Our landlord advice library contains articles and blog posts on a wide range of landlord related topics including start-up advice, finance for landlords, managing tenants and health and safety.
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The government have produced a booklet on the Regulatory Reform (Fire Safety) Order 2005 which you may find useful for your property and which is available to download.
What is the difference between “loss of rent” and “rent protection”?
Loss of rent is a normally a standard policy extension to any policy covering a property that you do not occupy yourself. This will cover your loss of earnings (earned from taking rent) following a claim that renders the property uninhabitable. A rent protection or rent guarantee policy is a separate policy that you can take out to provide cover for your loss of rent in the event that your tenant does not pay (subject to the conditions, exclusions or warranties applicable to that policy).
What is the difference between market value and rebuild value?
The “market value” of a property is the cost of the land; the cost of building the property plus any additional amount added based on location & local amenities (amongst other variables) that may determine the purchase value of a property.
The “rebuild value” of a property is just the cost of the building materials, the labour costs incurred in building a property, plus the cost of clearing the site of debris following a claim and any subsequent fees and costs such as legal fees, surveyors costs, architects fees, etc. The latter is what insurers will use to calculate your insurance premium and determine the policy terms, as it gives a better reflection of the “risk” the insurers are taking on insuring the property.
What is the average amount of public liability I need?
There is no “average” amount for public liability insurance. The limit of public liability insurance you choose should reflect the size of your business and always be adequate to cover the worst possible scenario for a claim that you could cause. For example, a tradesman working solely on empty domestic houses with a total value of £100,000 far away from any other third party person or third party property which they might injure or damage, might consider a lower sum insured than a tradesman working on a school with a £2,000,000 value whilst there are children in attendance.
What is property owner’s liability cover?
Property owner’s liability cover is public liability insurance covering your legal liability against claims arising from the ownership of your property, including liability incurred under the Defective Premises Act. Property owner’s liability insurance will cover costs and rewards incurred by you through claims brought against you due to the injury of a third party or damage to third party property either caused by, or on the grounds of, the property.
What is employer’s liability?
Employer’s liability will cover costs and rewards incurred by you through claims brought against you for the injury of an employee or damage to employee’s property for which you are legally liable.
IMPORTANT NOTE: Employer’s liability is a legal requirement of any person or company that employs another person (whether you pay them or not). To find out if you are exempt or not please check the Employer’s Liability (Compulsory Insurance) Act 1969.
Why do I have an employer’s liability certificate with my landlord insurance?
If employers liability insurance is included on any type of policy that you buy, it is a legal requirement that the insurer provide you with an employer’s liability certificate. This cover is sometimes included on a landlords insurance policy to protect you against costs and rewards, incurred by you, through claims brought against you for the injury of an employee for whom you are legally liable for. Employees may include domestic staff that work on your property, who may not necessarily be classed as a third party, as you are employing them to do a job.