Specialist Landlord Insurance Makes A Real Difference

Tuesday, January 20, 2015
UK PRS Landlords Need Specialist Landlord Insurance Policies

UK PRS Landlords Need Specialist Landlord Insurance Policies

Specialist Landlord Insurance Required
By All UK PRS Landlords

Landlords in the UK’s private rental sector (PRS) should be aware that they need specialist landlord insurance policies to protect their rental property assets, be that from damage caused by tenants or just to cover the cost of repairs to the rental property, because a normal household policy will not cover all your insurance needs.

Many inexperienced landlords think that a standard residential household insurance policy will cover their rental property, especially if it is their own former main residence.

However, once a property is rented out to tenants, then standard residential household insurance policy will become void, because the property is no longer occupied by the owner or person insuring it, that’s where specialist landlord insurance policies become vital.

Specialist landlord insurance policies are required by UK landlords to cover rented properties and the UK’s market leading providers of specialist products and services to landlords and the lettings industry, Legal 4 Landlords, have partnered with some of the UK’s best insurance providers, allowing them to offer a wide range of specialist insurance policies for landlords in the private rental sector (PRS), including Rent Protection insurance, Buy To Let property insurance and Landlord Emergency Cover.Rent Protection Insurance

The non-payment of rent has become an increasingly common problem for many landlords in the UK’s private rental sector, causing serious cash flow issues and landlords can avoid the risk of defaulting tenants with 100% rental income protection.

It may be an impossible task to predict if a tenant will suddenly experience a change in circumstances, such as losing their job or suffering from a serious illness or accident which leaves them unable to work.

Rent protection insurance is ideal for landlords issuing new assured short-hold tenancy agreements to tenants, who have been properly tenant referenced, in order to protect the landlords expected rental income, should the tenant fail to pay the rent. The policy will also cover landlord legal expenses associated with the eviction of the defaulting tenant up to the value of £50,000.

  • Protect 100% of your rental income against non-paying tenants
  • Unlimited period of rent arrears covered up to £50,000
  • Policy also includes the cost of evicting your defaulting tenant
  • Legal expenses covered up to £50,000
  • 50% of the rent paid for a further 2 months after the tenant is evicted
  • Rent protection are available for both 6 and 12 month terms

Buy To Let Property Insurance

Legal 4 Landlords wide range of specialist landlord insurance products have been specifically tailored just for UK rental properties, with carefully designed insurance policies offering landlords and their tenants the best level of insurance cover at the best possible prices.

It also makes sense for landlords with multiple rental properties to take out property portfolio insurance; providing financial savings by having just one insurance policy to cover a landlord’s entire portfolio of rental properties, simplifying the whole insurance process for portfolio landlords by cutting down on paperwork .

Legal 4 Landlords can save landlords a great deal of time, trouble and money by helping them to find the most suitable property portfolio insurance for their needs.

  • Quotations available for properties up to £5,000,000 sum insured
  • Automatic coverage for Loss of Rent up to 20% of the buildings sum insured
  • Experienced underwriters on hand with authority for instant decisions
  • No claims bonus available
  • Multi location policies available
  • Automatic cover included for domestic employees at £5,000,000
  • Property Owners Liability £2,000,000

There is also a wide range of standard cover included such as;

  • Loss of Metered Water and Trace & Access cover.

Landlord Emergency Cover

Domestic emergencies do happen in rental properties, usually at the most inconvenient times, which can prove to be very expensive for landlords to get fixed quickly.

Emergencies which leave rental properties unsecure or unsafe, are still the responsibility of the landlord to rectify and pay for the problem to be resolved, even is the property is managed by a lettings agent, landlords are still expected to settle the bill.

Landlord emergency insurance cover will give you a dedicated helpline number to call in the event of an emergency, so landlords can quickly get problems dealt with and avoid any costs associated with having to find emergency accommodation for your tenants.

Legal 4 Landlords offer cost effective domestic emergency insurance cover for landlords which provides immediate assistance in the event of an unforeseen domestic emergency at a rented property, such as:

  • Breakdown of main heating system
  • Home security, doors, windows and locks
  • Loss of domestic power supply
  • Parts and materials included
  • Lost keys
  • Vermin infestation
  • Plumbing and drainage system
  • Breakage or failure of your sole toilet unit
  • Alternative accommodation
  • No maximum number of claims annually
  • Call out charges included
  • No excess
Landlord Insurance Specialists - Legal 4 Landlords

Landlord Insurance Specialists – Legal 4 Landlords

This was written by Mike Clarke. Posted on at 11:30 am. Filed under Insurance. Tagged , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , . Bookmark the permalink. Follow comments here with the RSS feed. Both comments and trackbacks are currently closed.