Why might you need a let property insurance quote?

February 23, 2012

Landlords Insurance

It might be relatively easy to say you will typically need a let property insurance quote if you are a landlord but that sometimes leads to a little confusion over definitions.

When is a landlord not a landlord?

Occasionally, you may come across someone who expresses sincere surprise when they are told that he or she is a landlord.

That may happen when an owner-occupier decides to rent out their property for a few weeks during the holiday season (including such as the Christmas period just passed) or just a few rooms occasionally to students or other lodgers etc.

The insurance position here is typically straightforward – if you start using your property for the purposes of income generation through letting it or parts of it out, then you have by definition become a landlord.

The key implication of that in insurance terms is that typical owner-occupier home buildings and contents insurance will no longer cover your property.

In such situations you may need to fairly quickly obtain a landlord insurance quote.

The difference

The logic behind this is relatively clear and you may find it to be sound.

Once you begin to let out your property, you are exposed to some risks that are simply not directly comparable to those faced by an owner-occupier. Insurance needs to take account of that.

If that leads you to start frantically searching for the cheapest buy to let insurance quote you can find, it may pay to pause for breath for a second.

As with just about any form of insurance, landlord insurance may come in a number of different shapes, sizes and prices.  What another landlord may find to be cheap and suitable may prove to be neither of those things for you.

It therefore typically makes sense to think about your exact circumstances and to seek cover that you find to be suitable and reassuring rather than simply cheap.

Playing safe

Whether you are an owner-occupier who has suddenly, almost by accident, found yourself to be a landlord or a seasoned veteran of property letting over many years, you probably have a significant amount of money tied up in your property and will not want to take chances with it.

If you have any doubt as to your position, it may pay to find out more and possibly to look further at a let property insurance quote.



Subscribe to our RSS feed and social profiles to receive updates.

No comments yet.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google+ photo

You are commenting using your Google+ account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )


Connecting to %s

%d bloggers like this: