What is included in a buy to let insurance quote?

November 14, 2011

Landlords Insurance

Although Christmas is approaching, it’s probably fair to assume that you may be expecting more than just a buy to let insurance quote!

 

Having said that, you may find such a quote to be very useful for a number of different reasons:

 

  • if you are considering entering the buy to let market for the first time, you may be keen to try to ensure that you have protected your asset, as far as is practically possible, against the financial pain of misfortune striking;

 

  • bad luck in the shape of natural disasters may be just as likely to strike a rental property as it is one that is owner-occupied;

 

  • however, in addition, rental properties may be at risk of misfortunes that are more commonly associated with landlord and tenant situations, including things such as third party liability claims or malicious damage etc;

 

  • as a result of these additional risks, if you are contemplating becoming a landlord, it is essential to ensure that your policy is one specifically designed to provide landlords insurance rather than owner-occupier home buildings and contents insurance cover;

 

  • such cover typically will include protection for your buildings and it may be important to be clear that the policy covers subsidence risks, as this is no longer universally provided, as standard, as may have been the case previously;

 

  • a buy to let insurance quote should also typically include landlords contents insurance, although in situations where you have let out property on an entirely unfurnished basis, you may decide that you do not need this cover (but it may be advisable to be clear that the buildings cover also includes fixtures/fittings protection and that your definition of fixtures and fittings is on the same wavelength as the policy’s);

 

  • some landlords insurance policies may provide additional cover benefits, such as financial protection against a loss of rental income in situations where your tenants were forced to move out of your property while you repaired it following a problem arising from an insured risk – such additional benefits should typically be noted on a buy to let insurance quote or on documentation that is associated with it;

 

  • you may find that some let property insurance providers offer standardised cover irrespective of the postcode where your property is located and this may make understanding quotations that bit easier, however, insurers may reserve the right to look again at the quotation in the event that your property is located somewhere with a known history of flooding;

 

  • obtaining a buy to let insurance quote is typically straightforward and may take you no longer than a few minutes – it may be time well spent if you are keen to protect your financial interests.
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