Real estate is a very popular means of investment in the UK – whether actively bought and sold or just a sensible way of using an inherited or former residence. With rental properties nearly always in demand, aspiring landlords see a potential for big financial gains with very little downside risk.
But is that downside risk estimate really accurate?
Emerald Life provides comprehensive 24/7 landlord home emergency cover as an optional extra with our landlord insurance. Get a quote today by completing our online quote form or call us now.
Unlike many assets that are locked into a market through a broker and resemble simple numbers on a sheet, becoming a landlord is a very different kind of investment involving time, emotion and other people.
While the likelihood of your property portfolio going to zero is much less likely than stocks – what happens if your boiler breaks down and tenants are left in the cold? Or a burst pipe renders your property uninhabitable?
Imagine the call late at night when you learn a sizeable piece of your net worth is malfunctioning and not only do you have to pay to fix it, but your rental yield looks questionable until the fix is complete.
Compound that with the pressure of a buy-to-let mortgage with an upcoming payment that might not be met this month.
And in that situation, repairs are your responsibility. The rest of that night it is you who has to find out who can fix your property and how.
People choose to become a landlord for easy, passive and largely secure income. But that bubble can burst in an instant just like a pipe that showed no hint of a problem.
But isn’t this all a tad melodramatic? Won’t your insurance cover you?
If you have a good landlord insurance policy, then your buildings cover should include damage to the property. If you have landlord contents cover included in that then your own furniture and carpets should also be covered.
But rapid help when you need to fix an actual problem there and then? That is less likely.
That’s why you should consider landlord home emergency cover.
At Emerald Life our landlord home emergency cover is available 24/7 – just ring the provided helpline and we sort the rest.
We provide up to £500 for the suitably qualified contractor we appoint to visit your property and sort the problem fast.
Landlord Home Emergency Cover – What is Included?
- Heating failure (but boiler must be less then 15 years old)
- Plumbing and drainage (not through freezing pipes)
- Failure/damage to external doors
- Failure of only toilet in the property
- Loss of power supply (not a mains power cut)
- Lost keys (if the only available set)
- Vermin infestation
- Alternative accommodation costs if property unsafe
Between Tenants? No problem.
Most insurance policies only cover events while the property is occupied. If the property is left for more than 30 days then it is deemed unoccupied and an insurer may refuse to pay out on claims unless you have a specific unoccupied house insurance policy.
But what if you’re just struggling to find the right tenant? With our landlord home emergency cover your cover continues if the property has been unoccupide for more than 30 days if you are actively seeking a a tenant.
What To Look for in Home Emergency Insurance
We provide emergency cover landlord home insurance as part of our comprehensive landlord insurance policy.
That means your home emergency insurance adds to an already broad product including buildings cover, legal cover and £5000 of free landlord contents insurance.
Home emergency insurance on its own to cover landlord home emergency situations may be available elsewhere.
However, make sure that the rest of your property is still covered. Landlord insurance is not a legal requirement but you probably have a significant amount of money invested in a building which could be devastating if lost.
Similarly a lot of landlords treat landlord liability insurance as an afterthought. But if someone were injured on your property and decided to sue you those costs could also be very high.
Make sure that whatever insurance provider you choose provides cover for your rental property is regulated by the Financial Conduct Authority and that you read their full terms and conditions to find out what their cover includes.
Then you should look at individual coverages in their policy wording. Do they cover lost keys? Boiler cover? Gas supply or water supply issues? What kind of emergency repairs and damage are included? And what happens to your tenants and their rent payments if the property is uninhabitable?
Also do some research on customer feedback to find out how helpful an insurance provider is in paying claims. How responsive were they to get damage fixed or boilers repaired by an approved contractor with previous customers who had to make a claim? Was a 24 hour service really 24 hour?
When you get a quote that will also be a good way to establish a good emergency landlord insurance provider. Do you trust them to keep your property safe and to help in the event of claims for a home emergency?
How To Claim on Home Emergency Cover
Landlord emergency cover is a great way to secure both your financial investment in a property and your own time and peace of mind.
But any insurance policy is only good if you can claim easily.
With our landlord home emergency cover we provide details on how to claim clearly in our home emergency policy wording, which you should have been supplied with when you bought.
However, here are those same simple steps again.
In the event of a property emergency:
1. please telephone 0844-571-8161 (lines are open 24 hours a day, 365 days a year) as soon as possible, providing us with your name, insured property address, postcode, and the nature of the problem
2. we will record your details and then decide on the best course of action to limit your loss and/or repair the damage. If the incident relates to an emergency covered under this policy, we will instruct a member of our emergency contractor network. Poor weather conditions or remote locations may affect normal standards of service
3. if you are claiming for alternative accommodation costs for your tenant(s) you must obtain our authority to incur costs before booking somewhere to stay. Your tenant(s) will have to pay for the accommodation when they check out and send the receipt to you, to forward to us to be reimbursed
4. it is important you notify us as soon as possible of any claim, and do not call out your own contractors as we will not pay their costs and it could stop your claim being covered
5. you must report any major emergency which could result in serious damage to the property or injury, to the Emergency Services or the company that supplies the service
6. your call may be recorded for training and security purposes and will be answered as soon as possible.
Frequently Asked Questions
What is landlord home emergency cover?
Landlord emergency cover offers a fast helping hand if your rental property suffers an emergency like a broken boiler or burst pipe. We’ll send a contractor round and cover up to £500 of the costs.
Do you provide cover for lost rent?
We do provide cover for lost rent if your property is made uninhabitable by an emergency. Note that this is not the same as rent guarantee insurance if your tenants are unable to pay and the property is in an acceptable condition.
Can I get standalone landlord home emergency cover on its own?
We only provide landlord home emergency cover with our comprehensive landlord insurance policy. This ensures you get great quality cover throughout, including buildings insurance to protect the full rebuild cost of your property. That also means you only have to deal with one insurer and renewal date rather than holding lots of different policies.