Sompo Canopius Landlords Insurance

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Up to 35% no claims discount for careful landlords

Cover available for property undergoing renovation

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Benefits

  • Save up to 30% on your renewal premium
  • Up to £20k free contents cover available
  • Many tenant types acceptable
  • 25% multi building discount available
  • Greatest buy to let deals available
  • Up to 13 weeks cover for vacant properties

Sompo Canopius landlords insuranc

Sompo Canopius Group is the global specialty lines platform of Sompo Japan Nipponkoa Holdings Inc., which has total assets of c.$85 billion. Sompo Canopius is wholly owned by the principal subsidiary of the above, Sompo Japan Nipponkoa Insurance Inc., an A+ rated company and one of the top three Japanese P&C insurers.

Why is specialist cover required?

But there is a lot more than just a name in landlord’s insurance. So much so, in fact, that if you are the owner of buy to let property you stand to leave yourself especially vulnerable if you do not arrange this specialist form of insurance cover.

You might have arranged standard home building and contents insurance when you or your family were occupying the property, but the moment you start letting the same property out to tenants is the moment such home insurance lapses and you require specialist landlord insurance.

At its simplest, that change of use from owner occupation to let accommodation means that you require specialist buy to let cover.

Special it might be, but that is not to say it needs to be difficult to arrange – as a visit to our quote and buy service may make perfectly clear.

What does it cover?

The cover provided by landlord insurance reflects the fact that you are letting the premises to tenants and therefore effectively running a buy to let business – and one that also depends on your maintaining an uninterrupted income stream from the rent you charge.

As the owner of that business, you have an interest to protecting the investment you have made in the premises you intend to let. Buildings cover, therefore, covers you for potentially crippling loss or damage to the property from such events as flooding, storm damage, fire, impacts, escape of water, or vandalism.

Any of your own property you have put in the premises – such as furnishings and appliances – may also need to be covered by contents insurance.

As far as protecting your income stream is concerned, landlord insurance typically offers the opportunity to claim for loss of rental income (up to certain limits) if the property becomes uninhabitable following an insured event.

Also important – and potentially critical in avoiding a financial calamity for your business – is protection against claims from tenants, their visitors or members of the public alleging your public or property owner’s liability.

Why buy a landlord insurance policy from Sompo Canopius?

Resilet is the name given to the company’s insurance policies for the owners of buy to let property:

  • the total sum insured for your building insurance is automatically index-linked and Sompo Canopius provides a timely warning against the danger of being under-insured (unless the total sum insured covers the potential cost of completely rebuilding your let property, you might be seriously out of pocket in the event of a claim;
  • subsidence cover is included as a standard feature of the building insurance;
  • tenancy agreements may be made with any class of tenant, although different levels of excess may attach to the policy, depending on whether tenants are professional individuals, students or benefits claimants for example;
  • indemnity for property owner’s liability is set a maximum of £2 million; and
  • loss of rental income may be paid out up to a total amount equal to 20% of the total building sum insured.

You might wish to note, however, that if employer’s liability cover is also required you need to arrange this under a separate policy.

You can compare any of the insurers on our panel with our online quote and buy system. Compare between top UK names such as Zurich, Aviva and NIG