Posted on: 24 May 2019

Protecting your property portfolio

Having the right property insurance cover is essential if you want to protect your investment in your portfolio. You may have had a change of circumstances since you bought your insurance policy, so why not take a look at these additional insurance covers that you may not have considered before.

Whether you are a residential landlord or a commercial landlord, there are additional insurance covers that you can benefit from which will help to cover your property portfolio.

Covers to consider

Buildings and content cover

Buildings cover and contents cover should be at the core of your insurance policy, which could cover you in the event that your building is damaged or your contents are destroyed or stolen. If you have added extra buildings to your property, such as a conservatory or shed, get in touch with your insurance company to make sure that your property is covered for the correct amount and you have declared any structures of non-standard construction.

You may also need to increase the sum insured on your insurance policy if you install additional fixtures at your property such as solar panels.

Loss of rent cover

Loss of rent cover is designed to cover your income if your property becomes inhabitable for your tenants because of unexpected disasters, such as fire, flood or storm damage. There is also an option available for covering you for theft or malicious damage by tenants, which may cause you to lose out on rent.

Property owners’ liability

Property owners’ liability is a cover which can give financial protection in the event that there is a large compensation claim against you following an injury on your premises which is deemed to be your fault.

An example of this would be if a tile fell off a roof and hit someone’s car, you could be liable to pay for the damage, which could be substantial.

Commercial legal protection for landlords

Legal protection is an insurance cover which will help you to cover the costs of legal action, whether this is because someone is taking action against you, or you are defending yourself. Unfortunately, there is little that can be done if a tenant doesn’t pay you rent or decides to destroy your property outside of taking them to court, which can be an expensive process.

Employers’ Liability

If you employ anyone to maintain, clean or concierge your property, whether this is full time, part time or freelance, you will need to have Employers’ Liability insurance. The only circumstance that you might not need Employers’ Liability is if your employee is a member of your family but it is still recommended.

Employers’ Liability is designed to protect you from any claims made by an employee who injure themselves whilst carrying out work for your company.

Contract works

Contract works is an insurance cover that helps to protect the work at a site that is yet to be completed. As the construction process at a site can take a considerable amount of time to complete, there is the risk that the work that you have completed so far could be damaged, destroyed or vandalised, causing a loss for the work that was already completed.

If you are renovating or making alterations to your property, such as an extension or a conservatory, it would be prudent to take out contract works insurance to protect the investment in your property. You should also advise your insurance company if you are making structural changes.

Property insurance with Premierline

If you have an additional property insurance need, or want to talk about the other options available for landlords, get in touch with an insurance expert at Premierline to discuss what is available for you.

Premierline is a business insurance broker who specialise in arranging business insurance quotes for both residential and commercial landlords. Our insurance experts work with some of the UK’s most well-known insurers to get you the best quotation and are trained to assess your needs and advise on the best insurance covers for your business.

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The information and tools contained in this guide are of a general informational nature and should not be relied upon as being suitable for any specific set of circumstances. We have used reasonable endeavours to ensure the accuracy and completeness of the contents but the information and tools do not constitute professional advice and must not be relied upon as such. To the extent permitted by law, we do not accept responsibility for any loss which may arise from reliance on the information or tools in our Insight Hub.