As a landlord, you may need to protect your investment by getting insurance for any loss or damage that might occur to the building. With Simple Landlords buildings insurance, we’ve got you covered.
Our buildings insurance includes:
- Cover from £75,000 up to £2million, to protect you against the cost of structural repairs - This is your Buildings Sum Insured - ie how much it would cost you to rebuild your entire property from scratch
- Cover in the event of fire, smoke, explosion, lightning, earthquake or storm, floods, falling trees, collision with an animal or vehicle, and even things dropping from the sky
- Cover for water or oil leaks from your heating or pipes - including up to £2,500 to help trace and access the problem
- Cover for ground movement such as subsidence or landslips
- Cover for theft or attempted theft, malicious damage or vandalism (but not if it’s by your tenants - you’ll need extra malicious damage cover for this)
- Cover for accidental damage to windows, bathroom furniture, pipes and cables
For more information please take a look at the full policy documents - which show exactly what you’ll be covered for.
Alternatively, give us a ring on 0808 172 5600 to chat to our friendly staff - or get online and get a quote.
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What is my Buildings Sum Insured figure?
Buildings Sum Insured is the amount of money it would cost you to rebuild your property if it was destroyed or badly damaged.
It doesn’t have anything to do with what you paid for your property, or how much money you could sell it for - because the true value of your property includes location, plot and other factors - not just bricks and mortar.
You might find full building costs on your mortgage survey, and there are also useful tools like the RICS calculator from the Association of British Insurers that can help you calculate your Building Sum Insured.
Your Buildings Sum Insured figure should include:
- Dismantling what’s left of your property and clearing the debris
- Architect fees to redesign your property (to its original design)
- Rebuilding the property – including materials and labour
It’s important to make sure you’re not over-insured - or worse - under-insured. It’s always worth re-calculating your Buildings Sum Insured figure if you’ve had work done to a property - for instance making changes to the internal structure or installing a new bathroom or kitchen.
As with all other insurers, we will only pay up to the Buildings Sum Insured you’ve set - so if you’ve under-estimated we’ll only be able to pay a proportion of your claim and you’ll end up out of pocket. In a worse-case scenario, being under-insured might even invalidate your insurance policy altogether.
It’s important to get your Buildings Sum Insured figure right, so you know you’ve got the right cover, you’re paying the right premium, and you’ve got the right protection.