Specialist Landlord Insurance – what do we mean?

In this context, a specialist landlord policy could mean a factor that makes your situation ‘non-standard’. Whether it be non-standard construction or non-standard tenants (supported living for example) these circumstances need to be exclusively stated on the policy, in order to ensure you are indemnified in the event of a claim.

In a recent case, we dealt with a portfolio of 2, both of which were let out to supported living tenants. Their previous policy made no note of this, and when a claim arose, they were extremely fortunate to still receive the payout after an enormous amount of stress and hassle.

Although these policies may come in more expensive due to the nature of the tenants and a perceived higher level of risk from insurers, the added expense becomes irrelevant all things considered. To put thousands of pounds on the line just to make a small saving by misrepresenting your situation is simply not worth the risk.

It is pivotal to have your policy as accurate as possible to minimise the risk of non-payment from insurers.