If you are running a business from the property which you own or rent, please visit our Commercial Insurance pages for more appropriate advice.
If you have property which is available for lease or letting to others, our Property Insurance products are for you.
From industrial buildings and shopping centres to town houses and bungalows, property insurance generally covers the cost of rebuilding or repair in the event of damage, the loss of income as a result of such damage, and liabilities incurred due to your ownership of the property.
Explore the information below, or simply contact us and we’ll do the rest!
When a property becomes unoccupied, the insurers should be notified and most will restrict cover after 30 days so that only damage caused by Fire, Lightning, Explosion, Earthquake and Aircraft is covered. This is commonly referred to as FLEEA cover. Specialist markets can provide wider cover to include most expected insured events such as escape of water, malicious damage, theft and storm.
Properties which are unoccupied are often up for sale, so attention should be paid to the insurer’s cancellation terms in the event of an early sale. It is also very important to ensure that you comply with any specific unoccupancy conditions during the term of the policy, such as regular inspections of the property and maintaining heating during winter months.
We are trusted by many firms of solicitors who rely on us to provide instant cover which is appropriate for the needs of their clients, typically following the death of a home owner but also for their commercial clients with vacant premises.
From industrial units to shop premises and business centres, the needs of a commercial property owner are usually met with a good quality commercial property owners insurance policy. Many covers can be accommodated under a single contract for one property or a portfolio of locations.
Loss of rent following damage to the building can usually be provided by declaring the annual rental income for the property. This pays the loss of rent during the period of repair for up to 12 months following the damage. For extensive damage and for larger buildings, twelve months cover may be inadequate and extending this to 24 or 36 months may be necessary to prevent any long-term losses.
Many professional landlords rely on us to advise and arrange the best protection for their property portfolios. In this competitive marketplace, it is easy to be tempted to go for the cheapest deal available without considering the consequences of inferior cover. Does the policy cover malicious damage by your tenants? Does it include the wider Accidental Damage cover for breakages and spillages? Does it include loss of rent following damage to the property? Is there a high excess to pay in the event of a claim? We ensure that all of these questions are fully answered so that our landlords can make an informed buying decision.
Many of our clients have a single residential property with no desire to extend their portfolio. We have many options available for single properties, whether unoccupied or tenanted by employed tenants, benefit recipients, students or asylum seekers. Many policies will include loss of rental income following damage to the building, typically up to 20% of the sum insured on buildings. This can be extended if required. Optional cover is also available for landlord’s contents and rent guarantee.
We deal with many resident associations and management companies to ensure that adequate cover is purchased for blocks of flats. Whilst there are many different parties involved in blocks of flats – freeholders, leaseholders and tenants to name a few – a single policy for the whole block is the only way to ensure appropriate cover for the whole building. Competitive premiums are available for flats which are considered lower risk, such as concrete floors to minimise the spread of fire.
