If you have decided to obtain property for buy to let purposes there are a number of insurance covers that can be purchased to help you as a landlord protect your business. Many landlords accept the minimum insurance required by the lender to satisfy the mortgage conditions and buy landlord buildings insurance (with contents added on if the property is let furnished). However, renting property should be viewed as any other business, with a range of insurances options considered to help compliment the cover for the structure of the property. For any new landlord (or experienced one for that matter) dealing with tenancy agreements and tenants and keeping up with all legal aspects of renting property can be a time-consuming and daunting proposition. Many landlords choose to use the services of a letting agent to help them with the work, but even then, there can still be problems.
Landlords Legal Expenses insurance is one such cover that many landlords overlook as it is not made compulsory by the lender, this type of insurance can help provide valuable protection, in the field of dealing with legal matters relating to the tenant and the managing of the property. Once problems occur, legal expenses relating to your buy to let property can prove to be very expensive, can you afford to protect your rights or rather can you afford not to?
Legal expenses insurance for landlords arranged via, Assetsure is a product that can be attached to our buy to let insurance policy and comes with a number of sections. Following an insured event and after conformation that the claim is acceptable an amount of up to £50,000 is provided including the cost of appeals. Please be aware, that is most cases, the insurers will need you to use their solicitor and like all insurance polices, there are terms and conditions. For full details of the cover, reference must be made to the Keyfacts leaflet and policy wording, copies of both are available free of charge on request.
Legal Expenses ( please refer to our policy document for full details of cover. A copy of our policy wording and summary of cover is available from our website ?
- Repossession Cover to pursue your legal rights to repossess your property that you have let under a tenancy agreement.
- Property Damage Nuisance and Trespass. Cover for an event which causes visible damage to your property and/or anything owned by you at your property, provided that in respect of a claim against your tenant for damage you have prepared, prior to the granting of the tenancy. or A public or private nuisance or a trespass relating to your property.
- Recovery of Rent arrears Pursuit of your legal right to recover rent due under a tenancy agreement for your property.
- Accommodation & Storage costs our accommodation costs while you are unable to get possession of your property. Your storage costs to store your personal possessions while you are
- unable to reoccupy your property provided that possession is sought because you wish to live at your property
If you require a quotation, please contact our office and we will be pleased to assist.