Landlords Insurance

Landlords Insurance

Landlords insurance is different to normal home insurance. Normal home insurance isn`t designed for rental properties and you could end up spending money putting things right if something goes wrong.

To ensure you are fully protected when letting a property, it is recommended that you purchase landlord insurance. These policies will provide the right protection and additional cover you need as standard.

Caboodle can search a panel of providers for landlord insurance and tailor a policy to your individual requirements.

What will it cover?

Each provider and policy is different but generally speaking the following areas can be covered on Landlords Insurance, either as standard or optional extras

• Protection against, storm, fire, flood and subsidence
• Buildings Cover
• Contents cover
• Accidental Damage
• Loss of rent as a result of an insured event
• Landlords legal liability and Legal Protection cover
• Employers’ liability for domestic employees
• Breakage of glass and lock replacement
• Home Emergency cover
• Optional rent arrears indemnity cover
• Alternative accommodation costs following an insured event

Why do I need Public Liability Insurance?

It`s your responsibility to make sure that your tenants are as safe as possible when they`re at one of your rental properties. Accidents can happen and that`s where having public liability insurance comes in.

As a landlord it protects you against claims made by tenants for damage to their property or personal injury arising from incidents connected with your rental property.

If one of your tenants makes a claim against you, and you are found to be legally liable. Public liability insurance will cover the following costs associated with legal action:

• Loss of earnings
• Future loss of earnings
• Damages awarded to the claimant
• Your legal costs in defending a claim
• Claimants` legal costs if you are at fault

Why do I need Legal Protection?

Landlords legal protection insurance covers you for professional fees that may arise if a tenant breaches the terms of their tenancy agreement. It will provide cover for legal expenses and fees arising out of:

• Damage by tenants to your property
• Repossession of the let property
• Eviction of squatters
• Defence of criminal prosecutions
• Nuisance and trespass
• Alleged acts or omissions by you as a landlord

Optional Rent Arrears Indemnity Cover

Tenant’s personal circumstances can change, so it’s prudent to minimise the risk to your rental income by taking rent arrears indemnity cover which provides:

• Protection to pay monthly rent on breach of a tenancy agreement
• Can cover monthly rent up to £2,500 pm
• 100% of the rent arrears due to you for up to 6 months (1 month excess applies) or until full and vacant possession is obtained, whichever soonest.
• Cover subject to there being a full tenant reference credit check being carried out on any tenant and any guarantor.

Alternative Accommodation Costs

The thought of your property being uninhabitable is not something most landlords want to think about unless they really have to, but unfortunately, it`s a possibility that has to be planned for in case disaster strikes. Anything from a flood to a fire could deem your property unworthy to live in, causing your tenant to move out and find somewhere new to live.

It may be the case that after considerable damage has been done, you`ll have to carry out extensive work on the property to bring it back up to standard again. That`s why Landlord Insurance covers reasonable alternative accommodation costs for your tenant subject to a maximum and specified period. You can also select loss of rent cover which would provide you with financial security for the amount your rent falls short whilst your property is uninhabitable due to the damage.

Optional Home Emergency Cover

Home Emergency Cover means that as a landlord you are always prepared for the unexpected. It has been designed to complement your landlord`s buildings and / or contents policy and will protect you and your property from unforeseen domestic emergencies.

Home Emergency Cover can provide you as the landlord with access to 24 hour emergency helplines and covers the cost of contractors` emergency call out, labour, parts & materials following an insured event. This can include emergencies such as a faulty boiler, electricity failure or burst pipe. The policy can also cover where external locks, doors or windows have failed or been damaged rendering the home insecure.

 

We do not charge a fee for our insurance services and we never pick a product based on the commission we receive, so you can be sure of getting a good deal.

Policies can be tailored to you individual requirements so why not give us a call today on 0800 151 2407 or 0121 308 9114. Alternatively, complete the short online enquiry form so we can provide you with a free, no-obligation quote.

THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR HOME. YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR ANY OTHER DEBT SECURED ON IT. CONSOLIDATING DEBTS MAY INCREASE THE TERM AND TOTAL AMOUNT PAYABLE.

Your initial consultation is free and you are under no obligation to proceed with a mortgage we recommend. There will be a fee for mortgage advice. The exact fee will depend on your circumstances and may be reduced depending on the loan amount and any commission we receive from the lender. It is estimated that the fee will be £595, but it may range from £495 to 1% of the amount you borrow. The fee is only payable on completion and can normally be added to the mortgage. This will be discussed and agreed with you before you make an application. Please ask for a personalised illustration.

Secured loan rates from 3.95% APRC, although we have plans available up to 29.9% APRC which allow us to assist customers with the most severe credit problems. The overall cost for comparison is 9.2% APRC. For secured loans a broker fee up to 10% of the loan amount borrowed may be payable on successful completion. A lender fee may also apply. The actual APRC available will depend on your circumstances. All loans are subject to status. Please ask for a personalised illustration.

The guidance and/or advice contained in this website is subject to UK regulatory regime and is therefore restricted to consumers based in the UK.

Caboodle Financial Services Ltd, registered in England at SQ2 House, 240b Lichfield Road, Four Oaks, Sutton Coldfield, West Midlands B74 2UD (number 08044670).
Caboodle Financial Services Ltd is an appointed representative of Pink Home Loans, Pink Home loans is a trading style of Advance Mortgage Funding Limited, which is authorised and regulated by the Financial Conduct Authority (FRN 305008) for mortgage and non-investment insurance advice.
The Financial Conduct Authority does not regulate some forms of Buy to Let.

© 2014 Caboodle Financial Services Ltd