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Commercial Buildings Insurance

More and more properties are being built in the UK each and every year giving way to property investments from people of all ages. With a wide range of buy to let mortgages now on offer it is easy to get into this area of investment with the potential to reap mass financial rewards.

Along with wider options of properties to buy and rent out and a great variety of mortgages to choose from to obtain these properties, insurances specific to buy to let properties have also become much easier to purchase.

As well residential property investment, commercial property investment has also seen a rise in the last few years. Naturally, as you would expect, commercial property insurance has also seen as rise too, creating more and more competition in the insurance buy to let field to sell the best insurance package possible.

Commercial-Protector offers commercial property investors insurance packages that cover their requirements and additional needs quickly and efficiently. Our packages will always cover the basics that you are required to have when buying and leasing a commercial building. These are:

• Insurance cover for the building itself against standard perils like fire, theft, malicious acts or vandalism and storm damage for example.
• Loss of rent due to you up to 20% of the sums insured for the buildings (or as stated in the schedule)
• Property owners liability for if legally liable to pay compensation for accidental bodily injury to a person or loss or damage to third party property occurs.

Making sure you are insured for the right amount and for the right things is vitally important, especially in relation to how much you insure you building for. Commercial buildings insurance usually covers the building against a list of set perils (this may vary depending on each individual insurance company) for the reinstatement value of the property.

Many people can get confused as to which price to insure for and how to find it. It is usually the reinstatement value, and not the market value as often perceived. It is best to check with the individual insurance company as to which value they require to insure your buy to let commercial property for.

At Commercial-Protector we will always advise that you find out the correct rebuilding cost of your property before taking out a commercial buy to let property insurance policy with us. Getting a quote without the correct reinstatement value will give you a rough indication as to whether the insurance companies premiums are competitive.

However the pitfalls to estimating the reinstatement value can not only lead to over payment of a premium for your commercial buy to let insurance policy, but it can also lead to underinsurance. This is dangerous as it could leave you with a great risk in the event of a claim if the property is damaged or needing complete rebuilding.

The reinstatement value can be found on a surveyor’s report of the property or by checking with your solicitor. If you still do not know the reinstatement value, an alternative way of checking this would be using a ‘sums insured calculator’, one of which can be found by logging onto the website of the Association of British Insurers.

It is in the tenant’s best interest as well as the landlords to make sure the property is fully covered in terms of its replacement value for the buildings insurance, loss of rent and property owners liability.

Quote online or call us on 0845 226 8559
Mon - Fri 9.00am to 5.00pm

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