Portfolio
A landlord with several properties. You may wish to insure them all under 1 policy, or you may have a policy per property – which ever you prefer…An advisor will be happy to help you make a cost effective decision if you are unsure.
Block Policies
If you have a building divided up into flats, or a business in the building with a flat included you may need a block policy. You can have separate policies for each concern, but if there are any communal corridors, or living area’s you must have a block policy. Your advisor can update you on your insurance needs here if you are unsure.
Working Family - A family of tenants where a working member of the family pays you rent unassisted by benefits.
DSS Tenant - A tenant who uses benefits to pay you rent, or subsidise the rent if they are a low income family. This tenant group is rated as high risk to insurers so you may pay slightly more for your insurance – but your advisor will know where to look for the more realistic deals.
Student/s - The property is occuopied by a student/s. If the property is occupied by a student living with his parents then you will either need to choose either Working Family, DSS or Asylum Seekers depending on the status of the parents.
Asylum Seekers - A person/family living in the UK legally awaiting a decision from the Home Office on their case.
As an add on feature, you can insure against the tenant not paying you rent. In the event of a Rent Guarantee claim, the insurer will take over paying the rent to you direct, and using a legal fee allowance (usually of £50,000) will begin the legal process of eviction. If your tenant is in arrears at the time of purchase of your landlord Insurance policy, then we cannot add Rent Guarantee to your policy until they are up to date with payments. You are also required to have carried out financial credit checks on your tenant before Rent Guarantee is added. If you didn’t do this when your rental contract was drawn up – it is acceptable to them now.
This is not to be confused with Legal Liability. Legal Expenses is for you personally, in case you feel the need to take up a legal suite against an individual or company – for example an employment tribunal. This legal protection is not restricted to the landlord/tenant aspect of the insurance policy – it is a separate feature for the policy holder.
This is an add-on feature that means in the event of a burst water pipe, or smashed window for example – you can call out the insurer’s tradesmen free of charge to take care of things. You can use it as much as you like throughout the year, and do not pay your insurance excess, claims on the emergency call out DO NOT result in a claim on the actual policy.
Each Insurer has a different financial allowance ranging from £150 to £500. In some Cases Insurers do not include the central heating boiler, your advisor will detail the cover of the particular insurance company at the time of quote.
This is your protection against being held liable for accident, injury and loss. For Example: If your tenant causes a fire which damages an adjoining property – you will be held liable for the losses of the adjoining property. This part of the policy protects you, and covers you up to £2m. This aspect of the cover is commonly referred to as Public Liability.
At Home Shield Insurance we operate a dedicated adviser service. You will be allocated your own personal adviser with direct dial telephone number and email address for continuity of service. No more call centres! No more queues!