Today, our insurance partner, Let Alliance discusses the benefits of having specialist insurance for your investment properties.
Having specialist buildings and contents insurance in place for your investment property will help to protect and optimise the capital value of your property. Your Belvoir office can introduce you to their insurance partner, Let Alliance, to ensure you have the right protection whether you have one property or a larger property portfolio when premium discounts are available.
The cover provided by the landlords’ buildings and contents insurance tailored for the private rental sector is comprehensive and includes: nil excess as an option; up to £500,000 buildings sum insured as standard; buildings accidental damage as standard; up to 20% loss of rent; up to 90 days un-occupancy; and much more. Add to that options for malicious and accidental damage by the tenant and home emergency cover and the benefits are comprehensive at a competitive price.
Belvoir insurance partner Let Alliance recently paid a landlord’s contents claim totalling £6,000. A problem occurred in the property making it uninhabitable for the tenant who needed to be relocated – 10 days in a B&B followed by 4 weeks in serviced accommodation. Those costs combined with the loss of rent and cost of repairs quickly rose to £6,000. The landlord customer, introduced through a professional letting agent like Belvoir, recovered every penny. With an annual yield on his property of less than £1,000, the landlord would have lost 6 years’ profit without his specialist buildings and contents insurance.
Landlords’ buildings and contents insurance not only protects your buildings and contents – it protects your rental property investment and future income.