Insurance

When letting your property you should consider the types of insurance that you would have in place if you were living in it yourself.

What am I as a landord responsible for?

As a landlord you would be responsible mainly for the buildings insurance and for insuring your own contents. You are not responsible for the insurance of your tenant’s property.

Will my insurers continue to provide cover if I let my property?

Most insurers will continue to provide your buildings insurance without any problems, although a regular domestic buildings policy will not include landord’s liability e.g. injury of tenant.

Your contents cover may be changed - usually your insurer will not provide cover for accidental damage or your excess will be increased as well as your premium. You will very rarely be covered for theft by the tenant. Most insurers will however pay out if there has been signs of forced entry.

Is there any way in which I can protect myself?

There are several insurance policies on the market which are specially designed for landlords.

Acorn Property Management Services are able to offer a range of specially selected insurance policies which are in our opinion the best on the market.

These policies which are underwritten by underwriters at Lloyd’s and other insurers are designed exclusively for landlords of residential properties. Acorn Property Management Services recommend that you seriously consider the benefits of insurance.

What do these policies cover?

Building insurance

Covers loss or damage caused by fire, aircraft, smoke, malicious persons (including tenants), accidental damage to bathroom fixtures & fittings and glass, lightning, explosion, collision or impact, falling trees and earthquake, theft (by forcible means), subsidence, riot/civil commotion, storm, flood, escape of water or oil leakage, and loss of directly. rent up to 20% of the sum insured following damage. Also including: Employers liability, Property owner’s liability.

Full contents

Covers loss or damage caused by fire, aircraft, smoke, malicious persons (including tenants), lightning, explosion, impact, theft (by forcible means), subsidence, riot/civil commotion, storm, flood, escape of water or oil leakage, breakage of mirrors and glass in furniture, replacement of locks following theft of keys and loss of rent up to 30% of the sum insured following damage. Cover on new for old basis. Also including: Employer’s liability, Landlord’s liability.

Legal expenses

You may be unable to collect the rent, your tenants may damage or remove your personal possessions or, indeed, make changes to the house and its decorations. You may even be unable to regain possession of your house. This policy covers your legal expenses in disputes with tenants or unauthorized occupants.

Rent guarantee

Covers rent arrears (excluding the first month’s lost rent) up to 6 months or until vacant possession is obtained.

N.B. In most cases our tenancies come with FREE rent guarantee and legal expenses cover for the first six months of the tenancy.

Acorn Property Management Services

Can provide you with the application forms for these policies and assist you in completing the paperwork correctly. Payment of premiums can be made on your behalf (subject to enough money held in your management account) from rent collected.

Having insurance as a landlord it is highly advisable to protect your liability.

We do not charge any extra for this service. Please contact our staff for a quote.

The above information is for guidance purposes only. Insurance companies reserve the right to change and amend their policies from time to time. Full details of cover should be confirmed with the insurance companies directly.