hOw DO YOU DEmONSTRATE TO LANDLORDS ThE ImPORTANCE Of
BUILDINGS INSURANCE? When it comes to persuading landlords
that they really do need buildings insurance, the answer is pretty straightforward. Nigel Atkinson at PropertyRisks takes a
ThE UNIqUE SELLING POINT This is a difficult one. Policies are tailored, in many cases, to suit the agent’s needs as well as those of the landlord and tenant and the risks in all categories is roughly the same, so it is inevitable to find that the USPs aren’t always, unique. We selected some of the best: Paragon Advance, Landlords Insurance comes with £10,000 of cover as standard along with £2 million of Liability Cover under both buildings and contents. LIS, Landlords insurance covers malicious damage and theft by tenants. Endsleigh, Unoccupied properties covered for up to 120 days. Homelet, £5 million property owner’s liability and £10 million employer’s liability. Home& Legacy, ID Fraud cover for the landlord is automatically included.
BUILDINGS INSURANCE POLICY COVER
personal view. “As a landlord income for my family, adequately protecting this asset against any eventuality is as important as having the right tenants living there.” Michael Portman, “To cover you for
what you cannot afford to lose.” Carl Piercy, “Simple. Peace of mind.”
SOmE hORROR STORIES AND SOmE hAPPY ENDINGS One landlord, says Michael Portman, endured the horror of malicious damage, “Previous tenants had pulled electricity meters off the wall to bypass the electricity supply and also caused other malicious damage which was not discovered until checkout,” says Michael. “Good teamwork between the agent, Let Insurance Services and the insurers meant that the claim was settled and the property relet in less than 4 weeks to new tenants with no additional loss to the landlord.” Nigel Atkinson at PropertyRisks says the victims of a fire would have been both the
landlord and the tenants if they hadn’t each had buildings and contents (respectively) policies. “A property had a fire and the landlord and tenant both had a policy with PropertyRisks. We were able to deal with the claim but also make sure that the tenant and their young family had alternative accommodation whilst the property was being repaired.” Chris Knight at Leaseguard says,
“We recently had a landlord whose property was affected by subsidence; it could not be rented out while it was being monitored and the claim considered by the insurer. A settlement was agreed for the subsidence and the insurer also paid the landlord over £20,000 in respect of loss of rent.” Next month, the PROPERTYdrum insurance review will cover tenant insurances. Don’t miss it!
www.endsleigh.co.uk www.homeandlegacy.co.uk www.homelet.co.uk www.leaseguard.co.uk www.letinsurance.co.uk www.letsure.co.uk www.lettingref.com www.propertyrisks.com www.paragonadvance.com www.rentshielddirect.com
INSURANCE PROVIDER ENDSLEIGH
HOME & LEGACY HOMELET
LEASEGUARD
LETTINGREF.COM LETSURE
LET INSURANCE SERVICES PARAGON ADVANCE PROPERTYRISKS RENTSHIELD DIRECT Yes Yes
Yes Yes Yes Yes Yes Yes
Yes
Yes -
Yes -
12 Months (Monthly
Up to 20% With renewal No Min
payment option) Commissions 12 months
6 12 months
arrange in association with
www.Letinsurance.co.uk Yes Yes
12 months Yes Yes Yes Yes Yes Yes Yes Yes 60 SEPTEMBER 2010 PROPERTYdrum via agent
introduction -
Yes Yes 12 m policy -
12 Months (Monthly
payment option) 1 year
Variable 25
On request varies
Dep. on level of agency
Starting at 15%
Dep. on FSA Status 15-20% No Max £150 min £75 no upper limit £100 min
Dep. on Dependent on Variable cover
£230.50 varies £52.50 Variable £83
cover level N/a
varies - variable variable negotiable negotiable £100 £100 Varies variable
Standard £100
£100
DO YOU SUPPLY THIS
FROM AGENT
DIRECT WITH
INSURER
MINIMUM PERIOD
AGENT COMMISSION
MINIMUM COST
MAXIMUM COST
EXCESS
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