Do you need business contents insurance?
Just sit yourself down with your landlord’s hat on and start valuing all the contents in your buy to let property (or properties). You’ll probably be surprised at how much they may be worth.
Since you are in the business of being a landlord, the contents of your rental property are business assets. And that means that business contents insurance – or landlords contents insurance, as it might also be known – may be worth thinking about.
Bear in mind that this article relates to landlords’ residential properties and not commercial lets, where there are many variants of business insurance including that for commercial business premises, business equipment, and insurance for business activities.
Why you may need landlord’s contents insurance cover
As a landlord, you are almost certainly aware of the importance of landlord’s buildings insurance to protect your business. But what about insuring the contents, such as those in communal areas or in furnished lets and HMO’s?
In case you were wondering about whether you need business contents insurance, you may want to consider how you would fund the task of replacing the items that you have left at the property if they were destroyed or damaged as the result of insurable risks and perils such as a fire, flooding, or storm damage, for example.
Some landlords provide white goods, and most provide cookers and ovens for their tenants to use. If you regularly let rooms to students, you may find that you provide beds, desks, and wardrobes too.
Would you be able to replace the items from your own pocket, or would you instead have to take out a loan?
Rather than “do you really need business contents insurance?” the question you might want to ask yourself is what you would do without business contents insurance.
Business contents insurance details
Take a moment or two to look at the details of several residential landlords’ business insurance policies and you are likely to find that each one is slightly different – and that isn’t just a question of the cost of the premiums.
Despite the differences of detail, however, landlords’ business insurance policies will typically cover similar risks, such as:
- storm damage;
- civil commotion; and
It may also be well worth your while taking a look at the terms, conditions, exclusions, and limitations to determine whether you would have to change any of your current practices (security provisions, type of tenant accommodated, and so on) to meet your insurer’s expectations.
While the above point is important in general terms, it’s worth keeping in mind the following specific points relating to your business contents insurance:
- contents cover may be restricted to certain parts of your property and items kept outside, such as garden furniture, might be excluded;
- some item categories may also be excluded – examples might include antiques, perishables, or individual items in excess of a specified maximum value;
- the total amount claimable overall may be capped at a specified maximum claim value; and
- some insurance policies might require you to produce original receipts as evidence of purchase and worth.
Business insurance policies should be compared in all these respects in order to obtain a balanced view as to their suitability. At Cover4LetProperty, we can help you do this so that you choose the most cost-effective and comprehensive insurance for your let property business and its contents.
Choosing insurance for a business as a landlord
When it comes to choosing your business insurance provider, you might want to consider more than the risks and perils covered by any policy. You may also want to bear in mind the price of the cover, and the kind of service the provider may offer. For example, you may want to take into account what hours the client helplines are open, and how easy or difficult it is to get through to a real person.
Given that no two property rental businesses are the same, you may wish to make sure that the business contents insurance you have selected meets your individual needs. Accordingly, a specialist website with telephone backup – just as we offer – may be a good place to start looking for the most appropriate insurance for a business.
Your tenants’ contents
It would be sensible to encourage your tenants to take out insurance to protect their own possessions while on your property.
Your own landlords’ contents cover will typically apply to your possessions and not, in most circumstances, to those of your tenants. They should not believe that your insurance would cover them if, for example, the property was burgled and their possessions were stolen, or water damage caused damage to their possessions.
Be alert, too, to property upgrades and their knock-on consequences for your landlord business.
If you significantly upgrade and expand your property, not only will you need to inform your buildings insurance provider (as the sum insured may need to be increased and the property details updated) it might also have a consequential effect on your contents and their valuation too. That might be particularly so with substantial renovations where you might have sub-divided and added additional kitchens or bathrooms and the like.
Remember to notify your contents insurance provider in cases like this and think carefully and realistically about the total revised value of your contents.
Consider fixtures and fittings versus contents
Landlords’ buildings policies will typically include cover for fixtures and fittings.
In some situations, especially those involving unfurnished lets, you might be entertaining the notion that specific contents cover isn’t required.
That is likely to be a mistaken assumption.
Look at each policy carefully and be certain that its definitions match the reality as you see it – particularly if you’re inclined to think that you do not need contents cover.
How can we help?
Cover4 Let Property is calling out to all you UK based landlords to come and try the services of a buy to let UK property insurance expert.
We are proud of what we believe is a first-class service backed with affordable premiums. Our call centre is UK based and we offer competitive quotations for your building and contents insurance for your buy to let UK based property.
But our landlord insurance UK services do not stop there.
After sales service
We always ensure that our after sales service continues at the same high standards.
We will be on hand to answer any queries you may have regarding your building and contents insurance for your buy to let UK property – you can contact our landlord insurance UK property experts on 01702 606 301or by emailing us at firstname.lastname@example.org.
What happens if I need to make claim?
In the event of you having to make a claim for your buy to let UK property insured with Cover4 Let Property our staff will remain on hand to guide you through the process to ensure that your claim is swiftly dealt with by your insurers. There is no point having landlord insurance UK for your property if no one will help you make a claim!
We pride ourselves on our service levels and encourage you to speak to our building and contents insurance experts to discuss the requirements you have for insuring your buy to let UK based property.
Get cover with us today
Cover4LetProperty provides what we believe is market-leading cover at competitive rates for buildings and contents insurance. We are here to provide the insurance solution for your investment and provide you with a one-stop shop for all your insurance needs.
Our landlord’s business cover provides you with the peace of mind that is afforded only by what we consider to be superior cover, ensuring that should the worst happen, you are protected.
We use a panel of specialist insurers in the market and enjoy an excellent relationship with each and every one of our providers. This means we can go that extra mile to ensure you are completely satisfied with your landlord’s business contents insurance.
Our Cover4LetProperty team is here to ensure you receive a service that exceeds your expectations at all times. Our team comprises experts in the field of property cover and are they are here to ensure you receive the policy that most suits your needs.
You can contact the business contents insurance team on 01702 606 301 or alternatively visit our website and email them directly.
Remember, landlord insurance UK is only a mouse click or phone call away with Cover4LetProperty.
To obtain a quick easy quote, simply complete our online quote form or telephone us and our team will find the cover that meets your individual requirements.