Towergate Landlord Insurance Reviews, Features, Pros & Cons

Towergate Landlord Insurance Reviews, Features, Pros & Cons

Do you know you can be protected by landlord insurance against risks similar to those covered by a typical homeowners’ insurance policy like events like fire, flooding, water escaping, subsidence, etc.

You’ll only need extra things as a landlord, like money to compensate for lost rent and somewhere else to stay in case there is any of the events stated above.

Are you looking for good landlord insurance? Then try Towergate Landlord Insurance.

How Towergate Landlord Insurance Started

Towergate was founded in 1997 and has since developed into a global force, partnering with some of the UK’s (and the world’s) top insurance companies, including AXA, Aviva, and Zurich.

Towergate takes pride in providing thorough and flexible coverage to meet your unique needs, eschewing the “one size fits all” tenet. Towergate has a panel full of specialists on its side.

Towergate can offer insurance because of this, including coverage for tradespeople, landlords, equines, boats, cars, and many other types of insurance.

Additionally, Towergate offers a variety of specialized insurance plans that even cover the most “risky” tenant categories, such as DSS recipients, students, and asylum seekers!

While this flexibility is beneficial in some circumstances and offers possibilities for landlords who cannot get protection elsewhere, it can also be a hassle in other situations. 

Determining if Towergate’s product is the same as, superior to, or inferior to that of its competitors in the Landlord insurance market is trickier.

In contrast to many other landlord insurance companies, Towergate can be viewed as an insurance broker rather than an insurance company in and of itself. Determining whether Towergate’s entire landlord insurance package is worthwhile can be challenging because of its tight collaboration with a panel of insurance professionals that underwrite their policies.

How Towergate Landlord Insurance Works

Towergate finds specialized insurance coverage for various property owners, and their clients range from large real estate investors and pension funds to individual landlords.

Towergate Landlord Insurance uses its tremendous purchasing power to give you access to a panel of top insurers as one of the UK’s largest independently owned insurance brokers. As a result, the rates remain low, and the coverage is of good quality.

The knowledgeable staffs at Towergate Insurance have in-depth knowledge of the industry as a top provider of specialized property insurance. We know our clients’ surroundings and interactions with funders, renters, and leaseholders.

Consequently, you can depend on them to identify and manage any special exposures your portfolio may have using a policy designed just for it.

Key Features of the Towergate Insurance

You may rely on the Towergate staff to set up Specialist Property Insurance with the following features:

• Structures, lost rent, and liabilities
• Engineered dangers
• Terrorism
• Tenants’ contents
• Law-related costs
• vacant and non-standard properties
• Development and construction risks

Importance of Towergate Landlord Insurance

Towergate landlord insurance offers several advantages that are appealing to experienced and novice landlords alike. Here is a few important we think you should be aware of:

• Variety of property types covered: Towergate offers a selection of adaptable plans to meet your needs for flats, commercial and residential properties, and real estate portfolios.
• Covered tenant types include: Towergate will protect you from higher-risk tenant types, such as DSS, students, and asylum seekers, unlike some of its rivals.
• Working directly with some of the UK’s most reputable landlord insurance providers, Towergate, which is technically an insurance broker, compares policies and costs to make sure you obtain the proper coverage for you.
• Flexible add-ons: Towergate offers several optional extras that can be bought in addition to your primary landlord insurance policy, according to our research. As a result, you can customize your insurance to your unique situation and, if necessary, choose a higher level of coverage.

