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Let Property Insurance
Let property insurance and property that is let to a tenant requires a specialist insurance policy. For those properties that are let to residential tenants we would recommend you look at a residential let property insurance policy. This will have additional features you would not find in a standard buildings policy such as loss of rent cover in the event of a claim.
If the let property is for commercial use then a specialist commercial buildings insurance policy will be required. For properties that have an element of both residential and commercial let then our Zurich Landlords insurance policy may be best suited.
For holiday homes that are let we also have specialist holiday home insurance available, this caters for the property being let for short periods and having periods of unoccupancy.
Let Property Insurance: The building itself shold insured against most risks such as flood and fire for the cost or repair or rebuilding. Even risks such as terrorism or subsidence can normally be purchased as optional extras for added security from most insurers
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It is important to remember that you when you declare the value of your property you are actually estimating the cost of rebuilding it should it be destroyed (a total loss). Most insurance companies work out a rate to charge the landlord based on the location of the property and then apply it to the amount specified to rebuild the building (which is called the Buildings Sum Insured). It is therefore cheaper to insure a building that is worth less than an expensive building which is as expected.
Regardless of the type of property you wish to insure there are a number of key components of any insurance plan:-
- Buildings Insurance.
- Contents Insurance.
- Public Liability Insurance for buildings.
- Public Liability Insurance for contents.
The above items cover the key components of any insurance plan although consideration could also be given to the optional extras detailed below
- New for old cover for contents.
- Accidental damage cover for contents.
- Fixtures and fittings cover if your property is covered by a block policy.
- Legal expenses cover.
- Rent Guarantee insurance.
- Emergency assistance (Particularly useful for holiday let property).
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