Tag Archives: let property insurance

Reasons for looking for let property insurance quotes

If you are a landlord then you may be considering looking for let property insurance quotes.

Although home buildings and contents insurance is widely available for owner occupiers or people renting a property, this is typically unsuitable for landlords who require extra (and different) cover to protect their investment.

If you are in any doubt as to whether to begin to search for let property insurance quotes, it may be a good idea to look at some of the main reasons for taking out specialist cover for landlords.

Protect your investment from damage

Wherever your property is located, there is always the chance that it may become damaged by things such as fires, floods and bad weather.

Even if you are a very careful landlord and look after your property well, some things may remain out of your control.

By looking for landlord insurance you may be able to find a policy which provides you with financial protection if the worst comes to the worst and your property is damaged by the elements.

Protect your rental income

If your property does become damaged due to reasons beyond your control, you may end up losing rent because you are unable to let out the property to a tenant.

However, if the property is your main source of income then the results of this may be very difficult to deal with.

You may find, therefore, that suitable buy to let landlord insurance provides you with protection for your lost rent in such circumstances which may help to ease the financial strain. This is often known as landlords rental income cover.

Enjoy greater peace of mind

A property is typically a very large investment, and it may therefore be a sensible idea for you to do everything you are able to in order to protect it.

Buy to let insurance may be able to provide you with cover for a range of situations in which your property may be at risk, allowing you to enjoy more peace of mind knowing that your investment is safe.

Other possibilities

There are some events which may not be covered by a standard landlords insurance policy, but which may be covered on a separate policy.

One of these is unoccupied property insurance, which may be able to provide you with cover if you have to leave your property unoccupied between rents or because you need to carry out repair works.

It may be another way to protect your investment, but remember that this is typically something which is insured separately.

Protect your property

If you are a landlord then it may be a good idea to ensure that you have appropriate cover in place for your property. By looking for suitable let property insurance quotes you may be able to find a policy which is appropriate for your needs to give you greater peace of mind.

Let property insurance – commonly asked questions

The following questions are frequently asked with respect to let property insurance.

Is it required if I have a flat in a larger block?

Typically, yes, it is.

Just as if you were an owner-occupier in a flat or apartment, it may be advisable to have buildings and contents insurance for your property.

In some cases there may be common shared elements of insurance across a split property, nevertheless, if you are using your property for the purposes of income then you will need to ensure that your own cover (and any shared cover components) explicitly covers landlord properties.

What about if I only rent out my property for a few weeks per year?

It may be advisable to read your own policy for certainty, however; typically any use of your property for commercial purposes (including rental income generation) may require let property insurance in order to ensure that your buildings and contents insurance protection remains effective.

Supposing I am only renting out a couple of rooms and still occupy the property as my own residence?

Typically, such a situation may make no difference – though again, it may be useful to consult your policy to be sure.

Ordinary owner-occupier home buildings and contents insurance may be put at risk if you start to rent out sections of your own home.

Does landlords buildings insurance cover me for subsidence?

Some policies may do so but this is no longer something that you can assume to be a given, as may have been the case in previous decades.

Given the potentially catastrophic costs of rectifying a subsidence problem, it might be a good idea to search for landlords cover that does provide protection in these circumstances.

Will buy to let insurance cover unpaid rent arrears if tenants abscond?

That may be rather unlikely. Classic landlord insurance may also not cover you if you become embroiled in a legal battle trying to force eviction.

On the plus side, some let property insurance policies may cover you for wilful damage caused by tenants etc. The cover may also extend to third party liability damages awarded against you by a court.

Top Tips for finding the best let property insurance quotes

When looking for a let property insurance quote, the job at first may seem quite daunting. There are many companies who offer let propety insurance, and as a result you may find yourself at the bottom of a pile of policies and quotes. Well just as with any product, finding the best let-property insurance quote isn’t that difficult, if you know how.

Here are a few points below which should help you in your quest for the most appropriate insurance deal.

  • first and foremost, the thing to remember is that you are not looking for the cheapest quote; you are looking for the quote which gives you the landlords cover you need. The cheapest buy to let-insurance isn’t necessarily always the most suitable – it’s the quality of the policy which may be important to you;
  • as the internet gives us access to many companies, we have been given the ability to compare prices like never before, but when looking for landlord-insurance, it may be a smart move to compare the cover offered by the landlords-insurance policies first, and then look at the prices;
  • as with all insurance policies, it may be a good idea to read through the small print before you sign up and see if any discounts may be available too. Some companies may offer, for example, flexibility on the amount of voluntary excess that a client chooses to pay. Often it is the case that when you opt to pay a higher amount of excess the total cost of the policy may be reduced. But again it’s what works best for you;
  • loss of rent cover due to an insured event. Not all policies include this as standard, so it may make sense to check before you buy your landlords cover;
  • replacement locks may be something which seems trivial but is often very expensive to repair, and it is also a situation which some landlords may find themselves in at some point.

This cover is often not included as standard in some landlords policies.

Insurance is a personal thing, and it may make sense to choose the cover that is suited to your personal situation. Cover does change between providers, and even the payout levels can be different, so always make sure you fully understand what is covered and up to what limit, and don’t be afraid to ask if you are not sure.

Landlord insurance may be important for anyone with a let property, and just as with regular home buildings and contents insurance, knowing that your property is safe, and insured against damage, means you can sleep peacefully. Getting what you think are the best let property insurance quotes means you are one step closer to getting appropriate cover and that all important peace of mind.