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What does landlord portfolio insurance cover?
If one of your properties were to become uninhabitable due to fire, flood or another insured peril, it could take time to complete the repairs. The rent you receive from your tenant(s) could also cease due to the incident. You can choose a policy that includes loss of rent for these circumstances, with a tailored indemnity period of up to three years from the date when the loss occurred. Many policies can also cover the costs of alternative accommodation for your tenants, this cover applies whilst the property is uninhabitable following an insured damage claim.
If you have a portfolio of properties, you may need to directly employ staff to help you with building maintenance. If that’s the case, you’re required by law to have employer’s liability insurance in place. You should also consider taking out property owners liability insurance. It will protect you against negligence claims for accidental bodily injury or damage to third party or their property.
No matter who you purchase your insurance from, your provider will ask for the cost of rebuilding your property - the building sum insured. This is different from the building’s market value and specifically refers to the overall sum of money needed to reconstruct and restore your property should it become completely destroyed. It’s important you get this cost right – it has to be adequate as could directly impact how much you will receive from your insurer should you make a claim. Remember to add VAT costs if you’re not VAT registered.
We understand that being able to fix a problem quickly in a claims scenario may save you money and enable you to keep your tenants happy. If you suffer a property damage (not resulting from subsidence or liability claims), where the claim exceeds £5000, this service will provide you with a dedicated loss adjuster within 24 hours to advise and assist you in organising alternative accommodation, engaging specialist assistance from surveyors, valuation providers and builders as required. Towergate also offers Virtual Assist telephone-based service. It includes the same benefits except your claim will be assessed over the phone. Please advise us if you would like to add this to your policy.
When you need to make a claim, we’ll guide you through the process and help get your claim settled as quickly as possible.
Generally, claims are ultimately settled by the insurer who administrates your policy. However, we will always be here to answer any questions you may have and help explain anything you may find to be complicated.
All you need to do to get the ball rolling is email us with; your policy number, a phone number to reach you on, details of your claim and photos where possible and relevant.
The claims team are available Mon - Thu 8:30am - 6.00pm, Fri - 8:30am - 5.30pm
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This cover is optional and available for commercial and residential buildings alike. It protects your property should the building and / or its contents suffer direct damage through an act of terrorism. If you have added terrorism cover to your property portfolio landlord insurance, then this will also extend the loss of rent section to include losses arising from terrorist activities.
If you rent your property to a business such as an office or shop, they should purchase their own business insurance and also consider taking out business interruption cover.
The rebuilding value should include provision for the costs of: demolition and removal of debris, rebuilding materials and labour costs as well as architects, surveyors and legal fees. As a property owner you also need to take into account your VAT status. If you are not registered for VAT, then you should include VAT in your sums insured.
The indemnity period is the length of time it will take for your property to be fully reinstated and habitable, starting from the date the loss occurred, not from the date when it was reported. Many policies will cover for a period of 12 months after the date of the loss, but there is no standard limit. Therefore, while deciding on the length of the indemnity period you require, make sure you take into account all your circumstances as they will affect the amount of time it will take to rebuild your property. This in turn will depend on a number of factors such as: the property age, type of construction, if it is a listed building or not, its location and whether it has any special design features.
Towergate commercial and residential clients can benefit from indemnity periods of up to 36 months but other ones can be considered upon request.
You may wish to seek guidance from your legal advisor as many leases do contain Insurance Clauses and specify the period for which loss of rent should be obtained as a minimum.
The more properties you put on one policy, the better value for money you get for insuring each one of them. Towergate enables you to cover different property types (commercial, residential or mix) under one policy. Just beware that some insurance aspects may be limited to a specific property type.
Speak with one of our advisors if you have any questions about placing a mix of properties under one policy. We may also be able to offer you more tailored policy over the phone, especially if your portfolio includes four or more buildings.
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