We find that landlords need flexibility when it comes to landlords insurance North Wales. You may have one or several properties that you let out which can get confusing if you are juggling more than one property. At BIS Insurance we aim to keep things as simple as possible whilst still keeping your policy specific to your needs.
What is Landlords Insurance?
Landlords insurance covers you whether you are letting out a residential or commercial property. Cover can include:
- Buildings insurance
- Contents insurance
- Liability insurance
- Rental income protection
What is commercial landlord insurance?
Commercial landlord insurance is different from residential landlord insurance as it covers you for letting out your property to a third-party business. Commercial properties have different risks to residential properties and are often built differently to suit their purpose. For example, shops, hairdressers and restaurants.
There are more risks involved when letting out a commercial property as there is likely more than just a handful of people who will be entering that property including members of the public. Commercial landlords insurance can cover things including:
Buildings Insurance to cover damage from vandalism, fire or flooding – which can save you a lot of money on repairs and rebuilding costs.
Contents Insurance – including shelving or appliances that you may provide to your tenants. It’s good to note that not all landlords will need contents cover, however, it does cover plug sockets, light switches and any other fixtures there may be in the building.
Liability Insurance for cover against claims no matter how big or small the accident. Having liability insurance is a bare essential that you need if you are considering or are a landlord – it can save you a lot of money! You may be facing a claim if one of your tenants or even their customer trips on a loose tile or even a trailing wire, so it’s better to be safe than sorry.
Rental Income Protection protects you from unexpected events such as a flood or a fire. Not only does this cover the costs of rental income in the event that the business tenant cannot use the premises but also against any claims made against you from your tenant if they cannot trade due to the event.
Some commercial properties also have live in accommodation where your tenant may be staying. In this case it is important that you also take out residential insurance too!
