Posted on

Landlords buildings insurance cover: what’s the difference?

Article by Eliot Blundell
























Whatever type of property you may own, you are likely to be aware of the importance of insuring it. If you have bought a particular dwelling to let, however, you may want to remind yourself of the importance of arranging specific landlords buildings insurance cover.

What’s the difference?

When assessing the risk of loss or damage they are prepared to underwrite, insurers typically make a careful distinction between properties that are to be occupied by their owners and those that are to be occupied by tenants.

Typically, the latter are considered to pose a greater risk than the former.

Although you may be familiar with the importance of arranging home buildings and contents insurance for your own, owner-occupied home, therefore, you may need to consider the need to seek a let property insurance quote specifically to ensure the adequate protection of property that you own as a landord.

The cover

Landlords buildings insurance cover is typically designed to protect the very fabric and structure of your property against such risks as fire, flooding, smoke damage, impacts from vehicles or falling debris, and vandalism. To this extent, the risks covered may be very similar to standard home buildings insurance.

Just as with many standard home buildings insurance policies, you may also wish to check whether your landlords buildings insurance cover also extends protection against the risk of subsidence (since not all policies do as a matter of course).

Specifically for landlords

With respect to the particular risks associated with let property, you might wish to consider whether your chosen policy affords protection against malicious damage by your tenants. Some policies include such protection as a standard feature, others do not, and still others include it as a feature of selected policies only.

Similar considerations might also apply to the risk of accidental damage to your building – some policies might automatically include it as a standard feature, others might not, but still others may offer you the choice of such on selected policies.

The worst case scenario

Typically, buildings insurance is designed to protect the property owner against the worst case scenario – a catastrophic event that leads to such a total loss of the building that it needs to be entirely rebuilt. The same is true for such cover for let property.

When seeking landlords buildings insurance cover, therefore, you may wish to keep in mind a total insured value that represents not the current market value of your property, but the estimated cost of a complete rebuild in the event of its total loss.

About the Author

Eliot Blundell is Director at specialist CIA landlords provider, CIA who provide a wide range of let property insurance solutions including cover for all tenant types, unoccupied property insurance and landlords rent guarantee insurance












Use and distribution of this article is subject to our Publisher Guidelines
whereby the original author’s information and copyright must be included.

Related Building Insurance Cover Articles

Posted on

Stride Limited Launches Insurance Comparison Site for Landlords

Stride Limited Launches Insurance Comparison Site for Landlords











Banner

(PRWeb UK) September 29, 2009

Stride Limited, a respected name with over 30 years experience within the property insurance market, today launches its new online quote process, which allows landlords to compare and buy property insurance online at http://www.stride.co.uk.

The new site, a rarity amongst other commercial insurance brokers, has been developed by Stride Limited after recognising a gap in the market for a comparison website for landlords property insurance.

Claire Wilson, Commercial Development Manager, Stride Limited says of the new site:

“When we buy our personal lines insurance, we are used to being able to choose from an array of insurers. Our aim has been to emulate this; our clients can now visit our website and we will check cover details and prices from our panel of leading commercial insurers. Landlords are able to insure a portfolio of up to 5 properties online. This simplifies what has historically been an arduous process, having to visit many different websites or ring round brokers for quotes. Crucially, our clients are able to make an informed decision about the policy they are purchasing and make sure that it is the most suitable for them.”

With the deluge of so-called “unplandlords” or “accidental landlords” hitting the UK property market over the last year, the need for affordable property insurance for landlords will increase.

David Salusbury, Chairman of the National Landlords Association (NLA) recently commented of the phenomenon:

“People still need a roof over their heads. We hear that rental demand will remain strong, although there is anecdotal evidence that rents being achieved are reducing, and we hear of more property coming on to the market as a result of the so-called accidental landlords who are unable to sell their property and have decided to rent it out.”

It seems as though Stride’s endeavours have come at the right time. With more people looking for buy-to-let property insurance, a fresh approach to broking and ease of purchase has never been more essential.

In fact, Stride’s forward-thinking approach has already raised a few eyebrows in the Buy-to-Let industry. The scale of the website development has seen Stride short listed for the ‘Innovation’ and ‘Insurance Services’ categories at the ‘Landlord & Buy-to-Let Awards 2009’; the ‘Oscars’ of the industry.

Oliver Romain, head judge for the Awards and editor of Landlord & Buy-to-Let magazine, the leading magazine for the residential letting sector, says:

“We’ve had a terrific response and Stride Limited has done brilliantly to get short listed. The private rental sector gets a tough time in the media, however, the vast majority of people have a positive experience and it’s great that we have the opportunity to recognise and reward the best in the industry”.

