If you own a property that you let to tenants, choosing the right property owners’ 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 owners’ 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 property owners’ insurance is liability cover. 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 owners’ 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 owners’ 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 property owners’ insurance quote.
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