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No 1 Provider Of Property Insurance
If you own and let property to tenants for residential or commercial purposes then you need to make sure you have adequate cover in place. Hodgson Insurance Services can arrange cover for your buildings, landlords contents, loss of rent, and landlords public liability cover. As insurance brokers we search a specially selected panel of UK insurance companies to find you the best deal on the market. Why search around when we can do all the searching for you!
More and more people have become landlords over the last decade in the UK, buying homes or commercial property and renting or letting them to tenants, either outright or maybe on a ‘Buy To Let’ scheme. It can be one of the biggest investments you will ever make and you must make sure you have the correct and adequate insurance in place to cover you in the event of the worse happening.
Arrange a non-obligation property quotation today, just click the link opposite, complete the quick quotation form and let us do the rest. If you have a portfolio of properties or wish to discuss your needs directly with us then please give our office a ring on 01288 353999 where one of our trained advisors will be ready to discuss your requirements.
Get The Right Insurance Policy – What To Insure?
If you let your property out to tenants then a standard household insurance policy will NOT give you the correct level of cover and if you had to make a claim you will not be paid. You must make sure you have a residential property owners insurance policy or landlords insurance policy in place to cover you correctly. There are a number of things you should look at covering under the policy, below are the main ones.
- Buildings. You should insure the property for it’s full rebuilding costs, including domestic outbuildings, gates and walls. You should also take in to account architects fees and debris removal.
- Landlords Contents. You are not responsible for covering the tenants contents but if you have your own contents in there you may wish to insure them. These may be carpets, curtains, blinds, furniture etc.
- Public & Property Owners Liability. All policies should include public liability and will normally be £2+ million worth of cover. This is vital to have and will cover you in the event of for example a tenant getting injured whilst staying at your property and you are found liable.
- Loss Of Rent. If the property becomes inhabitable due to an insured peril, e.g. a fire and the property cant be rented out for say 6 months, you will lose out on the 6 months rental income you would have had. Loss of rent cover will ensure you are paid the same amount had your property not had that fire. Most policies will automatically cover you for up to 20% of the buildings sums insured although with some insurers you have to pay extra for this cover. Check.
- Rent Guarantee
- Landlord Legal Expenses
- Terrorism Cover
- Employers Liability
- Residential Landlords Home Emergency
- Lift Inspection
Why Use Hodgson Insurance Services?
Established in 1977 we have over 35 years experience in the property insurance market. All our staff are experienced and fully trained to deal with your insurance enquiry. We only use a specially selected panel of the best UK insurance companies including landlord schemes underwritten by Aviva, Zurich, AXA Insurance, Ageas, Covea, NIG Insurance, Royal Sun Alliance, Allianz plus many others.We are ideally placed to offer you the best policy on the market at the most competitive price. We are your one-stop shop, we do all the searching so you don’t have to.
What Else Can Affect My Landlords Insurance Policy?
There are a number of things you need to look at when taking out a landlords insurance policy. Below are some of the things which may affect your policy.
- Type Of Tenant.
The type of person(s) you rent your property to can seriously affect the premium on your insurance policy. Insurance companies like working persons or retired persons and this will give you the cheapest rate. If you intend to let the property out to students, DSS, housing association, asylum seekers or the local authority then make sure the insurers are aware as although it will result in a higher premium, if they aren’t told and you have to make a claim you wont be paid out.
- No Claims Bonus.
Like on motor insurance if you have owned the property for a while without making any claims then most insurers give a discount for being claim free.
If you are looking to buy a property then the area you buy in will affect the premium. If your property is in the middle of a city it is more than likely going to cost more to insure than a property on the outskirts or in the countryside which has a lower crime rate. Before you purchase a property make sure that the property you are buying is not in a high risk area. Also properties right next to rivers, watercourses and cliffs can affect the premium, especially properties on flood plains.
The excess on the policy is the amount that you will be responsible for in the event of a claim. Most policies have a standard £100-£200 excess although for certain areas these can increase to £500 and above. You can also get further discounts on your policy by taking an extra ‘voluntary’ excess, although increasing the excess too much will not give you significant savings. Make sure you check the excess on your policy, some quotes may seem cheap, this may be because they have sneakily given you a high excess.