If you’re a buy-to-let landlord, it’s essential you protect your property and business with adequate insurance in case anything goes wrong.
Property insurance can be a complex matter calling for flexible, bespoke insurance that’s tailored to your specific requirements, ensuring you are protected against risks. Whether you are a private landlord, property manager, company or property developer, and whether you own a single property or a portfolio of properties, we specialise in arranging residential, commercial, industrial and unoccupied insurance cover.
Simplify your insurance with one policy, with a single renewal date, that combines buildings, contents and various other covers for all your properties.
We’ve been arranging property insurance for buy-to-let landlords for many years and have a thorough understanding of the sector and the various pitfalls that can arise. Initially, we’ll look at the range of property within your portfolio, analyse the risks and search a panel of top insurers to find the optimum solution.
Our landlords’ insurance offers a high level of standard cover, with options to increase levels and extend cover if you need to, with non-standard, enhanced wording if required. By investing in a policy that covers all your policies, you will save both time and money, benefiting from the peace-of-mind that your property, business and liabilities are protected against risks .
Landlord insurance includes:
- Fixtures and fittings
- Loss of rent
- Property owners’ liability
- Alternative accommodation
- Accidental damage
- Landlord home emergency cover
- Engineering lift and boiler inspections
- Unoccupied property
- Tenant default
- Rent guarantee
- Legal expenses
Multi-property insurance is the same as standard landlord insurance, which provides cover for the building and contents of your let property against a range of risks, including fire, flood and theft. With multi-property insurance, you insure all the let properties in your portfolio under one policy, with one premium and one renewal date. As required, you can add or remove properties throughout the year.
It’s more convenient to have all your properties insured under one policy. You have one renewal date and one premium to pay each year, saving you a great deal of time and hassle when it comes to renewal. It’s easy to make changes throughout the year and you can add and remove properties at any time. In addition, it may be more cost-effective as discounts may be available depending on the number of properties you are looking to insure.
Generally speaking, a portfolio is defined as being five properties or more.
There is no legal requirement for a landlord to have specific landlord insurance. However, standard home insurance will not provide you with the necessary level of cover if you are renting out your properties to tenants. If you let property to tenants and don’t have landlord insurance in place, you are operating your property business at risk. Please talk to us about the appropriate level of cover you need to have in place for your portfolio of properties.
Landlord insurance can include: buildings, contents, loss of rent, home emergency and liability, depending on your portfolio and your specific requirements. We will be happy to advise on the level of cover you need to have in place.
Property insurance can be complex and there is no one size fits all. You require cover that is tailored to your needs. Depending on your portfolio and your specific requirements, multi-property landlord insurance can provide cover for:
> Contents up to £5,000 per property
> Accidental and malicious damage
> Property owners’ liability up to £10m
> Loss of rent and alternative accommodation
> Pet damage to buildings and contents
> Up to 120 days unoccupancy should you decide to sell or renovate the property, or if there is a gap between tenants
> A potential discount for multiple properties.
We offer versatile portfolio insurance that can include both residential and commercial properties. If you wish to split residential from commercial, you will need to arrange two separate policies. For convenience, they could both be renewed on the same day, but you would need to pay each premium separately. It’s also worth pointing out that any non-standard properties, such as unoccupied or holiday homes, require separate cover.
It is essential your properties are insured for their rebuild value and that you provide the correct rebuild value for each property. This is nothing to do with the property’s market value: it is the cost required to rebuild or restore your property in the event it is destroyed by a catastrophic event such as fire. If you underinsure your properties, it will impact the settlement you receive in the event of a claim, which could prove costly, or the insurer could cancel the policy stating that you have misrepresented the risk. A professional surveyor can accurately assess the rebuild cost, ensuring you are adequately insured, or there are various free ‘rebuild’ calculators online that can help you work out your rebuild cost. PIB Insurance Brokers will be happy to advise.
The indemnity period refers to the period of time it takes for your property to be fully reinstated and habitable, starting from the date the loss occurred. It is important to allow enough time to fully rebuild your property ready for reoccupation, and there are many factors you need to consider when calculating this time. They include age of the property, type of construction, whether standard or non-standard, listed status, architectural or design features and location. You should also factor in unforeseen delays, such as waiting for materials, weather conditions etc. Most multi-property landlord policies provide cover for loss of rent for a minimum period of 12 months. Ask PIB Insurance Brokers for further information.
Yes, you can add and remove properties from your insurance policy throughout the year. The policy is not restrictive and can be changed as you acquire or sell properties.
Cover in multi-property landlord insurance tends to provide up to 120 daysunoccupancy if you decide to sell or renovate the apartment, or there is a gap between tenants. Should your property remain unoccupied for a longer period of time, you will need to arrange appropriate cover