Landlords Insurance

Landlord Insurance cover is designed to protect residential property owners in the UK from a wide range of risks. Let property insurance can cover all types of landlords whether you own a single house let to professionals or a large portfolio of student lets. It is typically made up of Landlord Buildings & Contents Insurance and Property Owners Liability. Landlord insurance covers you for all the main perils that you might find a standard home buildings insurance policy. They are events such as fire, flood, escape of water, theft and subsidence. Landlord insurance policies can also include Loss of Rent cover, alternative accommodation cover, Lock Replacement, Trace and Access cover, Malicious Damage, Theft by Tenants cover and accidental damage. As a useful add-on we can also arrange landlord Legal Expense insurance & Landlord Rent Guarantee cover.

All landlords are different, and because of this there are a wide variety of insurance products to choose from. Whether you are a commercial property owner or a residential landlord you will need a property owners insurance policy to protect your investment. You may own a single property let to working tenants or multiple properties on a large portfolio as a professional property owner it is imperative that you speak to a broker to get the expert advice you require. For a landlord with a diverse property portfolio, we can arrange one single policy to cover all properties regardless of the risk. We can cover professional, students, DSS referrals, Asylum seekers, HMO’s and unoccupied properties. Having an experienced property insurance broker to look after all your properties on one simple policy will save you time on administration and make your life simple when you need to add or delete new properties. With a single renewal date and an one annual premium we make your property insurance easy. As well as all types of tenants we can also cover all types of properties. We can look after blocks of flats, portfolios of houses, unoccupied properties, commercial and residential splits, hard to place properties such as thatched or properties with 100% flat roofs and properties undergoing renovations.

Terrorism insurance cover is normally an additional cover you can take out when you purchase a property owners insurance policy. It is not usually included as standard and in most cases you will need to purchase this as an add-on. Damage by terrorists is unlikely to be covered under a standard property insurance policy, therefore you would be unable to claim for any incident relating to an act of terror should the cover not be in force. While the likelihood of a terrorist incident is very low, the potential impact if you did not have the relevant cover in place would be extremely high. As a landlord or property owner it is recommended that you speak to your insurance broker regarding the options available for terrorism cover. It is vitally important to ensure that as a landlord you are not found liable due to lack of cover in the event of a terrorist attack taking place in properties you are responsible for. It is also worth bearing in mind that as some mortgage providers and financial institutions will not lend on a property or provide finance unless terrorism cover is in force.

Cannabis factories or farms are a problem and probably the last thing you would think of when you have just let your property to a nice young couple. This is something you need to be aware and vigilant about. According to the National Landlords Association more than 7,800 cannabis farms were discovered in the UK during the course of 2011 and 2012 and the trend seems to be heading upwards. Many of these cannabis farms were detected within the private rented sector. If your let property has the misfortune of being used as an illegal drugs den where the cultivation of cannabis plants is taking place the damage to your property could literally run into the thousands. To turn your fully furnished modern flat into a cannabis farm unscrupulous drug dealers have been known to smash walls down, rip out kitchens and bathrooms, destroy loft spaces and damage the property with growing equipment that needs a constant flow of water and electricity to create heat and humidity. At Motts Insurance, we have seen a rise in cannabis farms throughout the UK. This in turn has led to a major increase in insurance claims for fires within properties due to the tampering of electrics and the overloading of sockets from heat lamps. As a landlord you can be held responsible for unpaid utility bills and damage to neighbouring properties and if the illicit activity is taking place with your prior knowledge or even suspicions you could be held criminally liable. Make no mistake, cannabis cultivation is serious business that could land you in a lot of hot water. For an insurance company to pay out a claim on a Cannabis farm as a landlord you need to ensure you are completely compliant with the terms and conditions of your policy. It is vitality important that you meet all your tenants and follow up on all references and credit checks. You need to make regular visits to your property and it is advisable to do so within the first three months of the tenancy, ideally carrying out a first visit after one month. If you make your tenants aware that you will be making visits and you explain the reason why it may also act as a deterrent to would be drug dealers. You need to keep records of visits and make notes of unusual tenant behaviour or tenants denying you access. Be vigilant of prospective tenants who offer to pay several months’ of rent in advance, especially if the payment is offered in cash. Some criminals ask to keep utility bills in the landlord’s name and this should also be a potential warning to you that they are trying to avoid visits or inspection from utility companies. It is important to demonstrate to your insurance company that you have taken all necessary steps to mitigate any potential criminal activity from taking place in your property. It is vital you make sure that you purchase landlord insurance that will provide cover for malicious damage by tenants or guests. Check with your broker to see what your responsibilities are as a landlord ensuring any special conditions are adhered to in order to validate your insurance claim.