Make sure you get the right policy
A standard household insurance policy will not extend to cover rented property so it’s imperative to make sure that you are dealing with a broker who specialises within the property industry and offers comprehensive cover. This way you can relax knowing that should any damage occur you are protected against the financial consequences. This in turn allows you to concentrate on more important things such as the management of your property or expanding your existing portfolio.
Why do I need landlord insurance?
It is not a legal requirement, however, standard buildings and contents policies may not provide you with the correct level of cover you need for your property. If you are buying to let a property, then you will most probably need property & landlord insurance for the extra piece of mind that your property is safe and secure. In addition to this, most mortgage lenders require you to have this insurance if it is being used for a buy to let purpose.
The advantages of buy to let insurance
As with any insurance, there are many advantages to investing in a policy. And we believe it is so much more important with buy to let insurance. Policies for landlords are there to make your life easier in case any incidents do occur for example, a fire or flood.
Buy to let insurance is so important, it will cover you for eventualities which may occur within the house. For example, it will cover you for items such as vandalism, fire, flood and an injury placed within the house if it is your fault. Therefore, it will give you peace of mind that you are covered for all eventualities.
Will it cover contents insurance?
Often buy to let insurance does not cover contents insurance. So if you are renting the house with the furniture included; whether it is free standing white goods such as fridges or washing machines, then you will most likely have to open a separate policy. Replacing these items after a flood for example may cost a lot. Which is why contents insurance will give the landlord peace of mind.
The importance of buy to let insurance
Landlord insurance will protect you from the situations which may be difficult to resolve without this type of insurance. For example, if you ever find that a tenant doesn’t pay the rent, then buy to let insurance will cover you from this.