Property Insurance

Inglenook Financial Services Ltd act as a credit broker, not a lender.

 

Buildings Insurance

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If you have a mortgage then the lender will insist that buildings insurance is in place at all times to protect your property and the security for the loan.  Even if you do not have a mortgage, buildings insurance is highly recommended.

Should a claim arise and you are found to be liable, then Public Liability Insurance will provide cover for:

  • Damages awarded to the injured party
  • Your legal costs
  • The claimant’s legal costs, if the accident was your fault

 
The insurance for apartments is commonly the responsibility of the management company and paid via the monthly service charge.

For houses, arranging the buildings insurance is the responsibility of the owner.  This cover needs to be sufficient to cover all the costs associated with rebuilding the property and not the purchase price of the property.  Buildings insurance should be in place to cover exchange of contracts.

The cost of buildings cover often reflects the quality of the cover.  The standard events covered are:

  • Fire
  • Flood
  • Subsidence

 
The better policies will cover the property for additional events such as:

  • Damage to bathroom fittings
  • Damage to greenhouses
  • Damage to kitchen fittings
  • Cover for vandalism
  • Damage to garages
  • Escapes of water
  • Damage to sheds
  • Home emergency cover
  • Storms
  • Family legal protection

 
The excess (contribution that the policy holder must make towards a claim) is another factor when considering which cover to choose.  The annual cost of cover can be spread through the year for easy budgeting but providers may charge a fee for this privilege.

Contents Insurance

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Contents insurance is often sold hand in hand with buildings insurance.  It is designed to protect the possessions kept inside the home from fire, flood and theft.

This is again an insurance policy where the price of the premium usually reflects the quality of cover and the value of the possessions to be covered.  More comprehensive polices will cover items away from the home such as jewellery, cameras, laptops and golf clubs. Cover may also be extended to cover high value items as well as items in outbuildings and accidental damage to items as well.

Landlord Insurance

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A standard home buildings insurance policy is not suitable if you are a landlord and will not cover rental properties.  As a requirement of your mortgage lender, you will need a specialised landlords policy, which includes landlords liability insurance.

Although some consideration should be made to the price of the policy, protecting your tenants and investment should be the main concern.

Additional extras such as public liability insurance, rent guarantee, legal expenses and landlords contents are all available.  These will cover you if a tenant defaults on their rent, if you need to take a tenant to court, for damage to the structure of the building and more.

Public Liability Insurance will provide cover for such things as your tenant, or even a visitor to the property, having a fall on the premises and sustaining an injury.  You need to make sure that you are covered if they decide to make a claim against you.

Should a claim arise and you are found to be liable, then Public Liability Insurance will provide cover for:

  • Damages awarded to the injured party
  • Your legal costs
  • The claimant’s legal costs, if the accident was your fault
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Just imagine what having a successful claim made against you would mean in financial terms.  Could you afford not to take this cover? Should you already have landlords insurance, now may be a good time to check if Public Liability is included, especially if the flat or apartment’s cover is part of a service charge.  This may not cover Public Liability within your premises.

We can provide advice on a policy tailored to your needs, whether you have one property or a portfolio of properties.  We know how important it is to protect your investment.

There will be an excess to be paid in the event of a claim.  Choosing a higher excess will usually result in a lower premium, however ,this should be set at an affordable level to you if you were to make a claim.

If you have any queries or would like more information, please don’t hesitate to contact us.