Risk context
A let property is not a household risk with a different label. Insurers rate it differently and ask different questions, particularly about tenancy type and periods between tenants.
Where a property is held in a company or partnership name, or is part of a small portfolio, the policy structure usually needs to change with it.
Concepts that appear in this class
- Property owner's liability
- Addresses claims brought by tenants or visitors. The indemnity limit is stated in the schedule.
- Tenancy type conditions
- Policies frequently distinguish between professional, student, family and benefit-supported tenancies.
- Unoccupancy
- Most policies impose conditions once a property is empty beyond a stated number of days.
- Loss of rent
- Some policies include a rent section following an insured event. It is not automatic and limits differ.
These are general descriptions of terms commonly used in this class of insurance. They do not describe your policy. Whether any of them apply, and on what terms, is determined by the wording, schedule and endorsements issued to you.
What moves the terms
- 01Number of properties and whether they are held personally or corporately
- 02Tenancy agreements in place and length of let
- 03Whether contents are supplied by the owner
- 04Flood, escape-of-water and claims history at each address