Insurance
There are many members that have a bolt hole abroad and properties here in the UK. However, remember before settling down to enjoy the benefits of your hard work, you may have had to roll up your sleeves to clinch decent home cover.
Finding low-cost buildings and contents insurance has never been easier as long as you live in a house full-time. Now try to insure a property that is often empty and the choice boils down to a few insurers offering policies riddled with complex small print.
For those hoping to secure cover for a second home with click of a mouse or after a quick phone call will be in for a nasty surprise. The small print in nearly every standard home insurance policy says that the cover will be withdrawn if the house is left unoccupied for more than 30 days or is rented.
That is why the Devon Landlords' Association are delighted to be able to offer you two of the UK’s most competitive and comprehensive property insurance packages designed specifically for landlords. These schemes have become the market leaders in the UK. The policy wording is extremely wide and is an exclusive arrangement within the marketplace, provided by one of the largest UK insurers. Market developments are constantly examined to ensure its competitiveness and ensure that our landlords will receive the best possible terms and advice.
We recommend that members obtain a quote from both brokers and use the list below as a check list to compare them. It is worth remembering to advise the brokers of any special conditions with the property and any disability a tenant may have as this will affect the premium and the outcome of a claim. It is also important that if you take in a homeless person from an agency or council to ensure that the tenant informs you of anything that could invalidate your insurance.
The specialist Landlord policy is just one of the specialist departments that can deal with the many different areas of insurance and investments available from The Bateman Group and from Alan Boswell.
“It really is insurance for Landlords, designed by Landlords!”
Summary of Policy Cover (check list)
- All risks of loss or damage to the building are subject to a claims excess of £100. However, the policy excess may be increased and a discount applied to the premium.
- The standard excess for landslip and subsidence is £1,000.
- Index linking of sums insured in line with appropriate index.
- Loss of rent up to 25% of the building sum insured following an insured peril to the property.
- Cost of re-housing tenants up to 25% of the building sum insured following an insured peril to the property.
- 60 days cover for unoccupied properties.
- Malicious damage by tenants, subject to a claims excess of £1,000.
- Property owner’s liability up to £5,000,000 indemnity any one incident.
- Employer’s liability up to £10,000,000 any one incident.
- Loss of metered utilities from accidental damage up to £25,000
- Replacement or repair to underground service pipes and cables extending from the residential buildings to the public mains following accidental damage.
- Cover for costs incurred in trace and access to leaks.
- Clearance of drains as a result of damage by an insured contingency up to £10,000
- Replacement of locks to external doors following loss of keys up to £2,500
Optional/ Extended Covers
- Landlords’ contents of rented property / including communal areas, wardens and caretakers units
- Theft risk is restricted to forcible entry only
- Legal Expenses Protection
- Tenant Default up to £25,000 pa
- Repossession
- Tax Investigation
Payment Methods
- Premiums may be paid by monthly instalments.
- Credit/ Debit card payments also available