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businessinsure

Residential Property Owner

If you are a residential property owner and have your own buy to let property we understand that this is a big asset to you and the need to protect that asset accurately.

Whether you have a single property or a portfolio we can provide the right policy specifically for you and can include covers not just for the buildings but also your contents, liability and rental income.

Whatever your needs are we can provide a quotation to tailor to your requirements including a range of cover for:

  • Buildings insurance
  • Contents – landlords or communal areas
  • Loss or rent and costs for alternative accommodation
  • Property owners liability

And much more

Interested in finding out more? As one of the UK’s largest independent insurance brokers, contact some of our dedicated staff and let us do the we do the hard work, to make it easy for you.

Buildings Insurance

Whether you have a single buy to let property or a portfolio this will be a significant asset to you. It is therefore important that you protect your buildings with  adequate building insurance cover in the event of a claim.

We can arrange insurance that will protect your buildings from a number of events including fire, flood and accidental damage, the policy will cover the cost of repairing or rebuilding your property if is damaged or destroyed.

Things to consider when insuring a building:

  • Ensure you have an adequate and up to date rebuild value
  • Include fixtures and fittings
  • Level of cover required

Businessinsure at Clark Thomson understand the importance of this and can obtain a policy specific to you and your needs.

Why is the rebuild value  different from the resale value?

A resale value takes in to account a lot of factors such as the cost of the land, attraction, local schools, etc. whilst the rebuild value is the cost to rebuild the property.

What would happen if my buildings are underinsured?

Most insurance policies have a condition called an average condition or condition of average. If in the event of a claim your buildings are underinsured the insurers will apply average and the amount being claimed will be proportionately reduced

Can I cover my Buy to let on a standard household policy?

The simple answer is no. Regular household insurance will not cover let properties and as such you will require a specialist landlords insurance policy.

Contents Insurance

Often residential properties are leased furnished or even part furnished. Contents insurance provides cover in the event of loss, destruction or theft to your items and much like buildings it’s important to ensure you cover this for the adequate amount.

Don’t forget those small items as these may individually not seem like much but imagine if you had to replace everything the small things will soon add up. Furniture and contents items can cost thousands of pounds to replace in the event of a loss so proper insurance is priority.

With Businessinsure at Clark Thomson Contents cover can be purchased as part of a complete Property Owners Insurance policy along with your buildings, liability and income.

Will my contents cover include my tenants contents and possessions?

No – your tenant would still need to insure their own belongings separately.

Malicious Damage

All landlords hope for a perfect tenant who will care for the property as if it was their own, however in reality this isn’t always the case. Buildings and contents cover can also provide cover in the event that an unhappy tenant decides to cause damage to your premises.

Loss of Rent Insurance

Renting out a property provides a monthly revenue, if you suffered a loss at your buy to let property and your tenant was unable to live there how would this impact you financially?

Loss of rent cover provides protection for the financial loss you may suffer in the event that you are unable to rent out the property due to an insured loss at the premises such as a fire or flood etc.

Things to consider:

  • How much rental income do you receive monthly
  • How long would it take to rebuild the property
  • If the tenant found an alternative property how long would it take to find a new tenant.

Interested in finding out more? As one of the UK’s largest independent insurance brokers, contact some of our dedicated staff and let us do the we do the hard work, to make it easy for you.

Will loss of rent cover if I cant find a tenant?

No this cover is strictly when a property is tenanted and has suffered a loss which then makes it uninhabitable.

Will loss of rent cover if my tenant defaults?

No loss of rent cover will not protect you against this, Loss of rent cover is only provided where there is a loss at the property which makes it uninhabitable.

Property Owners Liability

With people being increasingly more litigious, legal action over injuries and damage to property are ever increasing. Property owners liability provides indemnity to third parties who sustain injury, illness or disease or if any damage occurs to third party property resulting from an incident both on or linked to your premises.

This could be from a tile falling from the roof and damaging a car or someone tripping on a loose carpet.

Property owners liability can cover the cost and damages awarded to third parties.

What we can cover:

  • Industrial properties
  • Buildings Insurance
  • Blocks of flats
  • Unoccupied properties
Call us on 0330 055 3444 or