Tailored protection for your let property clients

The Importance of landlords Insurance

An essential part of a let property purchase is the need to have adequate levels of cover in place to fully protect what can often be a substantial investment for your clients. Trusting tenants with a buy-to-let purchase 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 with fatal consequences.

Landlords 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

Buildings insurance is a standard type of cover on all policies, which protects the external structure of the property. In the event of the property being damaged by flood or fire, for example, 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.

Let property clients with furnished properties may also seek contents insurance to protect assets such as furniture and electrical goods.

Loss of rent

Loss of rent provides cover for the period of time that the property is uninhabitable during scenarios such as fires, floods and gas leaks. It is a product feature that recovers the rental income the landlord would have received during normal circumstances and is most beneficial for those dependent on the revenue to fund substantial mortgage repayments.

Rent Guarantee

Missed rental payments by tenants are a major risk factor for landlords. Sometimes, life’s hidden nasty surprises create circumstances outside of the tenant’s control. Missed rental payments can often jeopardise the landlord’s ability to fulfil mortgage repayments on the buy-to-let investment, running them into a whole new host of problems. Source’s Rent Guarantee alleviates cash-flow complications and helps resume business as normal.

Legal expenses

Another important feature of cover includes legal expenses that protect against the cost of having a disruptive tenant, including events such as evicting squatters and repossessing the property. Legal cover can also protect landlords against the cost of defence if criminal action is taken.

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 What’s in it for your clients?

  • Legal cover included as standard within every policy.
  • Rent Guarantee insurance available as an optional extra.
  • Home emergency cover from as little as £3.63 per month.
  • Contents cover included as standard in selected policies.*
  • Loss of rent included as standard in selected policies.*
  • Cover for unoccupied properties from inception.
  • Cover available for let properties undergoing renovation.
  • Cover for malicious damage by tenants automatically included in selected policies.*
  • Cover options available for properties with up to 9 bedrooms.
  • Competitive rates across all of our products.
  • Online storage of policy documents, allowing 24/7 access (optional).

*Selected insurers only

 What’s in it for you?

  • Additional cross-selling opportunity.
  • Trail commission for the life of all policies. Commission set at 20%.
  • Simplified quotation process via The Source platform.
  • Source Rewards loyalty scheme points for every new and renewed case.
  • Proactive management of renewals through varied methods of communication.

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Complete a policy with Home Emergency Cover

This particular element of the cover is useful for emergency scenarios, for example, gas leaks, boiler breakdowns and blocked drains at your let property. Landlord’s home emergency will cover the expense of a qualified tradesperson visiting the property to fix the problem. This feature provides cover 24 hours a day, 365 days a year, and recovers the cost of call outs, building materials, and labour charges.

Landlord’s home emergency covers:

  • Water supply system failure (including blocked toilets and external drains within the boundaries of the property).
  • Electricity failure.
  • Gas leaks.
  • Primary heating failure or breakdown.
  • Failure of, or damage to, external door & window locks.
  • Pest infestation (wasp/hornet’s nests, house/field mice, cockroaches and rats).
  • and more…

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 Commission

Let Property commission is set at 20%.

 Our commitment to you

At Source, we also promise that your commission is exactly that. Yours. The Source Commission Guarantee is our promise to pay your trail commission at the same level year after year after year which means an income stream that will not retire, even if you do.

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