Commercial Landlord Insurance - Contents Cover
If you own, and rent or lease out, a property to a third party then you will need
to have a residential or commercial property owners / commercial business insurance policy. Residential, is of course for houses and flats and is also known as buy to let insurance. Commercial is where you lease a business premises to a third party. Where there is a cross over, for example a shop with flats above, then this will always go under a commercial property policy.It is not difficult to work out, in the main, what is covered. The building, or the structure, is what you need to have cover for. It is the actual bricks and mortar, roofs, windows, floors and internal fittings. Think of the buildings cover as everything that you would not necessarily take with you when you move house or premises. You may have a fitted laminate floor, this would fall under buildings. But what happens to curtains, carpets and flooring (including carpet tiles and moveable laminate)? Where should this be covered?
This will fall firmly and squarely under the contents insurance. Even if you have a carpet, which you would of course not take with you when you moved, this falls under contents because, if you wanted to, you could pick it up and take it with you.
This really only applies in the main to residential let properties. If you have a block of flats insurance policy, then you will need to give special consideration as to whether you have suitable cover for contents in communal areas. Speak to your business insurance broker about getting this included.
For single let residential properties, over 80% are let unfurnished. But, what a letting agent calls unfurnished and what a commercial insurance company call unfurnished are two entirely separate things. If you have carpets, curtains or any fitted white goods (ie fridges, freezers, dishwashers, washing machines or tumble dryers) then you need to have contents insurance.
Contents cover can be slightly more expensive than the buildings because it is more susceptible to damage and/or theft. But, without the cover you could be left financially out of pocket. The major source of claims to let properties is water damage. This is from burst pipes or storms. If water leaks in, it will always go to the lowest point and this usually involves damage to the flooring. You can, in very few cases, use a de-humidifier to remove any water from a carpet but this is notoriously difficult to do. You may think that it is clean and dry, but this is only the top. If water has seeped through the carpet then it will start to rot unless it is dried thoroughly. This in tune can start to rot any wooden floorboards, or worse still ruin any chipboard as this acts like a sponge.
If you have a landlords insurance policy, please take the time to review it to see if you have suitable buildings and contents cover. You will always need to insure for the full replacement cost. What this means is that you cannot just have 1,000 of cover, if it would cost 5,000 to re-carpet the house. As always, you are better arranging any type of non-domestic cover with a business insurance broker and they can help you source the right cover.
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