Insurance Protection for Landlords – Buy to Let Insurance

Landlords / Residential Property Owners insurance is a combination of covers packaged together by insurers to provide landlords with the essential components to ensure that their investment is adequately protected. All types of landlords require insurance for their properties. From the landlord who owns a single small flat, to the entrepreneur who controls a large portfolio of property, the chances are that a significant amount of capital is tied up in the property, and that a certain amount of income is expected. Buy to Let insurance protects you against losing your capital investment, and can also help protect the income stream you receive through your tenants paying rent.

Do you have the correct Insurance contract?

Buy to let specific insurance, is becoming increasingly important. If the property you are insuring is tenanted or about to be tenanted you must ensure that you have the appropriate buy to let insurance. The consequences of using a "standard home insurance" contract to insure a let property is that you may well be uninsured. Many insurance contracts have restrictions and conditions automatically applied if the property is not occupied by the owner, and, indeed a good number of insurers will not offer cover for rented property. Knowing that the property is to be let is a 'Material Fact' and must be disclosed. Failure to tell the insurers could result in claims being declined and/or the policy being cancelled when a claim is notified.

Why can't I buy normal home insurance for a buy to let property?

By renting a property out to a tenant, you are effectively operating as a business, even if the income is very small. For this reason you must purchase appropriate insurance, of which Landlord Liability is a subset. As a landlord you have legal responsibilities towards your tenants in a way that you do not have for your own home. A landlord insurance policy covers you for this.

To discuss or to arrange a quote please call us now on 01383 623300 or E-mail us using the Contact Us button at the top right of the site entering your contact details and we will phone you back to discuss your requirements.