UK Long Term Let Property Insurance
Schofields provide buy to let insurance for property in the UK that is let on a long term basis or short hold tenancy agreement to professionals. The policy is designed to protect residential property owners and landlords from the unexpected risks that may occur when letting property.
The policy wording is readily accepted by lenders and should the worst happen there is the reassurance that claims are dealt with by our in-house experts. Cover is arranged with certain Underwriters at Lloyd's of London, one of the worlds leading insurers.
The buy to let Insurance policy includes the following benefits when you insure buildings or contents
- Wide cover whilst let and during periods of unoccupancy.
Please note that certain restrictions apply when the property is not furnished for normal habitation. We cannot insure properties that are left permanently unoccupied (i.e. awaiting sale, being renovated).
- Public liability insurance. An indemnity limit of £5m on any one occurrence is automatically included. This indemnifies both the property owner and also the tenant. Given today's propensity to sue, this will protect you against legal action from injured tenants.
- £5m employers liability insurance. This protects you against legal action from injured domestic employees e.g. caretakers, cleaners.
- Includes loss of pre-booked rental income. You are automatically covered for up to 20% of the sum insured for buildings or contents for any one claim.
- Alternative accommodation costs. Following loss or damage to the property by an insured occurrence.
- Schofields have specialised in let property insurance since 1984.
Let property insurance buildings and contents cover
The insurance covers loss and damage caused by
- Fire, lightning, explosion or earthquake
- Storm, tempest or flood
- Escape of water from fixed water tanks, apparatus or pipes
- Escape of oil from domestic fixed fuel oil tanks, apparatus or pipes
- Theft or attempted theft involving forcible entry
- Impact by any vehicle or animal
- Riots, strikes, violent disorder, civil commotion or malicious damage
- Subsidence, landslip or heave
- Falling trees, lamp posts or telegraph poles
The buildings insurance for buy to lets covers
- Damage caused by falling aerials and satellite dishes
- Breakage of fixed glass
- Breakage of sanitary fixtures and ceramic hobs
- Accidental damage to oil pipes, underground water supply pipes, sewers, drains, underground gas pipes, electricity and telephone cables
- Architect's and surveyor's fees, debris removal and additional cost of reinstatement as a result of local authority requirements
- Increased metered water charges following an escape of water
- A contracting purchaser until completion of sale
The contents insurance for let properties covers
- Property in the open
- Temporary removal to certain other premises in the United Kingdom
- Replacement of locks following theft or loss of keys