Landlords Insurance
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We are an insurance broker based in Essex and offer instant online quotes for buy to let insurance for properties in the UK. We have been providing insurance for buy to let properties for many years and have put in place systems to provide extremely competitive quotations from a panel of insurers online. The benefit of using an insurance broker is that we can save you hours of time and hundreds of pounds of money by providing quotes from several insurers at once and ultimately as a landlord you do not have time to waste searching for cheap buy to let insurance so let us do all the hard work for you! The insurance industry is regulated by the Financial Conduct Authority (FCA), which offers an extra level of protection to you should you ever feel you have been treated unfairly by the insurer. For the peace of mind and safety of our client we will only ever place your let property insurance with an insurance company which is appropriately authorised and regulated. Any reponsible landlord would want to make sure their property is insured with a respectable insurer which is why we make use of well known solid insurers to provide you with peace of mind. As you will know, insurers will all quote differently depending on how high risk they consider the area your property is located in, there base rates and such like which is why we provide instant online quotes from a panel of insurers to make sure you pay a low competitive premium and obtain cover which meets your requirements. Let building cover We have gone to great efforts to make sure we supply competitive quotes from respectable insurers which provide the comprehensive cover you would expect. Our buy to let building insurance policies generally provide the following cover as standard:
Additional cover We dont think it is fair that you should have to pay extra for additional cover on your policy which you would expect to be given as standard which is why provide the following cover as standard on our buy to let policies.
We understand that some let property owners want to insure their building against any accidental damage caused by the tenant (for example if they were to go into the loft and accidently put their foot through the ceiling. When providing quotations we can usually provide accidental damage cover for the building for a very slight increase in premium from standard cover. Sincce the difference in price between standard cover and accidental damage cover is so small we recommend you opt for the increased cover where possible. When arranging your buy to let building insurance it is important to remember that you should be insuring the property for the rebuild value and not the sale price which you will find is usually much higher(although not always, e.g grade listed buildings may cost more to rebuild/repair than the sale price). If the worst was to happen, for example flood which caused so much damage to your property that it fell down then you would obviously still own the land and therefore the costs are the clearance of the area, rebuilding the property and such like but you wouldn't have to pay for the land since you already own it. Re-instatement value As a let property owner insuring your buildings you need to remember to insure the building for its re-instatement value and not the sale price, the only accurate way to obtain the re-instatement value is to have a full building survey performed by a professional. While there are websites online such as the ABI rebuild calculator which offer an indication to the rebuild value of your property they cannot guarantee accuracy and for this reason we advise against relying on such figures. Let property owners liability Some property owners are put of the idea of being a landlord because of the threat of liability claims made against them, for instance if the tenant was to injure themselves within the property and then try hold the landlord liable for their injury which can result in thousands upon thousands of pounds of costs for legal expenses, compensation and such like. As standard our buy to let insurance policies provide £2,000,000 of let property owners liability which can provide some peace of mind. While a responsible landlord which obviously make an effort to avoid such claims by making sure the property is safe and regular maintenance is performed this part of your policy can provide a little peace of mind should the worse happen. Online Quotation
There are several factors which can have an effect on the price of your let property insurance, one of the major factors is the building sum insured. For example you would usually pay a higher premium if you were to insure a building which would cost £100,000 to rebuild than a property which would cost £200,000 to rebuild since the risk of a higher payout increases for the insurer.
The location of the property you have bought to let out can have an effect on the premium you pay, for example a property located in a troublesome london area may cost more to insure than a property located in a quiet sea-side town.
The type of tenant and number of tenants you have in the property may have an effect on the premium you will have to pay. For example some insurers may consider a property let to 4 unrelated DSS benefit recipients a higher risk than a property let to one professional person. Also student let poperties and asylum seeker let proerties may be considered a higher risk by some insurers.
Some insurers we provide cover from may apply a discount based on the age of the property, for example a property built in 2005 may cost less to insure than a property built in 1920.
If you have made no claims on any properties in the last 3 years then you may find that you pay a lower premium than if you had made several high cost claims.
Policy Excess We understant that being a landlord carries enough stress as it is without the hassle of having to spend a fortune paying an excess if you needed to make a claim on your buy to let insurance which is why we provide policies with excesses starting from as little as £100 for all claims with the exception of a £1000 standard excess for subsidence. Non Disclosure When arranging your insurance you must disclose any material fact which may effect the quotation, for example if you know the area your let property is located in has had flood issues in the past. |
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