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Landlord Insurance
There are a number of reasons for ensuring that you do not use a standard household policy in place of a landlords building insurance policy. The majority of the benefits available under a standard household policy are severely curtailed when the property is let and cover may cease altogether if you do not advise the insurer that the property is let. This can be a complex insurance policy and with Dickson & Co we make sure that your policy is correct and fit for purpose. It is important to us at Dickson & Co that your property is properly insured and at the right price.

Working with our list of trusted local and international insurers our expert team can provide you with a tailored bespoke insurance policy that meets your needs.

The things to consider when looking
at landlords building insurance are:

Loss of rent cover

This is intended to provide you with cover should you be unable to let the property due to an insured loss. A reasonable policy would restrict the loss of rent cover to 20% of the buildings sum insured.

Tenant type
Asylum seekers are probably the most difficult tenant type to find cover for followed closely by homes in multiple occupation. If there is not a direct tenancy agreement in place between the tenant and the landlord this again can severely curtail your choice of insurer. The tenant types insurers find most acceptable are Employed/Professional, Retired, Unemployed receiving housing benefits, Students. The majority of policies do not cater for short term holiday lets, should you be in this market then we would suggest a specialised holiday home insurance policy.

Cost of providing alternative suitable accommodation
If your property is uninhabitable due to an insured loss, you as a landlord could be held responsible for providing your tenant alternative accommodation. This section of the policy is to cover the cost should the alternative accommodation prove to be more expensive than the rent you are charging. Unoccupied property insurance - This section of the policy deserves very careful scrutiny. Some policies reduce the cover on landlords insurance policies to FLEE cover (Fire, Lightning, Earthquake, Explosion) within 14 days of the property becoming unoccupied, others offer full cover for up to 90 days.

Landlords contents insurance
Landlords contents insurance comes in two types, Indemnity cover which should an item need replacing, it will pay out only the items current value; or New for Old cover, which regardless of the age of the item, will provide cover to replace the item as new. Landlord's contents insurance does not generally include contents liability cover. If a tenant is injured as a result of any of your contents and you do not have liability cover, then you could be liable to pay substantial damages.

Landlord's liability insurance
If your tenant or another visitor to the property injures themselves, and the fault is proven to relate to your buildings or contents, then you are liable. Landlords Liability Insurance protects you in this event.

Landlords Legal Expenses cover
Generally Legal expenses cover is intended to be used to provide cover to pursue rent arrears, evict tenants in breach of contract or occupants unlawfully occupying the property, and finally to recover dilapidation costs not covered by the bond.

Rent Guarantee insurance
This policy is generally an extension of the legal expenses policy and is designed to pay the rent should the tenant default. To qualify for rent guarantee insurance you must have referenced the tenant using a referencing agency, and often there are other criteria to meet.

For more information on our insurance products contact any of our branches
or click get quote for home insurance tailored to suit your needs.

Omagh 028 8225 1241  Newtownstewart 028 8166 2002  Dungannon 028 8772 6082  Cookstown 028 8676 2048  Newry 028 3026 5447
Dickson and Co is a trading name of Dickson and Co (NI) Limited which is registered at 54 Dromore Road, Omagh, Co Tyrone BT78 1RB with number NI072179. Authorised and regulated by the Financial Conduct Authority in the United Kingdom and regulated by the Central Bank of Ireland for conduct of business rules. We are covered by the Financial Ombudsman Service. You can find out more at www.financial-ombudsman.org.uk