Residential buildings insurance
Who it’s for
If you’re the owner of any building or property, whether a house or a flat, and rent this out to a private tenant or tenants, you will need to arrange a landlords insurance policy.
If you live in a flat, that is in a block, you have the choice of either arranging your own individual flat insurance or, getting one policy for the block.
To get the block of flats insurance, you need to have the agreement of all of the owners of the flats. This will either be through you having a formal management association, or a residents association. This cover is usually arranged on a normal residential buildings insurance policy.
Any of these policies can be arranged on a commercial building insurance portfolio policy, if you have more than one property.
Why it’s important - examples
A residential property insurance, or landlord insurance policy is important because it provides cover for your structure. If your let house or let flat suffers a fire or flood, you want to know that you have a policy that will kick in and pay you for any resultant costs. In addition, you want to make sure that you have loss of rental income cover if the tenant has to move out while repair works are undertaken.
A residential property owners insurance policy can also be used to cover multiple flats in one block. Whether they are purpose built or a converted property.
A landlord insurance policy can include cover for buildings (the fixed structure – excluding floor coverings, carpets etc), fixed glass and sanitary ware (ie sinks, showers and baths), landlords contents (carpets, white goods, curtains and moveable contents, contents of common parts (ie carpets in shared hallways), loss of rental income, loss of rent payable (sometimes required under a full insuring and repairing lease), the cost of alternative accomodation (for block of flats insurance if the owners of the flasts have to move elsewhere until works are compelted) and property owners liability or public liability. This is your responsibility for others, ie if someone trips up in your driveway (and is injured) or if something falls off the roof and hits a car or person.
Equipment breakdown and engineering inspection (ie for lifts) is also available.
How businessinsure can help
Businessinsure are independent business insurance brokers. This does not mean that we cannot arrange residential property owners insurance. We treat this as a business, because you are receiving rental income. You do not have to make a profit. As long as the property is let to someone else and you do not live there yourself, this falls under a residential property owners insurance package.
We specialise in getting quotes for all types of property, whether commercial lets, residential or even unoccupied.
More information
We can provide instant quotes for properties that fall within the following categories:-
Individual houses or flats that are let to professional tenants (ie working) in full time or part time employement not receiving any form of housing benefit.
Any type of blocks of flats, including individual flats over shops or commercial premsies.
Houses or flats let to students tenants receiving housing or income support.
Blocks of flats (whether purpose built or converted) that are owned by management or residents associations or the individual flat owners themselves.
Blocks of flats requiring buildings insurance by the owner, if one person or one company owns the whole building.
Unoccupied, empty, vacant or untenanted houses and flats
Unoccupied, empty, vacant or untenanted commercial properties. We do have difficulty in placing unoccupied pub insurance where you are looking to convert to residential use.
All other commercial properties either owned or rented out
If your property is more than 50% wooden construction (walls) we cannot arrange cover.
Buy to let insurance, all types.
The following is a summary of the property insurance cover available from a standard UK commercial insurance company. Any quotes that we provide you are confirmed in writing so you have a chance to review all of the terms, conditions, excesses and warranties, not just the price.
Unlike a wesbite that says it will compare business insurance, we give you advice.
Most property, property owners, buildings or block of flats insurance policies will differ.
Everyone knows that “cheapest is not always best” and this is true for business and commercial insurance, including commercial building insurance.
The Buildings
Cover can be standard, or all risks (which includes accidental damage.
Subsidence, heave and landslip will be an optional cover, which we always include unless you ask us not to.
Public, or property owners liability
• Public Liability, indemnity limit of £2,000,000 any one occurrence. We can arrange cover for limits up to £20,000,000 if required.
Glass and Sanitary Ware
“All Risks” cover for glass, sanitaryware and, if there are commercial tenants, shop or office front glass. This can also include lettering on windows.
OPTIONAL COVER
Landlords Contents
Cover on Landlords Contents is available for the same perils as you get under the buildings and including accidental damage. Please remember that carpets, curtains and most white goods are not buildings and must be insured separately.
Rent Receivable or Payable
Loss of
Rent Receivable or Payable by you or to you. If the premises are uninhabitable, then you will lose out on rent until such time as the building can be let again.
For block of flats insurance, you need to have alternative accomodation cover which allows the owners of flats to rent somewhere nearby until the property is ready to move into again.
Cover will be for the same perils as per the buildings insurance, ie storm, flood, fire etc.
Employers Liability
Employers’ Liability, Indemnity Limit up to £10 Million (inclusive of legal costs) is available for cleaners, gardeners etc. This is usually only for blocks of flats.
Other features for most landlords insurance policies
24 hour business assistance services
Free Helplines available 24 hours a day, 7 days a week for:-
Legal Advice on any business problem including Employment, Tax, Contract Disputes etc
Emergency Assistance – rapid response from reputable local contractors to deal with any sort of emergency on your premises, including burst pipes, drainage problems, gas, electricity failures, serious roof damage
Glass Replacement and Locksmith Services – rapid call outs for any glazing or door & window security problems.
Instalment Payment Method available in most cases, for some of our policies this can be interest free over ten months, although we do need a 20% deposit.
Quoteline: 08456 024 589 (local call rates apply)