Insurance

If it's precious to you, protect it

To safeguard your most valuable possessions, and protect you if the worst should ever happen, then make sure you have the right insurance cover in place.

Regardless of where you are on the property ladder, obtaining accurate insurance advice is essential. Property Hub can recommended our partner services to assist you in navigating any challenges that may arise on your property journey.

For detailed information on the following insurance options, please consider:

• Building insurance
• Life insurance (for mortgage purposes)
• Contents insurance
• Home care cover
• Rent guarantee insurance
• Public liability or indemnity liability insurance
• Landlord insurance
• Capital gains tax consultation

Building Insurance:

Building insurance shields you from significant financial costs resulting from the loss or damage of physical structures you own. These insurance packages are commonly purchased by homeowners, landlords, and business owners. Building insurance provides protection against total loss due to natural disasters and covers payments for certain damage repairs. For insurance purposes, "building" generally encompasses the actual physical structure, foundations, walls, floors, roof, windows, plumbing, fixed electrical wiring, decoration, and permanent fixtures and fittings.

Certain building insurance packages may also cover fitted kitchen units, fitted bedroom furniture, toilets, and baths. Essentially, any fixture attached to the building is typically considered part of the building's insurance coverage. While the core areas of coverage remain the same, the specific type of building insurance required depends on the construction and intended use of the property.

Landlord Insurance:

Landlord insurance safeguards property owners against financial losses associated with rental properties. A typical policy covers the property itself as a minimum, with the option to add coverage for contents. It's important to note that "buy-to-let insurance" is often mistakenly referred to as landlord insurance. However, "buy-to-let insurance" is a specific type of landlord insurance designed for properties purchased with a "buy-to-let" mortgage. Multi-property insurance covers two or more properties.

Landlord insurance is distinct from landlord's emergency cover. Standard perils covered by landlord insurance policies usually include fire, lightning, explosion, earthquake, storm, flood, escape of water/oil, subsidence, theft, and malicious damage. However, insurance policies can vary significantly and may not include all of these items. Optional coverage may encompass accidental damage, malicious damage by tenants, terrorism, legal protection, alternative accommodation costs, contents insurance, rent guarantee insurance, and liability insurance.

Landlord insurance policies typically exclude coverage for personal property belonging to tenants or protecting tenants' interests. Nevertheless, a liability policy that protects landlords or property managers can benefit tenants if they incur a loss for which the landlord is responsible.

Rent Guarantee Insurance:

Rent guarantee insurance offers protection in the event that a tenant fails to pay rent. While landlords endeavor to choose the most reliable tenants, unforeseen circumstances can arise. If a tenant falls behind on rental payments, it can have serious financial implications, particularly if you have mortgage commitments on your property.

Contents Insurance:

Contents insurance covers damage to or loss of an individual's personal possessions while they are within their home. Some contents insurance policies may also provide limited coverage for personal possessions temporarily taken away from the home by the policy holder.

Excess:

Excess refers to the amount you are required to pay in the event of an insurance claim. Your insurance provider will only investigate your claim once you have paid the agreed excess amount. Excess can be "NIL" or any agreed-upon amount, depending on the insurance company and policy you have. Generally, excess is a compulsory upfront payment when submitting a claim related to various events such as overdue rent, home breakdown (including boiler, heating, or fixtures), fire, flood, theft, car accidents, subsidence, and more.

Contact us to arrange a consultation with one of our trusted insurance partners, today.