What Towergate Insurance Cover

• Buildings insurance: pays for repairs if your property is harmed by theft or attempted theft, fire, storm, subsidence, heave, or settlement.
• Contents provided by the landlord: If any of the contents you give to your tenants are lost or destroyed due to any of the occurrences mentioned above, this will cover the expense of repairing or replacing these.
• Accidental Damage: If the structure of your rental property or any belongings you provide for your tenants are damaged due to an accident, this sort of insurance will help with replacement or repair costs. This form of coverage would be appropriate, for instance, if a renter left a significant stain on the fitted carpet in your rental home after spilling red wine on it.
• Alternative tenant housing: If your property becomes uninhabitable, Towergate will cover the cost of your renters’ alternative, suitable accommodation for the time it takes to ensure the property is habitable once again.
• Loss of rental income: Similar to the situation described above, if you lose rent because your home has been rendered uninhabitable, Towergate will cover these losses and additional costs and expenses, like re-letting the house and related legal fees, to avoid or limit the loss of income. Be aware of any limits stated in your insurance, as the exact coverage we received only covers costs for up to 25% of the contents, fixtures, and fittings sum insured. Alternative tenant housing: If your property becomes uninhabitable, Towergate will cover the cost of your renters’ alternative, suitable accommodation for the time it takes to ensure the property is habitable once again.
• Loss of rental income: Similar to the situation described above, if you lose rent because your home has been rendered uninhabitable, Towergate will cover these losses and additional costs and expenses, like re-letting the house and related legal fees, to avoid or limit the loss of income. Be aware of any limits stated in your insurance, as the exact coverage we received only covers costs for up to 25% of the contents, fixtures, and fittings sum insured.

Exclusions To Towergate Landlord Insurance

Like almost any insurance, landlord insurance frequently has specific exclusions that you should know to avoid being caught off guard. We’ve included a few of the most important ones below since Towergate and its panel of insurers are no different:

• This is a systematic exclusion that is sometimes forgotten, so double-check when your coverage officially begins! Any damage or incidents you were aware of before the policy start date.
• You will not be covered if your belongings are harmed due to incidents linked to such incidents as a nuclear attack damaging your property.
• Any harm stemming from shoddy engineering, subpar components, or subpar construction
• Any harm that develops gradually, such as wear and tear from use or damage brought on by aging
• Frost, moisture, and dry rot damage
• By pets or other animals, there has been damage.
• As a rental property landlord, it’s also important to remember that your insurer may only sometimes pay for losses or damages that occur when your parcel is empty, depending on how long the unoccupied period is specified in your policy.

Customers Ratings Of Towergate Landlord Insurance

If we look at Towergate, its clients hold it in high respect. It has a Feefo rating of 4.6 out of 5, which denotes a superior level of consumer satisfaction.

This and numerous other star ratings and reviews for Towergate do not specifically address landlord insurance.

When looking at the business, it seems customers are happy with their experience, which is a good indicator. 4.6 out of 5 is an excellent Towergate rating based on over 4,800 ratings from just this past year!

On Trustpilot, Towergate receives a “poor” overall rating of 2.1 out of 5, reflecting all insurance products offered by Towergate rather than their insurance products.

Towergate Landlord Insurance Contact Info

Contact information for Towergate landlord insurance claims is 0344 892 1384 (available Monday through Thursday from 8:00 a.m. to 5:30 p.m. and Friday from 8:00 a.m. to 5:00 p.m.).

Email address for Towergate Landlord Insurance Claims: [email protected]

Frequently Asked Questions

How Does Landlord Insurance Work?

Real estate owners who rent out their properties to renters are protected by landlord insurance. An individual or group permitted to occupy a property by a rental agreement is known as a tenant. The tenancy agreement will outline your duties as a landlord and frequently spell out the conditions under which you must maintain the appropriate insurance.

What should be done before making a claim with Towergate Travel Insurance?

We advise you to thoroughly examine the policy terms before filing a claim to be sure you are covered. If so, you can be asked for information and paperwork like your policy number, pictures of the loss or damage, receipts, and invoices. It’s always a great thought to have the items on hand or to be ready to get them if needed to avoid delays.

What distinguishes buildings insurance from contents insurance?

Buildings insurance, which includes the walls, roof, and floors of the property, and contents insurance, which covers the furniture and freestanding appliances inside the house, are two different types of insurance.

When comparing buildings and contents insurance, it helps to determine what might be regarded as a component of the structure of the property (the “buildings”) and what might be logically removed and transported to another property (the “contents”).

Does the law require landlord insurance?

A landlord is not required legally to purchase a certain insurance plan. However, a typical house insurance policy won’t protect you from rental operations. If your property is mortgaged, your lender will probably demand that you obtain insurance before renting it out.

It’s crucial to remember that before you rent out your property, you often need written permission from your mortgage lender. You could violate your mortgage agreement if you don’t receive this approval.

Conclusion

Towergate Landlord Insurance is a landlord insurance company that offers services at a suitable rate. Consider them if you want to get your landlord’s insurance.