Types of tenant.
Our Landlords property insurance premiums depends on the types of
tenant occupying the property - or if the property is unoccupied or
vacant. UK Private Landlords needing insurance should make sure they find the right sort of
tenant and will have to tell their insurers if the type of tenant
changes. Below
are some of the categories of tenants for which we can obtain quotes
online.
-
Professional Let Property
In a professional let - the tenant is in full time
employment and the agreement is one of at least six months duration
whereby the tenant pays the rent direct to the landlord.
Please note we have available an income protection
policy that you can take out on your tenant.
-
Subsidised Let Property
In a subsidised let the tenant still has the
agreement with the landlords and the agreement is normally for at
least 6 months however, due to financial situations, the tenant is
unable to pay the rent in full, with the balance being paid by the DSS.
-
Property Let to students
Student let property has the characteristic that
for much of the year the property may be unoccupied and also that the
students, shall we say, may not be quite as careful in looking after
the property.
-
Property let on short-period agreements
Property let on a short period is not so easy to
insure. As the tenant frequently changes there may be many times when
the property is unoccupied. Property insurance for landlords is thus
restricted in the number of suppliers and the terms may be more
restrictive than for 'better' lets.
-
Let to DSS or Housing Associations
We can quote for owners of property where the
agreement is between the landlord and DSS or Housing associations.
-
Asylum Seekers
Property
insurance for landlords of property used by asylum seekers is very
limited in the number of providers.
-
Unoccupied Property Insurance
Unoccupied property insurance is traditionally difficult to
place. The emphasis is on risk management with the landlord being
required to regularly review the property and take measures (e.g.
turning off water, boarding up letter boxes) to ensure that the risk
of a claim is reduced. Even so, cover may be restricted to 'FLEA' -
fire, lightning explosion, aircraft. There are several reasons why
the property may be unoccupied:-
- The property is to be sold e.g. the owner has
died and cover is required as their executors
- The property is being renovated and the purchasor
will move in once repairs are complete.
- The owner of the property has just purchased it
and not yet found a tenant
- It is an investment property and will be sold at
a profit in the near future.
Unoccupied at inception and between tenants
- Property unoccupied at inception will very often
have limited cover as above BUT if the property is occupied by a
tenant and then becomes unoccupied between tenancies property
insurance for landlords cover will not normally be restricted
immediately
Types of cover
- Fire, lightning, explosion, earthquake
- Storm, tempest flood
- Riot, civil commotion
- Theft, malicious damage (including damage by
tenants)
- Property Owner's liability
- Escape of water or oil
- Impact by vehicles or animals, aircraft or aerial
devices from them
- Storm damage to walls
Rebuilding Costs
Please ensure that the sum you request for insuring
your property is sufficient to rebuild the property, taking into account
removal costs and architects fees. A recent survey found that 40% of
property owners significantly underinsure - for a few pounds they risk
losing thousands in the event of a claim. |
