Property Owners Insurance (also referred to as Landlord's Insurance or Let Property Insurance) is a cover specifically designed for owners of property who let it out to tenants; either commercial tenants (eg. - shops, offices, warehouses, industrial units etc) or residential tenants.
Some landlords have their let properties insured on a Home Owners policy, often for historical or convenience reasons (ie. - they used to live in it, or it is adjoining / nearby their home), but this is often not the best solution because ...
- The premium is probably higher than a specialised Property Owners policy.
- There are probably many householders extensions of cover on the policy that are useless to a landlord.
- Specific extensions and covers for landlords may not feature.
- Managing a multi-property portfolio can be unnecessarily complicated.
- At worst, the whole cover may be at risk of being voidable by the insurer if they are not fully aware of the tenanted circumstances of the property.
A specialised Property Owners policy addresses the above issues and should include the following covers and extensions:
- Buildings Cover against All Risks (including Fire, Subsidence, Theft, Storm, Flood ... etc).
- Automatic uplift on the Sums Insured (to allow for inflation through the policy and claim period - known as "Day One Uplift").
- Property Owners Liability cover (ideally at least £5,000,000 limit).
- Eviction of Squatters and other Legal Costs protection.
- Loss of Rent cover.
- Trace and Access.
- Replacement of Locks.
- Failure of Third Party Insurances.
- Unauthorised use of Electricity, Gas or Water.
- Temporary removal of any Landlords Fixtures, Fittings or Property.
- Additional costs of upgrading sprinkler installations if required by insurers following a loss.
This brief guide to Property Owners Insurance / Landlord's Insurance has been written for HouseSimple by T L Dallas & Co Ltd insurance brokers.
T L Dallas & Co Ltd have an in-house Property Owners scheme that includes the above listed features as standard, along with highly cost effective premiums and a dedicated account handler. They also have a wealth of expertise and experience in insuring properties with non-standard features (eg. – large portfolios, unoccupied, student/DSS tenants, high risk trade tenants, listed buildings etc). Fill in the online quote form here or get in touch with T L Dallas & Co Ltd on 01274 465500.
TLDallas & Co Ltd is a member of the British Insurance Brokers' Association
TLDallas & Co Ltd - Registered Number 645405
TLDallas & Co Ltd is authorised and regulated by the Financial Conduct Authority