Richard Lovegrove, Managing Director at Stride notes that despite recognition and early success in the launch, complacency in this market is not an issue:

“Stride have been successful in the commercial and residential property insurance market for many years; we have always strived to provide a fantastic service so we won’t be resting on our laurels. There are a still a large number of new landlords out there that require assistance when it comes to getting insurance for the first time and we have the experience and range of policies to meet their needs.”

It is important that landlord’s assets are fully protected to ensure that there are no unwanted hiccups in running their business and Stride can help. By offering high levels of service combined with competitive prices, Stride delivers the complete insurance package for landlords. This is now available online at: http://www.stride.co.uk/commercial-quote/ or by phone on 0800 840 6699.

Notes to editors:

1.             Stride Limited offers insurance cover for a wide range of commercial property such as blocks of flats; high value housing and let properties.

2.             Stride Limited is an independent insurance broker established on the South Coast since 1973. In addition to operating commercial insurance broker Stride, Stride Limited also trades as Computer Quote, now selling motor; home; van; pet & travel insurance by phone and online via http://www.computerquoteinsurance.com

3.             Stride has a total Gross Written Premium (GWP) of £15 Million and employs over 55 staff.

4.             For more information contact:

Richard Lovegrove

Managing Director, Stride Limited

richard.lovegrove(at)stride.co.uk

Tel: 023 9224 8761

Mob: 077 3606 9151

Fax: 023 9224 8769

Jonathan Walker

Marketing Director, Stride Limited

jonathan.walker(at)stride.co.uk

Tel: 023 9224 8730

Mob: 079 7035 4202

Fax: 023 9224 8769

Stride Limited t/a Computer Quote Registered in England No. 1122247.

Registered Office: 101 London Road, Cowplain, Hampshire PO8 8XJ.

Stride Limited is authorised and regulated by the Financial Services Authority.

###











Attachments

















Vocus©Copyright 1997-

, Vocus PRW Holdings, LLC.
Vocus, PRWeb, and Publicity Wire are trademarks or registered trademarks of Vocus, Inc. or Vocus PRW Holdings, LLC.









Related Landlord Property Insurance Press Releases

Posted on

Landlord Building Insurance saves money for Landlords

Article by N Joerning









Insurance policies are designed to provide financial stability to people. There are several insurance policies available in the market. You can get life insurance, car insurance, medical insurance and many more. For a property owner, it is extremely important to have proper insurance coverage to protect the owner from any damages cause to the property. This is the reason to opt for landlord building insurance. The landlord insurance offers lots of benefits. This insurance will cover all the financial lose in case of unwanted incident. Incidents that cause damage, such as fires, explosions, earthquakes, floods and more.

The landlord building insurance is not a legal requirement, but not purchasing the insurance is not a wise decision. It is essential to be prepared for any unwanted circumstance that can occur. The policies are cheaper and safe if you buy from a reputed insurance company. This will ensure that the landlord will feel protected with best possible insurance cover. The insurance for landlords will help to minimise the risk factor associated with the property. The insurance products consists number of benefits in one complete package and at affordable price.

Insurance policies are often neglected by many landlords. However, this is serious and should be avoided. If the landlord is renting out property or a building, it is advisable to consider the option of insurance policy. This is the primary source of income and therefore, utmost attention should be paid. If the property goes through any untoward incident, without proper insurance cover, the landlord will be powerless and will incur losses. Landlord building insurance is designed specifically for the letting market, ensuring the policy covers wide range of risks. The insurance for landlords will give them a wider broader spectrum of cover.

If an accidental fire occurs, this can cause lots of damage to your building or property. There are higher chances of spending huge amount of money on repairing. This means that the landlord is paying from the pocket to fix the property. This results in the landlord losing out on the rental income for that period of time. The landlord can protect the rental income in this situation through rent guarantee insurance cover. This is the precise reason to have the right insurance package to meet the financial requirements. Landlord insurance is a profitable form of investment. The property owners are assured of great returns if they invest in an insurance policy.

There are many companies offering services to the landlords, and they have a presence on the Internet. The property owners can get the perfect insurance that specifically meets their requirements. The Landlord building insurance rates differ from company to company. Therefore, it will be wise to search for the best deal. The easiest way to get all queries solved is by opting for insurance quotes. On reputed websites, you can get various insurance quotes to buy the insurance that suits the landlord. Finding an insurance policy that is competitive and flexible is the first priority of the landlords. Going through the terms and conditions will enable the property owner to understand the insurance properly to get maximum benefit.



About the Author

Nicola Joerning is the author of this article on landlord insurance. Find more information, about insurance for landlords here










Find More Landlord Building Insurance Articles