Whether you choose to buy purpose built premises, or convert your own home for guest accommodation, you will require far more cover than standard householders insurance – although the building itself would be covered in a similar way to regular house holders insurance, for loss against flood damage, fire, subsidence, lightening, explosions etc. Below are some of the types of cover you will need to consider in this particular line of business.

Contents

Apart from your own contents and area of living (if this applies), there is also the business contents. This will cover you for all the areas that the guests have access to and contents that are used as part of the business. You can also cover any monies or cheques held on the premises.

You will of course need to have in place the appropriate licence before selling alcohol to the public. Stock such as perishables and refrigerated goods are vulnerable to breakdown and may also need to be covered against loss or damage. Certain clauses such as the age of the refrigerator or cooking appliances will apply and reputable insurance companies will advise you on what is valid and what is not.

Business interruption

Should your business be unable to function as normal due to flood damage, fire etc, then business interruption insurance could be a very valuable option. Renovating a property after any damage can be a lengthy process and could make your rooms inaccessible and therefore considerably reduce your income. Many businesses are now having to find ways of earning extra money and opening a bar selling wines, spirits, beers & cigarettes may be a viable option. Should you then have your licence revoked and are unable to trade in alcohol this can have an adverse affect on the value of the business. You may wish to have this extra cover added to your policy. Another consideration will be whether you choose to open the bar to the public as well as your guests. This will undoubtedly increase the risk to your property and guests`, and therefore increase the cost of your cover.

Public and employers liability

Public liability insurance will cover the general public against negligence, accidents or even infectious diseases whilst they are present on your property! It is the law to have employers insurance should you choose to take on employees.

There are many other areas to consider when taking out insurance for the Bed and Breakfast business. Some examples:

Will you shut down during the winter? Do you intend to allow guests to hold their own events on your premises? Will outside caterers be entering your premises, or will you provide catering for outside events?

B&B property insurance may seem complicated and time consuming, but providing you are honest with your broker and inform them of any changes you undertake in the future, then they will be able to help you and offer advice on the most suitable policy for your specialised business.

Whether you own a single property or a portfolio, having the correct cover is crucial to protecting your often large investments both for damage and lack of rental income in the event of a claim.

Properties that require specialist attention include: -

·         Commercial property
·         Buy to let properties
·         Holiday homes in both UK and abroad
·         Listed properties
·         Thatched roofed properties
·         Properties of non-standard construction

These are just a few of the property types that can be considered under this unique category of householders cover.

In some cases regular brokers will not consider these properties and if they do the premiums will be high.  Holiday homes fall into this category due to the fact that they stand vacant for months at a time. Without regular visits from the property owner this can be considered a high risk.

When taking out this type of cover you need to ensure that your property has the best cover for the most competitive price.  The best way is to invite three companies to provide you with a quote. Compare the quotes thoroughly ensuring that the cover they offer is equal, not judging policies on price alone.

If the property is furnished you need to ensure that your contents are covered as well as the structure.  Compare the quotes and see which company offers you the most amount of protection for the lowest price.  If there are things you want included, get them added and compare the quotes again before putting pen to paper.

Thatched homes and listed properties can be difficult to get cover for, due to the expensive nature of repairing them, the difficulty in sourcing materials and the skilled craftsmen required. Companies that offer this special cover are aware of the costs needed to carry out these repairs and are therefore able to give a better quote than an average brokerage company.

Whether you have just purchased a holiday home on the coast of Dorset or a buy to let property in the Midlands, having specialist property insurance can protect your property when you need it most.

Finding the right cover for your situation should be something that is at the forefront of your mind as a landlord. There are policies that can be tailored for individual needs and you can get protection for a range of events. The biggest asset you will have is the actual house or flat itself, therefore it seems logical you should get building and contents cover for any damage that occurs. This can mean that you have protection in case one of your properties is flooded or gets damaged in a fire – the furniture and fittings that you own can also be protected. Without the correct cover, any damage coming about as a result of any such disasters would have to be fixed with money from your own pocket.

As a landlord you will also need to make sure that you can’t be claimed against if one of your tenants is injured in a place that you own. For this, you should get yourself liability cover added onto your policy. With this in place you will not be liable for any claims that a tenant makes against you in the event of them having an accident that is due to a fault in the building (subject to standard terms obviously!).

Taking a bit of time out to search for a policy that will meet all of our requirements will be more than worth it. It may take up your time but at the end of the day it could end up saving you a fortune in repair costs and claims. For this reason it is easy to see exactly why you shouldn’t allow yourself to neglect getting a property insurance policy. Just ask anyone that’s ever needed to claim on this type of policy and they’ll tell you it’s a must for peace of mind.

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Ensuring that you are covered in the event of a catastrophe  can remove a large weight from your shoulders. The effect of a problem erasing your rental income may not be as severe for someone who has a large number of properties compared to someone renting out a single house. If you only have one or two then the money you are getting is vital – especially if you are paying a mortgage on them. Obviously the money is still extremely important if you do have a large portfolio but the effect of missed rent is not as damaging.

Even if you have a seemingly perfect set up, circumstances beyond your control can lead to missing rent. If  there was a flood or a gas leak for instance then you may struggle to receive your monthly payment. For this reason, it is advisable for anyone involved as a landlord in any capacity to take out a relevant property insurance policy. Failing to do so could end up with you having to go through some serious headaches and money worries.

Think Insurance can provide you with a cheap insurance quote today, whether you are looking for a motor trade, home, taxi or commercial insurance policy, leave your details and we will contact you.

Some people may think that you can cover your rented out properties under a basic home insurance policy but this is not the case. Due to the fact that the property is effectively a business and other people than yourself will be living in it you need to get a different type of cover. The cover that you should be getting can be broken down into three main areas that can be combined in the same policy.

Firstly is the overall property cover which will give you protection in the event of the building flooding, catching on fire or  other similar disaterous events. With this on your policy you will be able to claim for the cost of any rebuilding work that may be required in the event of a domestic disaster. For this reason you should ensure that any valuation you provide to your insurer is accurate.

Another part of your policy will be landlords liability cover. This can be extremely important as with this you are covered in the event of any of your tenants injuring themselves as a result of a fault in the property. If someone trips over an ill fitted carpet or gets an electric shock from something that isn’t wired properly then there is a good chance they will make a claim against you. Without the necessary cover you could end up with huge payouts.

The final part is your contents cover which is self explanatory. Most tenants will take out their own policy to cover their possessions but you also need to cover anything that you own within the premises. This can cover you in the event of any carpets or other furnishings being damaged by your tenants.

Taking the above into consideration, you can see how important taking out buy to let insurance can be, if you choose not to then you may regret it further down the line.

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Think Insurance can provide you with a cheap insurance quote today, whether you are looking for a motor trade, home, taxi or commercial insurance policy, leave your details and we will contact you.