If you own a second property that is let for rent you will require what is known as a residential landlords insurance policy. This type of insurance provides coverage for risks that might cause damage or loss to the let property buildings or contents.
A landlords insurance policy is similar to a domestic household policy and offers basic buildings, fixtures and fittings cover with the option to add contents insurance to cover the landlords possessions in furnished let properties.
All policies will include cover against the major perils of fire, flood, storm and theft where contents covers have been included for furnished lets. For an additional premium buildings and contents accidental damage cover can be added.
Covers can also be added for loss of rent and alternative accommodation in the event of a claim for example, for a fire. Most policies will also provide escape of water cover, loss of keys cover and property owners liability cover. Legal protection cover and claims assistance, can usually be added for an additional fee.
Many policies currently offer additional services such as landlords emergency cover which provides twenty-four hour on-site assistance for events such as a broken down central heating boiler or a burst pipe.
In order to get quotes for the let property building, a landlord will need to consider the rebuilding costs which becomes the policy sum insured. It is important that the buildings are insured for the correct rebuilding amount, not the re-sale value of the property. Failure to declare the actual rebuilding value of the let property would mean that any claim would be subject to what is called the 'average clause'. This would reduce the amount of the claim proportionally by the amount of under-insurance.
In the UK the rates, terms and conditions of a landlord insurance policy are governed by the type of let. Risk types include professional lets, DSS and unemployed lets and holiday home lets. Rates are then determined by the type of property which can be anything from a semi-detached house, detached houses, bungalows, cottages, multi tenure buildings, houses of multiple occupation, flats, studio flats, pods and various types of holiday home let.
Specialist buildings such as thatched cottages let for short-term or vacation purposes, long-term lets and grade 1 and 2 listed buildings can also be covered by a residential landlord policy.
Specialist all risks landlord insurance and let property insurance packages are widely available today from a variety of sources, including high street commercial insurance brokers and online from price comparison websites and direct landlord insurance companies.
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