Property Owners & Landlords Insurance

Commercial property insurance policies provide financial reimbursement to the owner of the building and contents in the event of damage or theft. Property Insurance is broken down into one of two levels of cover: All Risks and Named or Defined Perils. All risks cover generally applies to all losses caused by hazards that are not specifically excluded by the policy. Named or defined perils are listed in the policy and can include:

• Fire
• Explosion
• Lightning
• Smoke
• Floods/Windstorms/Hail
• Acts of terrorism
• Theft
• Malicious damage/Accidental damage
• Subsidence

Property Owners’ liability is included as standard in a landlord insurance policy with various levels of protection on offer. To read more about property owners liability please follow the link above.

To protect your property against the risks it may face, we have outlined a number of policy covers that your landlord insurance package can include:

Buildings
Landlords Contents
Subsidence
Loss of Rent
Escape of Water
Alternative Accommodation
Property Owners Liability
Terrorism

Property Owners’ Liability Insurance is usually included in business packages, Contents and Landlords Insurance.

When insuring your Business and Contents or your premises with landlord’s insurance, check with your broker to make sure Property Owners Liability is included as part of your package.

Your property is subject to many risks, including structural changes and even disputes with your tenants. By purchasing a property owners insurance policy with Plan, you can make sure that you are protected against these risks. No matter if it’s a one-off residential let or part of a large commercial property portfolio, we can arrange comprehensive cover with our leading insurers at a highly competitive premium.

At Plan, we offer commercial property insurance packages to protect all aspects of your business. We will tailor your insurance policy to cover you against risks that your business  may encounter.

Let us know your business needs, so we can provide you with a bespoke quotation at a competitive premium from our panel of industry leading insurers.

Having the right property insurance in place with correct up to date document templates and guides can help you minimise the risk and liabilities that can take a huge hit on your profits.

We offer our clients personalised health and safety documents, risk assessments, method statements and much more for your business. These additional documents are supplied to you at no extra cost when you take out a policy with Plan.

Our package includes business continuity templates that are updated annually which you can use as guidance and to track your business operations. With this, you will also receive regular notifications regarding legislation changes that are relevant to your business.

Buildings insurance will cover the cost of repairing damage to your property including floors, walls, permanent fixtures and roofs in the event of damage or a theft taking place. Buildings insurance will be included as part of a property owners policy. If you are about to commit to a mortgage on a property purchase buildings insurance will be required by your lender.

Landlords contents insurance will cover the contents within your buy-to-let property if they are stolen or damaged. When renting out your buy-to-let property it is advisable to make sure all your contents within the property is covered against damage and theft. This would include all items that are placed in the property to furnish it, for example – furniture, decorations, TVs, carpet etc. At Plan, we work with leading insurers to provide you with comprehensive protection, tailored to meet your specific needs.

You may want to consider including terrorism cover with your property owner’s insurance. Destructive acts such as terrorism, insurrection, revolution and civil war will be excluded by most standard policies.  Terrorist acts that are covered under the terrorism risk insurance act are certified by the secretary of the treasury.

Terrorism cover will need to be specifically requested to ensure it is in place. Terrorism cover can protect you against any costs occurring from property destruction or damage, business interruption and any liabilities arising from a claim. At Plan, we work with leading insurers to provide you with comprehensive protection, tailored to meet your specific needs.

If you own a property that you either reside in, rent out or use as a business premises then you should make sure your property is covered against subsidence. Cover will protect you against the costs of repairs or damages that came from a subsidence claim. Common signs of subsidence are, cracks in the ceilings, walls and outside brickwork. If any existing cracks start to expand this is a further indication that subsidence may be occurring. There are a few ways to help minimise your risk of subsidence. They include, inspecting your property regularly to check for leaks and blocks in guttering and pipework, removing trees that are planted close to your house or trying to regularly maintain them.

A surveyor will be required to assess whether movement is occurring over a period of time. If your property is confirmed as having suffered damage from subsidence and you have suitable cover in place, you will be able to claim on your insurance policy for the cost of repairs up to the sum insured.

One of the most frequent causes of damage to a property is from an escape of water. These damages arise from burst pipes or one of your appliances leaking. A quality property owners policy should ensure protection is in place to cover you against the cost of repairs. It’s important to note cover for damage that has resulted from poor maintenance is likely to be excluded.

Whilst renting out a property, a major concern for any landlord will be the threat of missing out on monthly rental income. By taking out a loss of rent policy you will be protected against any loss or damage caused by insured events, such as fire and flood resulting in your tenants unable to live in the property.

This section of cover will not protect you in the event your tenants do not pay their rent. Your landlord policy will unfortunately not cover unpaid rent by your tenants. However you should be able to purchase Rent Guarantee insurance which will cover your monthly rental income if your tenants do not pay. When thinking of renting your property, there are checks you can carry out to provide extra confidence in the ability of your tenants to meet their rent payment, such as: background check, credit check, contact previous landlord of the tenant, contact tenant’s employer and interview the tenants.

Alternative accommodation should be covered under a quality buildings insurance policy. You will also be protected under some contents policies but the cover limits are usually lower than a buildings insurance policy.

Should your property suddenly became uninhabitable due to flood, fire, storm or another event you could be left without accommodation to move into straight away. By taking out alternative accommodation cover you will be protected against the costs you may have to pay for temporary living arrangements.

If a member of the public suffers an injury that is linked to your property, then property owners liability will protect you against any damage costs that may arise. Likewise if your tenants are injured within your property, then you will be covered for any injury claims under property owners liability. Cover for property owners liability will be included as part of your landlords insurance policy.

In order to arrange insurance for a block of flats it’s crucial that you know: the estimated rebuild cost (in the event of a total loss), the cladding material used externally (if any is in situ) and the construction type. Some useful online tools do exist, for example the Association of British Insurers provide an online rebuild cost calculator. However you may need to consult with an expert surveyor to ascertain this information.

To provide you with a landlord insurance quote indication you will need to provide an estimated rebuild cost and the construction type of the property in question. Further details such as proof of claims history etc. will be required should you wish to proceed with incepting cover.

In addition to the estimated rebuild cost and the construction type of the commercial property we will require the intended business use of the property i.e. what commercial activity will be taking place on the site. It is unlikely that any particular trade will prevent cover being offered as we work with an extensive number of insurers.

We have a number of insurer partners that are happy to provide insurance for unoccupied properties. In addition to the standard questions for property insurance they will want to know the intended business use for the property once it is reoccupied and how long the property will either spend being redeveloped or what period it will lay empty for. If the property is empty for over 30-60 days (the period will depend on the insurer in question) then they are likely to require that it is visited regularly to ensure that it is well maintained. You will be made aware of the specific requirements of your unoccupied property insurance policy wording. Insurers will typically request that the mains water supply is turned off and systems are drained, your regular visits to the unoccupied premises will need to be recorded and any alarm system should remain in use. It’s important to be aware that in the event of a claim, if the insurer’s stipulations have not been adhered to, then your insurer could void the policy and repudiate your claim. If the property remains unoccupied and your insurer is aware that it cannot be visited regularly they are likely to apply what are known as Fire, Lightning, Earthquake and Aircraft (FLEA) risk exposure restrictions to your policy. This will remove cover for risks such as theft, flood and malicious damage.

Landlords will benefit from both the added convenience and economy of scales that come with a property portfolio insurance policy. To obtain an indicative quotation, either yourself or the managing agents involved in running the portfolio, will simply need to provide a breakdown of the properties’ rebuild values, the mix between residential, commercial and industrial properties and whether plans exist to redevelop any of the sites.