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Same day Issue of Policy Documents for Landlords in a Hurry
Competitive rates for Buildings Insurance for Rented
Property
Optional Contents Cover
No limit to the number of Flats
considered
Experience Staff to assist you (not
a call centre)
In partnership with Highhouse Insurance (Buy to Let Specialist)
About
Buy to Let Insurance for UK Landlords
Introduction - buy to Let insurance or
Landlord Insurance, for residential properties, the terms are interchangeable
refers to a form of
Building Insurancethat you will be required to
effect, before your lender will release funds to you for the purchase. There are
other products that are sometimes referred to as Landlord Insurance products but
we will deal with them later as Building Insurance (sometimes with Contents
added) is generally the policy most persons are interested in buying.
Satisfying Your Mortgage Lender - Once you
have located your property and have found a suitable mortgage, the lender will
require you to effect Building Insurance prior to releasing the funds to your
solicitor. They will want their interest noted on the policy document to and
they will want confirmation that what ever policy for building insurance you
have located (and it really is a matter of personal choice) satisfies the
conditions as stated in the Council of Mortgage Lenders
Handbook. This book provides detailed instructions for conveyancers acting on
behalf of lenders in residential conveyancing transactions. The following list
all the lenders belonging to the Council of Mortgage Lenders:-
Protecting Against Perils - The
handbook details the cover your lender will require to enable you to borrow
money against the property. It is important that you check your policy wording
as unless your cover meets with the requirements, you will be unlikely to secure
funds for your purchase. The perils mentioned as a requirement are as follows:
fire, lightning, aircraft, explosion, earthquake, storm, flood, escape of water
or oil, riot, malicious damage, theft or attempted theft, falling trees and
branches and aerials, subsidence, heave, landslip, collision, accidental damage
to underground services, professional fees, demolition and site clearance costs
and lastly public liability.
The Cost of Buy to Let Insurance - the price you will pay for your
landlord insurance will vary from insurer to insurer, most will require a fairly
similar set of "underwriting information" and based on your answers, a premium
will be provided. The most important rating factors for this type of
policy include, the postcode, the rebuilding cost and the type of tenant that
occupies the property. When phoning for your quotation or completing the online
form, you should have a good idea of the rebuilding cost, if you are obtaining a
loan on the property, this information will be provided by the lender, usually
on the valuation report. It is vitally important that you insure for the full
reinstatement cost of the property.
Other covers available to the Landlord - although Buildings Insurance is
the most popular form of policy purchased by a Landlord, there are a number of
other covers which could be considered. There is no legal requirement to
purchase any it is a matter of personal choice. The following are
available:-
Landlords Contents Insurance - this cover can be purchased as an additional
section under the Building policy or in some cases (where you are not
responsible to insure the building) as a stand alone product. The policy will
cover the Contents within the premises owned by the policyholder for the usage
of the Tenant. It must be remembered that this policy will not cover Tenants
Contents, they must arrange this cover themselves. One of the advantages of
buying this policy is that it will provide you with the public liability cover
attached to the ownership and supply of the Contents
Legal Expenses Insurance -
becoming a Landlord can be a very daunting and complex experience, the purchase
of Landlord Legal Expenses cover can help to alleviate some of the worries. A
policy can be obtained that offers cover for Legal Expenses following a breech
of the tenancy agreement, cover can usually be extended to included Rent Arrears
Pursuit and Legal Defence cover.
Emergency Assistance Cover -
this policy will provide a
sum insured following a domestic emergency at the
insured address.( failure of the primary heating system is a typical example).
There is usually no excess and no limit on the number of claims that can be made
in anyone year
Rent Guarantee - this type of
policy will provide an Indemnity if the tenant fails to pay the rent. The
premium is usually calculated on the amount of rent receivable, in most cases
references must be taken before cover can commence.
Copyright Assetsure Limited 2007
Assetsure is an Appointed Representative of Highhouse Insurance Services who are
authorized and regulated by the Financial Services Authority
Assetsure is an Appointed Representative of Intasure a
trading name of Blenheim Park Limited who are authorized and regulated by
the Financial Services Authority