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Property and Landlord Insurance

When arranging to insure your buy to let properties its easy to focus on the everyday perils that are common causes of claims such as fire, theft and malicious damage, but many landlords existing insurances do not provide sufficient protection against a variety of risks posed by owning and letting out a property.

Below is a guide to the main covers that may be missing from your existing insurance policy:

  • Accidental Damage, Subsidence, ground heave and landslip

Not all insurers include these perils as standard.  It is normally an optional peril on the buildings and contents section of covers.

  • Loss of rent

This covers loss of rental income following damage to the buildings or contents by any cause covered by the Property damage section.  This is normally an optional cover within your property owners insurance.

When taking out this section of cover you will need to consider the maximum time that it could take to repair/rebuild the property in the event of a total loss, factoring in the time it would take to obtain planning permission, obtain new architects plans, physically construct the property and then find new tenants to move in.

  • Alternative accommodation

Where your tenancy agreement stipulates you are responsible for providing alternative accommodation in the event that the property is uninhabitable due to an insured event this will cover the cost for suitable alternative accommodation for your tenants.  This can normally be incorporated into your property owners insurance for an additional premium and is normally a % of your buildings sum insured.

  • Legal Expenses & Rent Guarantee Insurance

This is an additional policy that can be taken out to run alongside your property owners insurance.  The policy covers your legal defence costs connected to a variety of disputes including tenancy disputes, employment disputes, health and safety disputes and contract disputes.  It also provides you with both an online and telephone advice service that can give you practical guidance on human resource and health and safety compliance.

In addition this policy covers landlords against their tenant defaulting or failing to pay the rent.

The annual premium for this policy with 6 months rent guarantee is £93.42 or £115.39for 12 months rent guarantee inclusive of Insurance Premium Tax.

  • Loss Recovery

This service appoints a chartered loss adjuster in the event of a property claim over £5000 value.  The loss adjuster will then work on your claim on your behalf negotiating interim payments where required and minimise the disruption to your income.

How to check you are sufficiently insured:

Mitchell Charlesworth Insurance Solutions can review your existing property owners’ insurance arrangements and help identify any potential gaps in cover. 

To download our Landlords Insurance guide click the link to the right of the page.

To discuss your insurance requirements in more detail contact a member of our Insurance Team to the right of this page.

Mitchell Charlesworth Insurance Solutions Ltd is registered in England and Wales no. 7002662 and is authorised and regulated by the Financial Conduct Authority.

Landlords Insurance - The Forgotten Risks


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