Frequently Asked Questions
We’ve put together some of your most frequently asked questions, which will hopefully give you all the information you need.
If you’d still like to ask us anything, please call us on 0800 035 8258 (Monday-Friday 8.30am-6pm, Saturday 9.30am-1pm).
What does Buildings Sum Insured mean?
Essentially, it’s the cost of rebuilding your property (this is different to the market value), and is usually found on your valuation report or mortgage survey. Our Landlord Buildings Insurance automatically covers you for up to £500,000 – but you can specify a rebuild value if you need to be covered for more. It’s important to insure your property for the correct amount – the Association of British Insurers calculator can help you understand the rebuild value of your property.
Why should I choose HomeLet?
Over 20 years in the industry has given us the experience to create bespoke products to respond to landlords’ every insurance need. We currently provide cover for around 30,000 landlords.
What does IPT rate mean?
It stands for Insurance Premium Tax, which is a variable rate tax, set by HMRC, and is included in all our policies.
Can I cover DSS and student properties?
Yes, our Landlord Insurance+ policies cover this, except the Prestige Rent Guarantee and Legal Expenses (we would need some more information for these, such as a guarantor’s reference).
What happens if the policyholder passes away?
The estate is usually handled by an executor. We can set up or continue a policy in the name of an executor, and once we've seen the appropriate probate documents can amend the policy to the new legal owner. If probate is granted to someone who isn't an executor, we would cancel the policy and start again with the new owner.
What are Star Ratings?
Defaqto work to produce a range of independent ‘Ratings’ – including Star Ratings, Diamond Ratings and Service Ratings – to support better financial decision making for customers.
These independently awarded ratings allow you to gauge the quality of a financial product or insurance policy, safe in the knowledge that the experts at Defaqto have conducted a thorough analysis of its features and benefits.
Why are Star Ratings important?
Defaqto places significant emphasis on the quality of cover a product or policy offers. This focus on quality means you can see clearly where the product sits in terms of the market and how extensive the cover is - only the most comprehensive policies receive five stars.
Defaqto’s independent and unbiased review so you can be sure you have all the facts before making a decision about which product is right for your needs. For more information about Defaqto and the ‘Star Rating’ process simply visit our Defaqto page.