Many successful business people diversify their wealth into property, which is smart – long-term, property is always a good investment.
As successful business people becoming landlords, they’ll benefit from already being aware of the importance of insurance to safeguard investments.
But if there is one area where we, as commercial insurance brokers, see even experienced and knowledgable investors occasionally slip up, it is in making sure they take out the appropriate insurance for their portfolio.
In insurance of any kind, one size does not fit all.
It’s not just good enough to have house insurance, car insurance, personal insurance per se – you have to bespoke your insurance to fit the risks your portfolio faces.
Insuring against flood is all well and good but if your house is in the desert, the chances are you won’t need it. Similarly, if you just bought somewhere in Venice, well, you really ought to look into it.
We can’t recommend enough the value of talking to an insurance broker about the detail of what particular insurance solutions are out there.
Extra features which may be worth considering are:
- Accidental damage – red wine on cream sofas, footballs into TVs;
- Loss of rent – such as the property being unlettable as a result of an insured event, like fire;
- Landlords’ Contents Insurance;
- Theft by a tenant;
- Legal expenses, terrorism cover, employer’s liability;
It’s always worth taking a few extra minutes to consider these elements. It could save you a small fortune.
Managing director, Elliott Westland Insurance Brokers