Checking out cheap landlords buildings insurance

December 9, 2012

Landlord Information

If you are looking for cover for your buy to let property, the specialist providers that you can find online may be a very good place to start.

If you have a buy to let mortgage then buildings cover may be a mandatory condition of your loan, which allows your lender to protect their investment.

Even if you have no such requirement, you also need to take steps to ensure that your investment in your property is similarly protected. You may just have to imagine a scenario where your property was damaged to the point where it had to be completely rebuilt, to appreciate the costs that you could be faced with.

Of course, worst case scenarios may be thankfully very rare but there are numerous other situations which could leave you seriously financially exposed without the protection on buildings insurance.

A typical policy may provide cover for:

  • third party liability awards arising from court cases where you were sued by a member of the public for damages they have suffered as a result of some defect in your property – this may also include related legal costs;
  • damages from events such as fires, flooding, earthquakes, storms and the like;
  • the complete rebuild of your property, including costs relating to site clearance, legal searches, architect and legal fees etc.

You may also find that some policies will also provide, as standard, cover for:

  • subsidence;
  • malicious damage by tenants;
  • compensating you for a loss of your rental income if your tenants have to vacate your property if it is damaged by an insured event.

At CIA insurance, we are only too well aware that margins are tight and that no-one welcomes any additional expense – which is why you may be looking for cheap landlords’ buildings insurance.

Opting for the cheapest policy that you can find may be fine provided that you:

  •  fully understand just what is and is not covered by such a policy;
  • are confident that the terms and conditions are something that you are happy with and importantly, can comply with;
  • understand that all landlords are different and what you may consider to be a cheap buildings policy may not be viewed in the same way by another landlord.
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