Buying landlords buildings insurance cover

April 27, 2012

Landlords Insurance

When it comes to landlords buildings insurance cover, getting the balance right between economy, as measured by the premium and the levels of cover, may require a few minutes of your time.

That’s because the price of a let property insurance premium may not give you any indication of the levels of cover that it provides.

Different policies may typically appeal to different types of landlord and you need to find the policy most appropriate for you.

Reading through the detail may be the only way that you can be sure that the policy provides the cover that you expect for your letting property.

You may find, for example, that:

  • if you have a number of buy to let properties, you may be able to find a single multi-property policy, which is something that might make your life a bit easier by reducing administration. It may also possibly provide you with a more cost-effective solution for your insurance needs;
  • some policies may also be able to provide you with a contribution towards your  loss of rental income, should your tenants have to vacate your property because it has been damaged by an event such as fire or flooding etc;
  • policies may vary in the extent to which they may be offer financial protection in situations where you are being sued by a member of the public for injuries or damages that they claim are a direct result of some defect in your property. There are some policies that may be able to offer up to £5m of protection.

Remember too, if you plan to give your property a spring facelift, that your let property insurance may only provide cover while your property is tenanted and for only a limited period of time if your property is empty.

You may find that if your property if empty for a period in excess or 30 or perhaps 45 consecutive days (the period may typically vary from policy to policy) then your buy to let landlords buildings insurance may cease to provide cover. So if your refurbishment looks like it is likely to overrun, you may need to look into buying some unoccupied property insurance.

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