
Buildings Insurance
Read our most frequently asked questions listed below. To narrow down your search try selecting a specific category or if you cannot find the answer you are looking for please do not hesitate to contact us.
What is covered by my landlord insurance?
Your landlord policy can be as basic or as extensive as you need it to be. Our landlord insurance can include buildings only, contents only or a combined policy if required.
Buildings insurance covers the cost of repairing or rebuilding your property if it becomes damaged by fire, flooding or vandalism, and contents insurance covers household items left for the tenants use such as furniture and appliances in situations such as theft, fire and flood. This cover does not protect your tenant’s belongings or items you may have left in storage at the property that is not for the tenants use.
Do I need a tenancy agreement?
Most of our insurers ask for a direct tenancy agreement to be in place for a minimum of 6 months.
As a general rule, you can expect to need to have a tenancy agreement in place before being permitted to take out any kind of landlord insurance. Nonetheless, it is advisable to consult the small print of your contract and ask questions of the insurer before purchasing.
What happens if my property becomes vacant mid-term?
Whether your insurance policy is affected or not depends on a number of factors. Contact our Customer Service department when you know your tenants are moving out and let us know what your intentions are for the property, we will then advise you how this affects your insurance.
How do I find out if my property is listed?
You can try contacting your local planning authority or try https://www.britishlistedbuildings.co.uk.
What does landlord insurance cover me for?
The standard perils landlord insurance covers you for are the same as standard home insurance. This includes things like fire, storm or floods, escape of water, subsidence etc. The difference is the policy will also include things like, loss of rent in the event that the property becomes uninhabitable due to an insured peril and liability cover in case of the tenants having an accident.
Can I cancel my policy?
You may cancel your policy at any point by sending us either emailed confirmation, confirmation by post or calling customer support on 01788 818 600.
Will my policy automatically renew?
None of our policies are automatically renewed, we will contact you 25 days prior to the renewal date with our renewal quotation with follow up notifications and ask you to contact us if your wish to proceed.
What is White Goods cover?
If your policy includes free white goods cover then any freestanding washing machines, fridge-freezers, cookers, tumble dryers & dishwashers that you have left for your tenant to use, will also be insured for all the perils that are listed under the buildings section of your policy.
What is Property owners Liability?
Property Owner Liability is standard on all of our policies, this will cover the Landlord as the legal owner of the property for any damages, claimant costs and expenses in the event of accidental death, bodily injury, illness, disease or accidental loss or damage to property.
Do you cover un-occupied properties?
We can provide cover for unoccupied properties from inception with different ranges of cover available.
Do you give Multi-property discounts?
We do have some Insurers that will provide Multi-Property Discounts and Portfolio Policies.
What tenant types do you cover?
Our panel of Insurers will cover all tenants types upon request. Please ensure that your policy shows the correct tenant type as this invalid your policy.
What is Loss of Rent Cover?
This will cover you in the event of Loss of Rent and/or alternative accommodation should your property become uninhabitable due to an insured peril covered by the policy, eg Fire, Flood.
Do my documents show the amount I have actually paid for the policy?
When documentation is issued at inception and renewal we will provide a Statement of Price this will show the amount paid and a full breakdown of any other fees charged.
How do I calculate my rebuild cost?
Your rebuild cost, sometimes referred to as building sum insured or reinstatement value, can be most accurately found on a mortgage valuation. If you do not have one to refer to then you can try the Building Cost Information Service (BCIS) commissioned by the association of British Insurers. This free service can be found on http://calculator.bcis.co.uk.
What type of landlord insurance do I need?
There are a few different landlord insurance options. Which one you choose will depend on the specific risks you feel that it’s most important to cover against. The most common product and the one that we sell here at CIA Insurance is buildings and/or contents insurance. It’s also the most complex and extensive.
What if I want to rent out more than one property?
If you have an existing landlord insurance policy, you will be able to take out multiple-property landlord insurance with us. Sometimes also referred to as portfolio insurance, this covers landlords with three or more properties. It covers all types of properties, including blocks of flats let out on either a residential or commercial basis.
Multi-property landlord insurance is designed to save landlords time and money. Having one policy that covers all properties means there’s that only one payment and one renewal per year to think about, and the multi-property discount means that sometimes it’s cheaper than taking out individual insurance policies for each property.
Is a landlord insurance legally required?
There is no legal obligation for a landlord to take out landlord insurance, however, you might not get very far without it. You’ll usually need written permission from your lender before you take on tenants (unless you have a buy-to-let mortgage), and your lender is likely to require that you have landlord insurance before you do so.
Even though you’ve probably got a conventional home insurance policy, this won’t be enough to cover you if your property becomes a rental. In fact, a lot of home insurance policies will become void if the property is being used as a rental, meaning that you won’t be able to make a claim.
How to get cheaper landlord insurance
When you’re looking for your perfect landlord insurance, you’re going to want to get the best price. No landlord wants to be paying over the odds for their insurance – especially when you hope you’ll never have to actually claim on it.
If you have multiple properties, then make sure you insure them all with one provider. You’ll probably be eligible for a discount. Plus, it makes everything much more streamlined and simple with a lot less paperwork.
How much does landlord insurance cost per month?
In 2018, the average cost of landlord insurance was £217 a year, down from £230 last year. That being said, it’s difficult to predict the cost of landlord insurance because there are many different variables that will contribute towards the price of a premium.
Do I have to have landlord insurance?
No, you don’t need to take out landlord insurance, however, a lot of mortgage lenders may insist you have it before you begin renting to tenants. Just because it’s not mandatory, it doesn’t mean that you shouldn’t take it out.
Landlord insurance is really important for any landlord. It will help to safeguard your financial future and protect your investment from damage, problematic tenants and other unexpected costs. It gives you the peace of mind that situations out of your control will be covered under your policy.
Do I insure my property from exchange or completion?
Insurance is usually offered from exchange, but you should be guided by your solicitor on the exact date to start your policy.
When you are purchasing a house – whether to live in yourself or as a buy-to-let investment – there is a potential grey area between the exchange of contracts and the completion of the sale. It is during this period that you will have signed a contract committing you to purchase the property, but the house will not technically be yours yet as you wait for other aspects of the sale process to be undertaken, such as the conveyancing.
What is Landlord Insurance?
Landlord insurance is a specialist product that covers landlords from damage costs and various different financial losses that come with the territory of being a landlord. Amongst all the positives, unfortunately, there’s a lot that can go wrong when you’re a landlord that can in turn, cost you a lot of money.
With that in mind, your landlord insurance policy is really important for any landlord. Buildings insurance and contents insurance are usually the main types of cover that a landlord will need, however a lot of other landlord-specific covers can be added onto a policy, such as legal expenses insurance and alternative accommodation expenses.
What is an interested party?
An interested party is any other person or organisation with a financial interest in the property, such as a mortgage provider.
An interested party – also known as an ‘additional interest’ – is a person or company other than the named insured on an insurance policy, which has an insurable interest in the person or property that the policy covers.
What is Buildings Insurance
Buildings insurance is protection for the structure of your property, including fixtures and fittings, against unexpected and unavoidable events that may cause damage.
Amina was very helpful in sorting out my landlord’s insurance and spotted an error in my cover which helped reduce my premium.
We are first time landlords and you gave good advice and the process was easy and good value.
A pleasure to deal with, the lady on the phone was a credit to her company.