Buy to Let Property Insurance from Legal & General is designed to meet the needs of landlords. The policy covers against a range of perils and has two options to choose from - the standard and select option. It can also be extended to include legal expenses and rent guarantee.
Buildings cover for:
- Up to £800,000 rebuilding costs under the standard option. If the property doesn't meet the standard option requirements or if £800,000 is not suitable, then the cover can be arranged for a specified rebuilding cost under our select option
- Property owner’s liability to third parties – up to £2 million
- Loss of rent following damage caused by an insured event – up to £50,000
- Home Emergency Cover worth up to £150
- Trace and access costs – up to £5,000.
Optional contents cover for:
- Household goods, furniture, furnishings, fixtures and fittings owned by the landlord.
- Replacement locks and keys for external doors if keys are stolen – up to £250
- Legal liability as landlord of the home – up to £2 million
- Contents in outbuildings – up to 5% of sum insured.
Optional extended accidental damage cover
Cover for accidental damage, such as banging a nail through a pipe or putting your foot through the ceiling whilst in the loft (under buildings), or spilling curry on the sofa (under contents).
Optional legal expenses and rent guarantee cover for:
Legal expenses
- Cover is
provided for irrecoverable costs and fees to pursue or defend claims involving breach of tenancy agreement.
Rent guarantee
- Cover is provided
for unpaid rent in excess of one month up to 12 months or until vacant possession is gained, whichever happens first.
- Once
vacant possession is obtained and the property is in a suitable condition to be re-let, benefit will continue to be paid at a rate of 50% of the monthly rent for a further three months or until such a time as the property is re-let, whichever happens first.
As with all insurance policies there are certain things the insurance doesn't cover such as:
-
First £100 of each claim
-
First £250 of each claim for escape of water
-
First £1,000 of each claim for subsidence, heave or landslip
- Damage to fences, gates and hedges caused by storm or flood
- Routine day to day maintenance
- Malicious acts and theft caused by tenants
- Loss or damage caused by, escape of water if the home has been left empty for more than 40 consecutive days
- Loss or damage caused by, malicious acts, vandalism, theft or attempted theft, leakage of oil or breakage of fixed glass or sanitaryware if the property has been unoccupied for more that 90 consecutive days. An additional excess of £500 applies if the property has been unoccupied between 40 and 90 consecutive days.
- Property belonging to or the responsibility of the tenant (contents only)
- High risk property such as televisions, pictures, works of art and clocks (contents only)
- Disputes under £250 (legal expenses only)
- An amount equal to one month's monthly rent (rent guarantee only)
- Claims which would be excluded under the legal expenses cover (rent guarantee only)
- Any claim where there are insufficient prospects of success to gain vacant possession of the property and/or recover any unpaid monthly rent (rent guarantee only)
- Claims notified more than 31 days after the insured event (rent guarantee only)
- Periods when the property is not available for re-letting once vacant possession is obtained (rent guarantee only)
- Periods when the property is advertised for sale or is the subject of a contract for sale (rent guarantee only).
Full terms and conditions are detailed in the policy document, which is available on request.
