need help with commercial buildings insurance

Ignatius_A

We let a house (value approx 60k) and to insure this we need a commercial policy, as we're non resident. I believe this also needs to cover some degree of liability cover

We recently obtained a renewal for this year which was substantially more expensive than previous years. (We do go through a broker, and pay annually)

Can anyone advise on the best moneysaving techniques for getting this type of insurance cover?

Thanks in advance

mattymoo

Is the £60k the market value of the property or the rebuilding cost. £60k does not build much of a house these days.

Insurers normally look at the property management - do you use a lettings agent for instance or DIY? Do you let to DSS? Is the house in multi-tenure occupancy (split into bedsits)?

DSS and bedsits = higher premiums.

Ignatius_A

mattymoo wrote: »

Is the £60k the market value of the property or the rebuilding cost. £60k does not build much of a house these days.

Insurers normally look at the property management - do you use a lettings agent for instance or DIY? Do you let to DSS? Is the house in multi-tenure occupancy (split into bedsits)?

DSS and bedsits = higher premiums.

60k is approx market value - it's a terrace in NW UK.

We use an agent. It's currently let long term to a non-dss tenant. It's single tenure.

HTH

mattymoo

If this is a villa terrace type property, front room and back room (parlour), plus 2 bedrooms over, together with a return at the rear with bathroom over kitchen, then £60k is underinsured. You would be looking at £100-£120k for a property of that type for rebuilding.

If you have the surveyors report from when you bought the property, it should have an ERBC figure (estimated rebuilding cost). You need to adjust this for inflation if it is more than a year old.