Insurance Policies

Paul Alexander Group work closely with Oncover Insurance (based in Camden) to provide a service for Landlords and Tenants Insurance.

Oncover have been established over 15 years and can provide quick quotes with reputable insurers and importantly provide a great service.

Please click on the link below for more info:

Landlords Insurance

If you own a buy-to-let property it’s important to look after your investment by insuring its buildings and contents. There are extra risks involved when tenants are involved, which means you should be taking out insurance specifically designed for landlords.

If the property you’re letting was your home, it’s essential you tell your current insurer you are doing so or your policy could be null and void. Your insurer may be happy with this change, although it may require that tenants meet specific criteria.

Special features of these policies include extra cover for owners’ liability and loss of rent should damage to the property mean it is empty for an extended period and different levels of contents cover for furnished or unfurnished properties. However, there may be restrictions on letting the property to DSS tenants, students or asylum seekers.

Buildings Insurance

Neither buildings nor contents insurance is legally required but you will have to take out buildings cover if you bought the property with a mortgage.

This covers the structure of any buildings included in it and any fixed items that would normally be left behind when residents move out, such as perimeter walls, patios and fixtures and fittings, against damage caused by perils such as fire, flood and pipes bursting.

What you insure is the rebuild cost – the cost of rebuilding the property if it is completely destroyed – not the market value. This sum is included on your original valuation. This figure should be adjusted each year to take account of inflation.

 

Contents Insurance

Buying contents cover is recommended as your tenants’ deposits may not be sufficient to pay for any damage that occurs to items such as floor coverings, curtains and any electrical appliances and furnishings you have supplied.

Your tenants should take out their own insurance for their belongings.

  • The Property Ombudsman – Lettings
  • The Property Ombudsman – Sales
  • Rightmove
  • DPS