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Property Owners Insurance
Owning rental or commercial property comes with a range of responsibilities and potential risks. From protecting the building itself to considering liability, rental income, contents and periods when a property is unoccupied, having appropriate insurance in place can help protect your investment against a range of unexpected events.
At 1st Choice Insurance, we help landlords, property investors and commercial property owners explore insurance options for individual properties and portfolios. Whether you own a single rental property, a number of residential properties or a portfolio of commercial buildings, our experienced team can help you arrange cover based on your property type, occupancy and circumstances.
Get a Property Owners Insurance Quote
Every property and portfolio is different, so the cover available will depend on factors such as the type of property, how it is occupied, its location and how it is used.
Our team can discuss your requirements and help you explore suitable Property Owners Insurance options.
Call us on 03301 081615 or complete our quote form below.
What Is Property Owners Insurance?
Property Owners Insurance is a type of commercial property insurance designed for people and businesses that own properties which are let, rented or used for commercial purposes.
Unlike standard home insurance, property owners’ insurance can take into account the additional risks associated with owning and letting property. Depending on the circumstances, this may include protection for the building, landlord contents, liability, loss of rent and other additional covers.
Property Owners Insurance can be arranged for a wide range of properties, including residential rental properties, HMOs, flats, commercial premises and mixed-use buildings.
Property Owners Insurance Can Include Cover For:
- Buildings
- Landlord contents
- Property owners’ liability
- Public liability
- Loss of rent
- Alternative accommodation
- Accidental damage
- Malicious damage
- Legal expenses
- Unoccupied property
- Emergency assistance
- Business interruption for eligible commercial properties
The cover available will depend on the property, occupancy, policy selected and insurer terms and conditions.
Who Is Property Owners Insurance Suitable For?
Property Owners Insurance can be suitable for individuals, landlords and businesses that own properties which are rented, leased or used for commercial purposes.
This can include:
- Buy-to-let landlords
- Residential property investors
- HMO landlords
- Owners of flats and apartment buildings
- Student accommodation providers
- Owners of commercial premises
- Commercial landlords
- Owners of retail units
- Office property owners
- Industrial and warehouse owners
- Mixed-use property owners
- Owners of unoccupied properties
The type of insurance required will depend on how the property is used and occupied. For example, insurance for a residential rental property can differ from cover for a commercial building or a mixed-use property.
What Does Property Owners Insurance Cover?
Property Owners Insurance can be structured around the risks associated with your property. Depending on the policy, cover may include:
Buildings Insurance
Buildings insurance can provide protection for the structure of an insured property against specified risks such as fire, storm, flood and other insured events.
Landlord Contents Insurance
If you let a furnished property or provide fixtures, fittings or appliances, contents cover may be available to protect eligible items against insured risks.
Property Owners’ Liability Insurance
Property owners’ liability cover can provide protection against certain claims for injury or property damage arising from the ownership or management of an insured property.
Public Liability Insurance
Public Liability Insurance can provide protection against certain claims involving third-party injury or property damage arising from your business activities.
Find out more about Public Liability Insurance.
Employers’ Liability Insurance
If you employ staff, Employers’ Liability Insurance may be required by law. This can provide cover for certain claims relating to employee injury or illness arising from their work.
Loss of Rent
Depending on the policy, loss of rent cover can provide protection against certain lost rental income following an insured event that makes the property uninhabitable.
The exact circumstances in which loss of rent applies will be set out in the policy terms.
Alternative Accommodation
Some policies can include cover for alternative accommodation where tenants are unable to remain in an insured property following certain insured events.
Accidental Damage
Accidental damage cover may be available to protect the insured property against specified accidental damage, subject to the policy terms and exclusions.
Malicious Damage
Some policies can include protection against certain malicious damage to the property.
Legal Expenses
Legal expenses cover may be available to assist with certain legal costs relating to property disputes, possession proceedings and other eligible matters.
Unoccupied Property Insurance
Properties that are empty for periods of time can present different insurance considerations. Unoccupied property cover may be available depending on the circumstances and how long the property is expected to remain vacant.
Emergency Cover
Optional emergency assistance may be available for certain urgent problems affecting a property, such as plumbing, electrical or heating issues.
Benefits of Property Owners Insurance
Protection for Your Property
Buildings and contents cover can help protect your investment against insured events such as fire, storm, flood, theft and other specified risks.
Protection Against Liability Claims
Property owners’ liability and public liability cover can provide protection against certain claims involving tenants, visitors and other third parties.
Support Following an Insured Event
Additional covers such as loss of rent and alternative accommodation can help reduce the financial impact of certain insured events affecting your property.
Flexible Cover Options
Property Owners Insurance can be structured around different property types, occupancy arrangements and portfolio sizes.
Additional Protection
Depending on your circumstances, options such as legal expenses, accidental damage, malicious damage and emergency cover may be available.
What Types of Properties Can Be Insured?
Property Owners Insurance can be arranged for a variety of residential and commercial property types, subject to insurer criteria.
Residential Properties
This can include:
- Buy-to-let houses
- Flats and apartments
- HMOs
- Student accommodation
- Multi-let properties
- Furnished rental properties
Commercial Properties
This can include:
- Shops
- Offices
- Warehouses
- Industrial units
- Workshops
- Retail premises
- Professional premises
Mixed-Use Properties
Mixed-use buildings combine residential and commercial elements, such as shops with flats above. Insurance for these properties can be arranged according to the individual circumstances and use of the building.
Unoccupied Properties
Unoccupied properties can present different risks from occupied buildings. If a property is vacant, it is important to tell your insurer, as standard terms may not apply during periods of unoccupancy.
Frequently Asked Questions About Property Owners Insurance
What is Property Owners Insurance?
Property Owners Insurance is designed for individuals and businesses that own properties which are let, rented or used for commercial purposes. Depending on the policy, it can provide cover for buildings, liability, contents, loss of rent and other risks.
Do landlords need Property Owners Insurance?
There isn’t a blanket legal requirement for landlords to hold a specific Property Owners Insurance policy. However, appropriate insurance can provide important protection for the building, liability and other risks associated with letting property. Mortgage lenders, leases or other contractual arrangements may also have their own insurance requirements.
What is the difference between Landlord Insurance and Property Owners Insurance?
Landlord Insurance generally refers to cover for residential properties that are let to tenants. Property Owners Insurance is a broader term that can include insurance for residential and commercial properties owned by individuals or businesses.
Can I insure multiple properties under one policy?
In many cases, yes. Portfolio or multi-property insurance can allow several properties to be insured under one policy arrangement, subject to insurer criteria.
Does Property Owners Insurance cover loss of rent?
Loss of rent cover may be available as part of a policy or as an additional option. It can provide protection for certain lost rental income following an insured event that makes a property uninhabitable.
Does landlord insurance cover tenant damage?
Some policies can include accidental or malicious damage cover. The circumstances and extent of cover will depend on the policy terms, conditions and exclusions.
Can I insure an unoccupied property?
Yes, insurance may be available for unoccupied properties. However, vacant properties can present different risks, so insurers may apply specific conditions or restrictions.
Can commercial and residential properties be insured together?
Some insurers offer portfolio policies that can accommodate different types of properties. Whether a mixed portfolio can be insured under one arrangement will depend on the insurer and the properties involved.
Does Property Owners Insurance cover contents?
Contents cover may be available for items such as furniture, appliances, fixtures and fittings provided by the property owner. The cover will depend on the policy and the items insured.
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