As a property insurance broker, I am frequently arranging landlords insurance for all types of properties with all kinds of tenants. The landlords and properties I deal with are wide and varied, but I suppose the one constant is their need – typically, cover for the buildings, the rent (if the property is uninhabitable following insured damage) and liability to the tenants if they are taken to court).
However, not so long ago I was approached by a landlord with a slightly unusual request – he wanted to take out insurance for the loss of rent section only. My client was the leaseholder on a handful of units in a large commercial block, and whilst he didn’t need insurance on the building or liability (as this was covered by the freeholder and noted my client’s interest), the freeholder refused to add loss of rent cover to the policy even if my client paid for it.
The problem my client faced was every property insurance broker he had spoken to before he came across my details, had told him it couldn’t be done; he couldn’t get loss of rent insurance unless he took out a landlords insurance policy insuring the building in its entirety, the property owners liability and by default the loss of rent cover.
When I approached the insurance market on his behalf, at first I did meet with the same responses. However, I did manage to get my client a quote from a specialist insurer that covered loss of rent only. He was very pleased to say the least, as nobody else he had spoken to was able to help and the insurer in question wouldn’t deal directly with the client even if he had been aware of them (most insurers will only deal with a broker).
The moral of the story
Whatever your needs are, seek out an expert. Every landlord has wide and varied needs, and so any insurance solution must be tailor made to meet those needs.
LFC Evans Insurance
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