If you own a property that you let to tenants, choosing the right property owner insurance is essential to protect your investment. Whether you rent a holiday home, student let, or manage an extensive portfolio of properties in the UK or abroad, we’ll source the best value for money cover for your peace of mind.
Property owners’ insurance policy coverage
Not every landlord will need the same level of cover. Our policies can be tailor-made to protect you for the principal risks you face. That means you can be reassured that your financial investment is protected, without paying for cover you don’t need.
For example, property owner insurance can include:
- Buildings insurance, including outbuildings and garages
- Landlords contents insurance
- Accidental damage cover
- Malicious damage cover
- Loss of rent, protecting your cash flow if an unexpected event such as fire or flood means your property cannot be rented out for some time. It also covers the costs of alternative accommodation for your tenants if that is needed.
- Directors and Officers insurance
- Legal expenses, including debt recovery and evictions
Property owner liability insurance
Another critical element of cover is property owner liability insurance coverage. You are protected financially from any claim for injury to person or damage to property that is brought against you by your tenant, a visitor to the property or the public.
For example:
- Your tenant trips and hurts themselves on a loose tile on the bathroom floor that you have failed to repair.
- A courier falls on a damaged step outside the property that you have not fixed, and they sue you for the injury caused.
Your legal responsibilities as a property owner include:
- Keeping the property safe and free from health-related hazards.
- Ensuring that gas and electrical equipment are safe and adequately maintained.
- Fitting smoke/ carbon monoxide alarms and testing regularly.
- Following appropriate fire safety regulations.
Property owner liability insurance covers your legal costs if a tenant makes a claim that you have not met the legal requirements surrounding the safety of the property, even if no injury has occurred.
How much property owner liability insurance do I need to take out?
The level of property owner liability insurance that you take out is up to you. The indemnity is the amount the insurance policy will pay out if you make a claim and you can select an indemnity up to £1 million, £3 million or £5 million. The lower the indemnity, the lower the premium will be. Our team can advise you on the right level of cover depending on your property type.
What risks are covered?
- Any tenant type, including asylum seekers, DSS, students, etc
- All property types – flats (including blocks of flats), maisonettes, houses
- Unoccupied properties undergoing renovation
- Properties that are left unoccupied for longer than 30 days in a row, for example, student lets and holiday homes
Buy great value property owner insurance
At Park Insurance, we specialise in all types of property owners’ insurance. Our dedicated team offers free advice for landlords and can help you to find coverage to match your exact needs and budget.
Our expert property team knows exactly where to look for the best property owner insurance. As an independent broker, we’re free to shop around to find the best value for money prices. As one of the largest independent brokers, the scale of our business gives us substantial purchasing and negotiating power. This allows us to offer extremely competitive rates for a wide range of property owners’ risks. Call our team today on 0117 955 6835 or fill in the form below for a free quote.
Other frequently asked questions
Can you get Property Owners’ Insurance for commercial properties?
Property owners’ insurance isn’t just available for landlords who rent out houses, flats and holiday homes. Commercial property owners’ insurance is also available for the likes of office buildings, shops and other commercial properties.
Some properties contain both commercial and residential sections – for example, there may be a flat above a shop. An insurer will be able to bring these two together under one policy, but they will be treated differently in terms of cover.
What is Commercial Property Owners’ Insurance and do I need It?
Commercial property owners’ insurance is a form of landlord insurance relating to commercial rather than residential properties. It is the insurance that the property owner can take out when they plan to rent their building out to tenants for commercial use.
If you are the owner of a commercial property, your tenants are responsible for securing their own insurance to cover the likes of their stock, fixtures and fittings. Commercial property insurance allows you, as the owner, to protect the building against:
- Fire
- Floods
- Storm damage
- Third party claims for injury or personal property damage due to neglect of the building
What type of Property Owner Insurance do I need?
Naturally, this will depend on the types of property you own within your portfolio. An insurer will tailor your property owner insurance policy by taking into consideration:
- The type of property you have, including whether it is a novel building such as a theatre or church.
- The size of the property.
- Its location.
- Whether you want only buildings cover or contents cover as well.
- The level of income you make from it.
If your portfolio features both commercial and residential properties, you can ask to cover them under one policy. This is usually possible if they are all owned by the same named person.
As the owner, do I need both Buildings and Contents Insurance?
Your insurance should include buildings cover as this protects the physical property against risks such as adverse weather and fire. Even if you rent out the property to residential or commercial tenants, it is still the landlord’s responsibility to ensure the building is insured. Otherwise, the cost of any repairs will fall entirely upon your shoulders.
Tenants will need to protect their own contents, such as their furniture and technology in a rented home or the stock in a shop. If you, as the owner, have contents of notable valuable held within the building, you may wish to add contents insurance to your policy.
What is Property Owners’ Liability Insurance?
Property owners’ liability insurance is a type of insurance that combines employers’ liability insurance and public liability. This duo of cover protects you should a member of the public, a tenant or an employee become injured or their personal property damaged as a result of your building.
Does Property Owner Insurance cover unoccupied buildings?
Whether it’s a residential or a commercial property, you must be careful about the length of time a building sits unoccupied. Too long and your property owner’s insurance may become void. If you know the building will sit empty for a prolonged period, ask to modify your policy to reflect this.