The Importance of Landlords Insurance
By Jamie McKenzie, Property Account Executive
As a landlord, it is essential that you are adequately covered for your let property. Purchasing a buy-to-let property is a major investment and time should be taken to seek a comprehensive policy to protect you from the potential damage or losses involved with letting a property. At Bruce Stevenson Insurance Brokers, Scotland’s largest independent Property insurance specialist, we continue to see a growing number of landlords realising the importance of arranging specialist Landlords Insurance and we have been supporting clients with our experience and expertise.
A typical household policy will not provide the level of cover that you require to protect your assets as a landlord and may leave you out of pocket following a loss.
Your buy-to-let property is a valuable asset and it is essential you are sufficiently covered in respect of your Buildings & Contents in the event of a loss, such as fire or storm damage. We suggest having your property surveyed for an accurate reading of your reinstatement sum insured.
Landlords Contents provides cover for items in the flat such as furniture, carpets, televisions, electronic equipment and sofas.
This section covers the costs and damages made towards anyone who has suffered an injury following an accident caused by your ownership of the building. We provide high limits of indemnity to ensure your costs are sufficiently covered.
Cover following accidental damage to your Buildings and Landlords Contents. This is sometimes offered as an additional extra by insurers. We provide Accidental Damage cover as standard.
This provides cover for any malicious damage caused or theft by the tenant during the tenancy period. Many insurers exclude this option however, we provide it as standard with varying excesses dependent on whether written references are taken or not.
There are a number of reasons why your property may be empty from time to time, including periods of renovation or between lets. Many insurers will exclude or restrict cover while the property is empty. We can provide full cover for up to 90 days while your property is unoccupied giving you peace of mind.
You may encounter legal issues with your property in respect of tenancy or property disputes. We provide cover, as standard, in respect of any potential legal costs involved.
Provides cover in respect of sourcing and repairing the cause of damage, such as leaking pipes. Many policies exclude this, or offer a low limit of cover. Our landlord’s policy provides high level of cover as standard.
Following an insured loss such as fire or flooding, your property may become uninhabitable. It is important to protect your income during this period as well as other costs such as temporary re-housing of the tenants.
At Bruce Stevenson Insurance Brokers, we can provide cover for various types of tenants including, Working Professionals, Department of Work and Pensions and Full-Time Students.
For more information, please contact our Property Department for a quotation now on 0131 553 2293 or Property@brucestevenson.co.uk.