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Let Property

Let Property insurance

For you

Additional cross-selling opportunity Commission for the life of all policies Simplified quotation process Source Rewards loyalty scheme

For your clients

Buildings cover up to £2million Cover for up to 9-bedroom properties Trace and Access cover up to £25,000 Contents cover up to £60,000

The importance of insurance for let properties.

 

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.

Buildings and contents insurance

Cover highlights

Buildings cover up to £2m Trace and Access up to £25,000 Contents cover up to £60,000

Additional benefits

Loss of Rent up to 25% Building Sum Insured Malicious damage available on Buildings and Contents Theft by tenant available on Buildings and Contents

Protection for the let property and the possessions within.

 

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.

Legal Cover
Legal cover

 

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.

Including:

Legal helpline available 24/7, 365 days Pursuit of rent arrears Legal defence Evicting disruptive tenants Costs and Expenses up to £50,000

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Loss of rent
Loss of Rent provides cover for the period of time that the property is uninhabitable.

 

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.

 
Whilst the property is being repaired, Alternative Accommodation will be provided for tenants.

 

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.

Non-standard cover
 
Non-standard insurance can be necessary for any property.

 

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.

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