Motts Insurance has developed an exclusive scheme which has been specifically designed for luxury serviced apartments insurance
The majority of standard landlord insurance policies are not suitable for apartments and flats that are let out on a short term basis. Our policy has been created to cater for the need of the landlord who lets their apartments out for one night stays, weekend breaks and short term lets.
As a leading landlord insurance broker we have been providing insurance cover for flats and apartments for over 30 years. We at Motts Insurance are experts in property owners insurance and have the ability to place virtually any type of risk and we are rarely beaten on price. Contact Motts Insurance should you need to discuss a bespoke quote for your Unoccupied Property Insurance.
- Exclusive scheme for luxury serviced apartments
- Includes Contents Liability
- Highest level of cover available
- Policy is only available through Motts
- Friendly and responsive service
- Competitive premiums
- Fast turnaround and Instant Cover available
Firstly, Motts luxury serviced apartment insurance policy is designed for landlords who require a more comprehensive let property product that can provide an ‘all risks’ solution. Our policy is suitable for people who own individual properties or for those with a portfolio of let properties. We can cover landlords who use a property manager or who manage the property themselves. Secondly, your cover could include accidental damage by tenants, malicious damage by tenant, theft by tenant and much more. In conclusion, Motts Insurance can also cover non-standard risks such as unoccupied properties, holiday homes, blocks of flats and properties undergoing renovations.
Key covers
- Accidental Damage by tenant
- Theft by tenant
- Malicious Damage by tenant
- £2,000,000 Contents Liability as standard
- Management Associations & Owner Occupied properties
- Cover for large portfolios
- Contents
- Blocks of flats cover
- Cover for trace and access
Serviced Apartments Insurance FAQs
Standard let property insurance or landlords insurance may not suitable for serviced apartments. This is because the majority of insurance companies are only looking to insure properties which are on six month tenancy agreements. Serviced apartments by their very nature need a more flexible approach to property insurance. Due to the enormous rise in serviced apartments and Airbnb available in the UK a number of specialist insurance brokers have created insurance schemes to cater specifically for short term let accommodation.
Insurance for serviced apartments is very different to standard let property insurance. The majority of standard landlord insurance policies are not suitable for apartments and flats that are let out on a short term basis. Our policy has been created to cater for the need of the landlord who lets their apartments out for one night stays, weekend breaks and short term lets. Our luxury serviced apartment insurance policy is designed for landlords who require a more comprehensive let property product that can provide an ‘all risks’ solution. Our policy is suitable for people who own individual properties or for those with large portfolios of let properties. We can cover landlords who use a property manager or who manage the property themselves. Serviced apartment insurance covers all the main perils such fire, flood and theft. If you take a policy out through Motts Insurance your policy will also benefit from accidental damage by tenants, malicious damage by tenant, theft by tenant which are exclusive covers only available through Motts Insurance. At Motts, we can also cover non-standard risks such as unoccupied properties, holiday homes, Airbnb, buildings insurance for blocks of flats and we can also cover properties undergoing renovations. All of our policies come with a standard £2m property owner liability insurance to protect should your tenant suffer an injury or have items damaged that are deemed your responsibility.
Serviced accommodation was created as an alternative to a hotel or holiday home. Today’s traveller is often looking for something different to a standard city centre hotel. Whether its business or leisure many people are now opting for a short stays or weekend breaks in a luxury apartment. Serviced apartments are typically furnished to a very high standard and are available for a short term breaks. Most serviced apartments come with all the creature comforts to make your accommodation feel like a home from home. Many apartments are located in stunning city centre spaces close to all the local amenities. As the name suggests, serviced apartments are generally looked after by agents who are dedicated property professionals. The apartments are managed professionally and available to rent all year round. Serviced accommodation will usually provide things like housekeeping, fresh linen and towels, 24 hour reception and in some cases a concierge. Some establishments might offer luxury guest amenities such as a gym or a swimming pool. In many ways serviced accommodation will provide you with all trappings of a luxury hotel within the total freedom of fully self-contained apartment.
In most cases your serviced apartment will be part of a block of flats. In this scenario it is standard practice for freeholder or ground landlord of the property to insure all the apartments under one block building insurance policy or block of flats policy. It is generally agreed that as an serviced apartment owner it is better practice to insure your flat as part of a block rather than individually and this is usually the responsibility of the free holder. This will ensure that all flats are insured correctly and in the event of incident such as storm damage or a flood all the individual property owners can claim off one policy and deal with just one insurer. The cost of the insurance will usually be spread amongst the individual flat owner’s and form part of your ground rent or maintenance costs. If your apartment is part of a smaller block like a converted Victorian house we would recommend that the individual apartment owners form a residential management association or limited company to oversee the shared aspects of the property including the procurement of the insurance. This is something that you seek legal advice on from a property solicitor. They can advise you on such matters as purchasing the properties freehold and draw up agreements and contracts to form a management association. with the property owner. If the property is in an apartment block, it’s probably going to be a Leasehold property. In which case it’s important to check the lease. You need to make sure that it allows Short Term Lets, on a Serviced Accommodation basis. There are some leases that prohibit it, so please do not do anything that contravenes the rules, as serviced apartment owner it is strongly advised that you carefully read through all the terms and conditions provided by your property managers.
Serviced apartment insurance is probably a lot cheaper than you think. The price of the insurance will depend on a number of factors such as the postcode, the sum insured of your contents, whether there are any previous claims and so on. Typically the premium for an apartment with say £5000 of contents can start from as little as £70 for the year. As previously noted this does depend on the location of the property but even in higher rated areas such as London premiums are not excessive. Obviously the higher the value of your contents the higher the price of the insurance. Serviced apartment insurance offers good value for money considering the level of cover you are receiving. All of the policies provided by Motts Insurance come with £2m property owners liability included as standard at no extra cost. To obtain a quotation from Motts simply complete our basic ‘get a quote’ box and we will get back to you within minutes or if you prefer to speak to a human being call our office on 02920700635.