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The surge in the Buy to Let market in recent years has seen more and more people insuring their rental properties, some mistakenly on standard household policies. These policies state The property must be occupied solely by you and members of your family who permanently reside with you. Therefore an insurer would be within their rights to refuse to pay a claim, making the policy worthless. Here at Lyon Insurance Services we go to great lengths to make sure you have the right policy and offer a number of specialist policies for both Residential Property Owenrs and Commercial Property Owners.
Residential Property Owners Insurance
For most Landlords, Residential Property Owners Insurance gives the correct cover. Specifically designed for Houses and/or Flats which are rented out to private individuals as their main homes. Residential Property Owners Policies usually have the following conditions
- The tenancy agreement must be for a minimum six months
- The tenancy agreement must be directly between the landlord and the tenant
- There must be no business use in the property e.g the tenant operates a Bed & Breakfast from the property
- The tenant must not sublet any part of the property
- You must notify the insurer imediately if the type of tenant in the property changes e.g. Change from working persons to students
When you ask Lyon Insurance Services for a Residential Property Owners Insurance quotation, we will make sure that the quotation includes the following
- Accidental Damage under the buildings section (if available)
- Full cover for Subsidence, Ground Heave and Landslip (if available)
- A minimum of £2 million Property Owners Liability
- Loss of Rent cover to provide you with an income if the property is unable to be let due to a claim
The insurers we use for Residential Property Owners Insurance include Aviva, Axa, NIG, MMA and Towergate so you can be assured that you are in safe hands.
Commercial Property Owners Insurance
As you would expect from it's name, Commercial Property Owners Insurance provides cover for properties where there is some commercial use, be it a small shop with a flat above or a large industrial unit. Commercial Property Owners Policies will usually have the following conditions
- The tenancy agreement must be directly between the landlord and the tenant
- The tenant must not sublet the property
- You must notify the insurer imediately if the use of the property changes e.g. Change from flower shop to newsagents
We will approach our panel of providers to ensure that we get you the most comprehensive cover at the most competetive premium.
How do I get a quotation
Call one of our experienced advisors on 0800 298 0169 or use the buttons below
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