Landlord insurance exists to protect those who rent properties to tenants, and it usually covers damage to the property caused by those tenants, whether accidentally or maliciously; contents that are stolen or damaged by them, or unauthorised alterations. It is not a legal requirement to have this type of cover in place but if the property is mortgaged the lender may insist on it.
This broker had been arranging property insurance since 1998 and it is now under the wing of the Arthur J Gallagher Group, an American international insurer and one of the biggest insurance brokers in the world. This company was started in 1927 and now operates in over 140 countries so it should be around for a while longer. The Just Landlords policy covers 40 risks as standard, including explosion, accidental damage, theft, malicious damage by tenants, loss of rent, falling telegraph poles or trees, fly tipping, etc etc etc .....
Direct Line claimed that they have been voted the best provider of landlord insurance at the What Mortgage awards (which has been running for 28 years) from 2013 to 2020. True to their philosophy Direct Line keep costs down by only selling direct to the customer, either online or by telephone. If you have more than one property these can be consolidated into one policy with one renewal date. Standard policies cover buildings, including boilers, glass and sanitaryware, replacement locks, public liability and alternative accommodation for tenants if they have to be rehoused because of an insured event. There is a 24/7 emergency claims line for insured events as an optional extra.
Well established insurer LV (known as LV= for some reason) provides the usual cover for buildings damage caused by subsidence, fire, flood and storm; accidental or deliberate damage by tenants; theft; replacement locks if keys are stolen or mislaid; and loss of rent if the the building is left uninhabitable because of damage. They will also cover, within limits, unauthorised use of electricity or gas.
These brokers were first incorporated in 2021 and in the year ending December 2019 their turnover was just over £15.8 million, so they are a fairly substantial business. They specialise in the landlord insurance market and claim to be able to underwrite policies with premiums that cannot be obtained elsewhere. They work with a panel of major insurers which include AXA, Geo, Ageas and Keystone. DSS tenants can present particular difficulties for landlords but CIA offer special policies which can cover for the normal risks plus legal expenses and rent guarantee cover. They also have policies for those renting to students, for up to ten of them sharing one property.
The NRLA claims to be the UK's largest association for residential landlords, with about 85,000 members, ranging from part timers with just a single small property up to full timers with substantial buy to let portfolios. They have teamed up with insurers Hamilton Fraser, which is a trading name of HFIS plc, for essential cover; and Rentguard, which has been in the landlord insurance business since 2001, for legal expenses and rent guarantee. Hamilton Fraser claim to offer the same premiums for HMOs, houses with benefits tenants, and those housing students. There are two choices of policy level, a very basic one and the premier product which offers more comprehensive benefits.
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