Types of Cover
Arranging insurance cover for your property can be a daunting task. As a landlord or property owner, you need to protect yourself, your property, your tenants and your contents. Here at A&T Property, we aim to make the process as easy as possible for you. Our expert advisers will guide you through the process every step of the way and will design a tailored insurance policy that meets your needs.
A number of different types of property insurance covers are listed below for your information.
If you have any questions or queries, we would be delighted to help you. Please call to speak to one of our advisers on 01202 754900.
Accidental damage insurance covers you against the cost of repairs arising from unexpected events that cause damage to your property or contents. It does not include damage caused by normal wear and tear.
If as part of your tenancy agreement you are contractually obliged to provide alternative accommodation in the event that your property becomes uninhabitable, alternative accommodation insurance will cover this cost. The property must be uninhabitable because of a specified and insured event in order for this cover to pay out.
Buildings insurance covers you against the cost of damage to your property caused by events such as storm, fire, flood and theft. If you own the freehold of the property, your mortgage company will most likely expect you to take out buildings insurance. However, if you own the property on a leasehold basis, your lease owner or management company may already have a buildings insurance policy in place. You will need to know the rebuild value of your property before buying buildings insurance.
Contents insurance covers you against damage to your own possessions within the property, for example, those placed within any communal areas or if you let your property either ready or partially furnished. Your contents cover will not cover your tenants’ possessions. They are responsible for taking out their own insurance policy if they want their items to be protected. We can help with this too.
Directors & Officers Liability
If your property is part of a limited company, you should give serious consideration to protecting the directors and their personal wealth as a result of any claims being brought against them due to an unintentional error in their role which leads to the financial loss of a third party. This insurance also covers the legal costs and expenses of defending any such claims.
If you instruct a self-employed tradesman to carry out work on your property and an incident occurs, you could be held liable. This insurance cover will protect you and fund any associated legal costs and awards for injury.
It makes good practice to inspect equipment to ensure that the necessary safety guards are still in place and that it is in sound working order. Such inspections will also indicate if maintenance is required. In addition to the general legal requirement for regular inspections of work equipment, there are certain specific statutory requirements for equipment that is likely to have more serious consequences in the event of failure. Equipment covered by these requirements includes:
- Lifting equipment, such as cranes, lifts, chains and wire rope slings
- Pressure equipment, such as compressors and air receivers
- Ventilation equipment, used to extract hazardous substances
A competent person must carry out these inspections. Such inspections are often carried out as part of an engineering insurance contract that combines insurance against the consequences of breakdown with an inspection service.
If a tenant or visitor to your property suffers injury or damage as a result of a fault with your property, you could be held liable and face prosecution. Having landlord liability cover in place will cover you against any associated legal costs to defend the claim and any damages awarded to the claimant.
Landlords Emergency Assistance
As you know, there are many unexpected occurrences that can leave landlords with a tricky job to deal with. This insurance covers for emergency work where one or more of the following events have occurred:
- Damage to or failure of the plumbing and drainage system damage where internal flooding or water damage is a likely consequence
- Blocked toilet
- Blocked external drains within the boundaries of the property where this can be resolved by jetting
- Electricity failure of at least one complete circuit
- Gas leak
- Water supply system failure
- External lock failure or damage
- External door failure or damage
- External window failure or damage
- Loss of the only available key to the property, which cannot be replaced and normal access cannot be obtained
- The Primary Heating System has failed or broken down completely
- Infestation of wasp nests, hornet nests, house mice, field mice, rats or cockroaches
With such wide ranging legislation in place these days relating to employment, any breach can lead to a case being brought against your organisation. Having Legal Expenses insurance covers you for legal fees, compensation awards or appeal costs you may incur during a dispute.
This cover is designed to pay the fees for a qualified Loss Adjuster to prepare, present and negotiate your eligible insurance claims with your Property Owner Insurer. It covers eligible property damage and business interruption claims within the terms and conditions of the policy which are likely to exceed £5,000 or the policy excess, whichever is the greater and is dependent upon the relevant section of your insurance policy being current at the time of loss
Loss of Rent
If you suffer a disaster such as a fire or flood which leaves your property uninhabitable, loss of rent cover will protect you for any lost rental income, or for the cost of alternative accommodation for owner occupiers and for your tenants. This type of insurance does not cover you against tenants simply failing to pay the rent (cover is available for this separately).
Malicious Damage by Tenants
If you are unfortunate enough to have tenants that cause deliberate damage to your property, this insurance will cover you for putting right any damage such as replacing fixtures and fittings.
Property Owners’ Liability
If you are a property owner, you are responsible for safety of members of the public whilst they are on your premises. Therefore, any costs that are awarded for injuries sustained to the public, whilst on your premises or linked to your premises, are liable to you.
Rent Indemnity Guarantee
This type of insurance covers for Rent Arrears owed by the Tenant under the Tenancy Agreement during the Period of Insurance and up to the Claim Limit, where an Insured Event under occurs and the Insured Person is, where appropriate, pursuing Proceedings under their relevant policy.
Terrorism cover can be added to your property insurance policy. It will protect you from any losses and liabilities that might arise from terrorist activities. We would advise that you check any leasehold or mortgage agreements as terrorism cover is often a requirement.
It can be a difficult task to place an unoccupied property with an insurer. However, we have specific markets which enable us to find you an insurer who have the ability to accept unoccupied risks whilst maintaining a good level of cover.
- Free no obligation review and quotation
- Dedicated property insurance advisers to guide you through the process
- Competitive premiums from leading UK property insurance providers
- Insurance cover tailored to your specific requirements
- In-house claims team to manage any claim for you
- Payment of premium by monthly instalment available
- Free access to online risk management services
- Top 100 UK independent broker* with Chartered Insurance Broker status
* Top 100 Independent Brokers 2016 published by Insurance Age in association with Cornell Consulting