Insuring your buy to let property

June 6, 2012

Landlords Insurance

There are many different types of property and just as many different types of tenants. Getting the right combination is important to the success or otherwise of your business as a landlord.

Properties primarily aimed at the student market, for example, may not appeal to families perhaps looking for a garden or professional couples looking for a high level of furnishings and fittings.

You may need to take a bit of time to understand the market and your place in it.

Whatever your market segment though, one of the next things you may need to think about is landlords insurance to protect the financial investment that you have in the property – and there are just as many options here too.

An essential part of buying any policy is to compare some of these options and we would be only too happy to help you in your search and to answer any questions you may have about the most appropriate cover for your own particular circumstances.

Some points that you may wish to bear in mind from the outset though might include:

  • are you interested in a policy which can provide you with loss of rental income compensation should your tenants have to move out because damage from an insured event (fires, flooding storms etc.) has rendered the property uninhabitable;
  • is the risk of damage caused by subsidence an issue for you – not all policies these days may provide this as standard but we can put you in touch with those that do;
  • if you have a number of policies then you may be able to simplify things by having just one policy to cover your complete property portfolio – it may work out to be more cost-effective for you into the bargain;
  • do you need a policy which provides you with employers liability cover – up to £10m in some cases;
  • the levels of public liability cover on offer may vary significantly from policy to policy and you may wish to look out for policies which can offer up to £5m;

Remember too that if your property is empty, then after a period of time (30 or perhaps 45 days), a standard policy may cease to provide cover and you may need to consider unoccupied property cover.

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