What is Property Owners
Insurance?
Property Owners Insurance is a specialist policy for landlords who let residential or commercial property to tenants. Policies can cover a single property or an entire portfolio of buildings on one policy, making administration straightforward for landlords with multiple assets.
What Does Property Owners Insurance Cover?
Unlike standard home insurance, this type of cover is designed to provide financial protection for a specific set of risks that come with letting properties, including:
- Tenant-related damage (depending on the type of damage and policy terms)
- Loss of rental income following an insured event
- Legal responsibilities to tenants, visitors, and any people you employ
Contact us today for a no-obligation quotation: https://lloydwhytecommunity.com/contact/
Buildings and Property Damage
The buildings section of a Property Owners policy covers the cost of repairing or fully reinstating your buildings following unexpected damage. Cover is based on reinstatement value (the full cost of rebuilding) rather than market value. Insuring your property for the market value only can leave you exposed to underinsurance. If you’re underinsured, you might have to cover the shortfall following a claim. If you’re unsure about whether you’re underinsured, talk to our team who can advise you on the best course of action.
Employers' Liability Insurance
A Property Owners policy can include this type of insurance. It means you meet the UK legal requirement that all employers have Employers’ Liability Insurance in place. It protects you against any compensation claims brought about by employees who suffer injury, illness, or death in connection with their work at your property.
Public Liability Insurance
Public Liability insurance protects you against claims made by third parties, including tenants, their visitors, and members of the public who suffer injury or property damage connected to your building.
If a tenant trips on a defective staircase, or a neighbouring property is damaged by a burst pipe in your building, Public Liability cover can pay any compensation awarded and the legal costs involved in defending the claim.
Loss of Rent Insurance
If your property is damaged by an insured event and becomes uninhabitable, loss of rent cover can replace the income you would have received during the period of reinstatement. For property owners with buy-to-let mortgages, this insurance can be invaluable.
Related Property Insurance Products
In addition to Property Owners Insurance, we arrange a range of specialist covers for property buyers, investors, developers, and commercial occupiers.
Home Buyers Insurance
Purchasing a property involves significant upfront expenditure on surveys, legal fees, and searches, all of which can be lost if a transaction fails before exchange of contracts. Home Buyers Insurance, also known as Home Buyers Protection Insurance, can be used to reimburse these costs if your purchase falls through due to circumstances beyond your control. These can comprise the seller withdrawing, a defect identified in the survey, or a change in mortgage terms.
Land Liability Insurance
Owners of undeveloped land, development sites, agricultural plots, and vacant land face unique liability exposures. If a member of the public is injured on your land, whether they are lawfully present or not, you may be held liable for their injuries.
Land Liability Insurance provides Public Liability protection specifically designed for landowners, covering third-party injury and property damage claims arising from ownership of the land.
Cover can be arranged for plots of any size, from small development plots to large rural landholdings.
Legal Indemnity Insurance
Legal Indemnity Insurance protects property buyers, sellers, and mortgage lenders against financial loss arising from defects in title or undisclosed legal risks that come to light during the conveyancing process.
Common situations where Legal Indemnity Insurance is used include:
- Missing or inadequate planning permission or building regulations consent
- Restrictive covenants affecting the use or development of the property
- Absence of title to access rights, rights of way, or rights to light
- Chancel repair liability to the local church authority
- Defective or absent search results
Non-Standard Construction Insurance
If your property is built differently from most standard-construction buildings, you will need a specialist Non-Standard Construction policy. Non-standard construction buildings include:
- Thatched properties
- Listed buildings and properties in conservation areas
- Converted buildings including barns, churches, and industrial units
- Properties with steel frames or unusual structural materials
Commercial Combined Insurance
For landlords and occupiers of commercial premises, Commercial Combined Insurance brings together multiple sections of cover into a single, comprehensive policy.
This type of policy is particularly well suited to mixed-use properties, retail units, offices, light industrial premises, and commercial property investors.
Talk to our Property Insurance specialists
Whether you need a straightforward single-property Landlords Insurance policy or a complex portfolio arrangement incorporating commercial, liability, and legal indemnity covers, we can help.
Contact us today for a no-obligation quotation: https://lloydwhytecommunity.com/contact/
Frequently Asked Questions
Property Owners Insurance
Is Property Owners Insurance the same as Landlords Insurance?
Yes. The two terms refer to the same type of specialist policy. Both are designed for property owners who rent to tenants, and both provide buildings cover, liability protection, and optional loss of rent cover as standard.
Do I need Property Owners Insurance by law?
Buildings insurance is not a legal requirement, but it is almost always required by your mortgage lender. Employers’ Liability Insurance is a legal requirement if you employ anyone under a contract of employment.
Can I insure multiple properties on one policy?
Yes. The portfolio policies we provide allow landlords to insure several properties on a single schedule, simplifying administration and renewal. Portfolio policies can often be arranged on more competitive terms than insuring each property individually.
Will my ordinary home insurance cover a let property?
No. Standard residential home insurance is not suitable for tenanted properties. Letting a property without informing your insurer, or without switching to a specialist landlords policy, may invalidate your cover entirely.
What Makes Us Different?
You’re a part of our virtuous circle of giving. This means when you take out a Property Owners Insurance policy with us, it enables us to give even more to our communities.
As part of the Benefact Group, we’ve given to local charities including Libraries Unlimited, Hands Up For Down’s, Musical memories Choir, and Foothold Cymru.
Why Local
Businesses & Individuals Choose Us
Community-Focused Insurance
We care about protecting local businesses in our area. We understand the challenges and opportunities you face.
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Know Us
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Insurance
With a Heart
We’re part of the Benefact Group who give all available profits to good causes.