property owners policy

The Main 6 Types of Property Owners Policy

What is a property owners policy? We get asked this all the time. There seems to be so much choice, and often clients find it difficult to understand what insurance they need. This blog will help people understand what property insurance is, how it is defined, and the types of property insurance available. As always, if you still require more information please call an expert on 0800 078 7003 or Get A Quote Here.

Property Owners Policy Definition

Property insurance, often referred to as landlord building insurance is a specialist insurance policy that protects property owners from loss or damage related to owning a property. Whilst these policies often cover the building itself, they can cover contents, loss of rent, loss of income, liabilities, accidental or malicious damage, and property repairs.

Property insurance policies are often bespoke and designed to meet the unique needs of each landlord. Not only does property owners insurance offer the best level of protection, but it also offers simplicity, peace of mind and protects your financial future. Now we have outlined what property insurance is, we will explain the top 6 types of property insurance.

Types of property insurance available

Whilst there are many types of property insurance available, we will outline the main 6. These policies are designed to meet the needs of all UK property owners.

Commercial Property Owners Policy

Commercial landlord insurance, also known as commercial property owner’s insurance, is a policy designed to protect landlords who rent one or more property for commercial purposes. This includes properties used for offices, call centre, doctors, retailers, etc. Unlike a residential landlord insurance policy, commercial landlords may require property owner’s liability insurance, for example, that would not be covered in a standard policy.

Residential Property Owners Policy

Property insurance for residential landlords is a specialist property owners policy which protects landlords who rent their properties to residential tenants. These policies typically cover the common situations that can arise when renting to tenants such as loss of rent, buildings, contents, accidental damage and property repairs

Block of Flats Property Owners Policy

There are many types of property insurance available to residential landlords, one of which is a block of flats insurance. This policy is designed to protect landlords who rent flats and apartments. Houses of multiple occupancies are considered a higher risk by insurers, that’s why we always recommend landlords get full protection with a comprehensive black of flats insurance policy.

Buy to Let Property Owners Policy

Buy to let property insurance in a different type of property insurance designed specifically for landlords who buy properties to rent for an income. These landlords often own multiple properties, in different locations, with varying rental incomes and property values, a buy to let insurance policy offers better cover, and great value compared to taking out separate residential insurance policies.

Non-standard Property Owners Policy

As you might expect, non-standard property insurance is a property owners policy designed to protect landlords who own a property that would be considered non-standard by a landlord. Examples of these builds may be those near the sea, a flood area, those with a thatched roof, or those converted from old commercial buildings such as factories or warehouses. These are considered a higher risk, and so a specialist policy is required to get the best protection.

Unoccupied Property Owners Policy

Unoccupied property insurance is recommended in any situation where a home is left unoccupied or a building is left unused for an extended period. Unlike standard buildings and contents insurance, this type of insurance remains valid when a home is empty. Empty property insurance may also include additional protections when there is a higher than average insurance risk due to the owners not being present.

Talk to a Property Owners Insurance Expert

At 1st Choice Insurance, we can help you find the right cover for your property, call us now for an empty property insurance quotation on 0800 078 7003 – 0300 600 0603 or complete our Get a Quote Form. Remember we offer both residential and empty commercial property insurance quotes.

Back to blog