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The UK Residential
A residential home is the
largest investment most people make. Having the right insurance on the
home is critical. If thereís too much insurance, itís a waste of money. If
the house is underinsured, the owner runs the risk of not recouping all of
the losses in the event of damage.
One of the most common methods of calculating the value of a house is
through the property valuation report, which will list the insurable value
of the property. This amount represents the total replacement value in the
event of a total loss. The amount excludes the value of the land and
If a home owner is looking to save money on insurance, the easiest way is
to eliminate optional extras. Those extras are additions to the standard
policy that are available at additional cost. For instance, a home
emergency cover will insure against emergency damage to appliances and
covers the cost of a skilled repairman.
Before eliminating these extras, it is wise to check if there are other
ways of saving on a residential property insurance policy. A good alarm
system can be worth a policy discount. Some policies offer lower rates for
smoke alarms and fire extinguishers. The idea is to get the best available
coverage at the most cost-effective rate.
Another type of residential property insurance is for property owners who
let the property to tenants. Such a building is at risk from theft, fire,
malicious damage and public liability. Further covered items include
equipment breakdown, business interruption and personal accident.
Additional extra coverage might include loss of rent and landlordís
The above residential insurance policies are applicable only to occupied
properties. Such standard policies would not apply to property that is
unoccupied for more than approximately one month. For long-term unoccupied
property, an Unoccupied Property Insurance policy is needed. Since
unoccupied property is a greater insurance risk, the policy premiums will
be higher. Such a policy would cover building and content insurance and
public liability insurance for building and content.
If the unoccupied property is commercial, it would require an unoccupied
commercial property insurance policy.
Insurance can be expensive. It is, however, a necessary expense to protect
expensive property. The best way to insure good value is to shop around
for the best buy.