So many landlords don’t have adequate cover for their buildings insurance. Where Property is let out and insurance companies are not informed you may not be covered. At Barbers we have access to specific landlords building insurance through legal & General to cover your rental property. The main benefits to this product specifically for rental properties are 30% of claims are settled on Day 1! Any damage caused by tracing and accessing leaks can be costly without the right insurance. In Legal and General’s experience the escape of water is the biggest claim (21% of all claims) the average buildings claim was £2,110!
Home emergency:
What would happen if you had a burst pipe at your property? Wouldn’t it be great to have a policy where all you needed to do was make one call to get a qualified plumber out to repair that burst pipe within 2-4 hours.
Loss of rent / alternative accommodation:
What would happen if you had a fire at your investment property? Your Tenant would need to move out while the work was being carried out to make the property habitable again. Having loss of rent means that the landlord isn’t impacted financially but they do run the risk of losing a good tenant. With the alternative accommodation option, the tenant can be housed elsewhere while the work is being carried out and then move back in to the property.
Optional accidental damage and malicious damage caused by tenants. Available on both Buildings and contents cover:
What happens if the tenant intentionally damages the property? This is exclusion on some products in the market, for example, Direct Line and Paymentshield. 20% of all L&GI claims were for accidental damage.
Multi-property servicing & discounting:
This could save you time and money if you have more than one property. For example, if you have two properties, you could receive a 5% discount on premiums. Plus, one common renewal date, single set of policy documents, etc.
Insurances on an investment property are tax deductable as they are considered to be a revenue cost.
For further information on landlords building insurance call Nigel Tennant on 07779 135191 or email n.tennant@barbers-online.co.uk
In-house conveyancing with Barbers
You often hear people talking about the stress of moving home. With so much to organise, it's hardly surprising. You'll need a reliable, local solicitor for your conveyancing – and we know just the team!
Get an online quote today