalidate your cover and cause claims to be declined.
• Employers Liability
  One area overlooked by many people and even by a number of insurance policies, is the employers liability cover in respect of people employed by you to maintain the let property. If you employ a cleaner or gardener, and they have an accident for which you are deemed to be legally responsible, your insurance policy must include Employers Liability insurance cover if the insurer is to indemnify you against any compensation payable.
• Landlords Legal Expenses
  Once in a while, you might be unlucky enough to get a bad tenant. It can prove a long and costly nightmare to evict tenants from your property, and a landlords legal expenses policy will provide you with the legal backup you need to get things moving and ensure that the case is dealt with swiftly, and above all, legally.
• Rent Guarantee Insurance
  Cover is also available for Rent Guarantee, which will replace your income for a specified period in the event that you are unable to collect rent due from your tenants. This cover is normally only available if taken alongside Landlords Legal Expenses insurance, and is subject to certain conditions, eg. Satisfactory references being taken by a reference agency approved by the insurer. You should check these conditions carefully, as your insurer will not entertain a claim unless you can evidence that their requirements have been met.

 

Graham Edwards Insurance work closely with the leading UK insurance companies, ensuring that you not only have the best insurance cover but also the most competitive quote. Use our call back feature and one of our staff will call you back.