Insurance is critical for property owners and landlords should have the correct insurance in place, or they run the risk of huge costs should something go wrong. At Lowe & Associates, we can help you get the right insurance at the right price, whether you need Contents cover or a comprehensive package covering any unforeseen incident.
Key insurance policies include Contents Cover, Loss of Rent Cover, Building Cover and Third Party Liability. In some cases, insurances such as Building and Loss of Rent insurance are covered within an apartment building’s management fee. We can help you assess the necessary cover should this not be included, and advise on individual and separate policies.
As a landlord, Rental Income Insurance should be high on your list of priorities. Any self-contained house, flat, apartment, studio or bedsit rented out under a single rental agreement and located in the Republic of Ireland can be covered. However, all PTRB requirements must be complied with as a condition of this insurance cover. No cover will apply if the property is not registered with the PTRB at the time a claim is incurred. If you have not yet registered with the PTRB, this can be done at the same time as purchasing your cover
When you take out Rental Income Insurance, the policy will pay the following:
- The monthly rent (sum insured specified) in the event your tenants stop paying (however, please note that the first month of default is not covered)
- The monthly rent for 12 months, or until such time as the tenants are evicted, whichever occurs first.
- Legal advice and expenses up to €50,000 for any dispute which falls outside the remit of the PRTB or where your legal advisor (solicitor) and ours agree that a PRTB decision is unjust.
There are different rules in place for policies taken out for new tenancies, as well as for existing tenancies. When this insurance is taken out within 21 days of a new tenancy the policy benefits will apply from the inception date of this insurance.
Where this insurance is taken out in respect of an existing Tenancy the following exclusions will apply :
- Any claim arising within the first 62 days of cover incepting
- Any claim where there is a history of arrears of more than 7 days in the previous 12 months
- Any claim where the Insured knew or ought to have known that a default was likely