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An essential part of a let property purchase is the need to have adequate levels of cover. With this in place it ensures full protection of what can often be a substantial investment for your clients. Trusting tenants with a let property is one thing, but having the procedures in place to fully protect the property from unfavourable situations is another. Failure to do so can be an expensive mistake.
Let property insurance covers a number of features including loss of rent, buildings and content insurance, cover for legal expenses, home emergency insurance, and rent guarantee.
For example, in the event of property damage due to a fire or flooding, buildings insurance would cover the rebuild costs and will usually include the rebuild of structures within the rooms themselves such as bathroom suites or kitchen units.
Contents insurance would protect assets such as furniture and electrical goods, kept within the let property.
Another important feature of cover includes legal expenses, this protects against the cost of having a disruptive tenant, including events such as evicting squatters and repossessing the property.
Legal cover can also protect let property owners against the cost of defence, if criminal action is taken.
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Pursuit of rent arrears
Evicting disruptive tenants
When a property is uninhabitable due to scenarios such as fires, floods and gas leaks, Loss of Rent cover is a product feature that recovers the rental income that the property owner would have received during normal circumstances. It is most beneficial for those dependent on the revenue to fund substantial mortgage repayments.
The tenants will be rehoused until the let property is inhabitable again. This can be a reassurance for the property owner, that they will not have additional costs or concerns about rehoming their tenants.
At Source, we’re pleased to offer a range of truly whole of market products through our quotation platform, enabling brokers to retrieve tailored insurance solutions online for clients looking to cover with high risk properties and circumstances for their let property.
With the increased demand from landlords to insure their let properties in limited company names, we have incorporated this option in our system to ensure this can be facilitated and your client’s properties are correctly protected.