UK General Landlord Insurance
UK General is a general managing agent (MGA) company. They are professional brokers whose insurance companies give authority to attract brokers, handle the application process, negotiate policies and prices, and deal with claims. They have been around for over 20 years and, as a result, have gained a lot of traction, as shown by their loyal customers and employees.
Their landlord insurance is one part of their property insurance and is straightforward and comprehensive, amplifying their company values of customer care and professionalism. As a landlord, it is crucial to investigate which covers could potentially benefit you, so UK General has a range of policies.
Types of Insurance Offered by UK General
UK General has a range of covers that could be advantageous to prospective landlords, allowing for flexibility and bespoke insurance.
Landlord liability insurance
Landlord liability insurance is critical as it covers a broader range of accidents than other covers. In essence, it protects landlords against claims from third parties that their property either damaged their belongings or physically injured them. The cost of fighting these claims can be pretty high, and especially if you are a landlord with multiple properties with a higher risk of accidents occurring, liability insurance can compensate you for these expenses.
Whether a pipe bursts, causing a flood and damaging the fridge and washing machine, or there is a loose floorboard that prompts the tenant to lose balance and injure their leg, the cost of replacing the appliances or paying for medical evaluation can cumulatively add up. Even worse, if the tenant decides to sue you for this accident, paying the legal fees associated with a lawyer can be detrimental no matter whose fault it was. Landlord liability insurance covers all of these circumstances.
Landlord buildings insurance
As suggested in its name, Landlord buildings insurance protects the physical property like the infrastructure and its fittings. Whilst it is not very common for an event to happen that will destroy the whole building, it is much more likely for a natural disaster event like a fire or flood to cause partial damage to property and still make it uninhabitable.
The premium cost may vary depending on the property’s value, how many properties the landlord wants to ensure, and any claims history, but UK General can negotiate this. If this accident does happen, not only would money be spent on repairing the damage rapidly, but there would be a loss of income because the tenant cannot be expected to live in such conditions.
Landlord buildings insurance covers these costs, but the extent to which it depends on the level of coverage chosen by the landlord when discussing quotes and applying. On its own, it can be incredibly beneficial, but together with landlord contents insurance, it creates a more holistic policy.
Landlord contents insurance
Landlord contents insurance, like mentioned above, is more comprehensive than landlord buildings insurance. However, singularly, it is still very effective. The types of things it covers are the general contents inside the house, but it is worth noting that this does not include the tenant’s belongings and only the landlord. Such items include washing machines, dishwashers, fridges and freezers, sofas, tables, chairs, curtains, carpets and any other appliances or pieces of furniture that the landlord has supplied the residential or commercial property in.
These items may be subject to damage if there are internal malfunctions inside the property, stolen, destroyed in a fire or flood, or any other circumstance covered under the policy. Landlord contents insurance will provide a payout to replace them so long as they are insured. The overall deterioration of these contents is not covered, so if the furniture is destroyed slowly and eventually due to age, the landlord must fully cover this.
Loss of rent insurance
Loss of rent insurance should not be overlooked because often clients apply for landlord buildings and content insurance without realising the loss of rent they will endure if a property is destroyed or the lack of furniture inside puts off potential tenants. Suppose the accommodation is unliveable due to a natural disaster like a fire, flood, or vandalism. In that case, it takes time to rectify the building and order new fittings. Whilst this is happening, there will be no one paying rent due to the halt in business operations, and as a result, there will be a vast projected loss for the landlord.
With the loss of rent insurance, a lump sum is given as long as the accident is covered under the policy so that the business finances do not suffer. Eventually, when the problems have been fixed, the tenants can move in, and the landlord will not have to make up for the loss in revenue because the insurer would cover it.
Landlord home emergency insurance
Landlord home emergency insurance is a proper supplementary cover for landlords with a successful business and have some extra cash to put towards this insurance. It is essentially an emergency cover providing round-the-clock support if a crisis occurs during unconventional work hours, and there is often no help until the next day.
Additionally, this even includes national holidays, so if a tenant experiences a disaster on a non-working day, they will still have access to an emergency service. Such services include plumbing, heating and water leakage issues, but UK General can negotiate any other add-ons that a landlord may deem necessary. Something to ask for if desired is alternative accommodation costs. While this is a unique form of insurance for longer-term emergencies, a day or night may be covered by the policy.
UK General – To Conclude
In conclusion, UK General landlord insurance is a range of different covers. Most types of tenants can successfully apply. The cover is instantaneous. They are open to cooperating with their clients to create a solution for their insurance requests, tailoring policies as best they can to fit the needs of each landlord.
Find out more about the importance of insurance here.
Other useful links about Business Insurance:
Churchill Business Insurance
Hiscox Business Insurance
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