Buy to Let Home Insurance
Buy to let home insurance also known as landlord insurance gives you peace of mind that your property and in some cases, your income, are protected should the worst happen. Buy to let home insurance shares many features of standard building insurance but also comes with its own unique benefits.
Buy to let insurance will cover you for any damage caused to the actual structure of the building. This gives you peace of mind that if your property were to be damage due to a flood or fire, your insurance firm will foot the bill for the cost of repair. Cover will vary from one insurer to the next but can range from £50,000 right up to £2m plus.
Buildings and Contents Covered
Not only does buy to let insurance cover the structure but also the contents inside. It is imperative that you take out insurance to cover your own items such as carpets, chairs, white goods, and any other items that you may have inside the property. If a tenant were to steal or damage any of your own contents then the insurance firm will be able to cover the cost of repair or replacement. Cover once again will vary from £5,000 up to £50,000; this is usually subject to an excess fee.
Landlord Liability Cover
A large majority of buy to let insurance firms also offer landlord liability cover. This gives you peace of mind that if a tenant were to make a claim against you for personal injury, your insurance would pay out. Unfortunately for landlords, this type of claim is on the increase which is why it's recommended that you find an insurance firm that offers this additional service.
Insure for Loss of Rent Due to Damage
Buy to let home insurance can also protect your income. Many insurance firms who offer landlord insurance offer loss of rent cover. This means that if your property were to be damage to the extent that it was uninhabitable, the insurance firm would cover your income. Insurers do vary as to how long they will continue to pay you for, and can range from a few months to an entire year.
As with any type of insurance product, make sure you shop around. There are a number of buy to let home insurance providers to choose from, all of which offer different levels of cover at varying costs. If you have multiple properties leverage your purchasing power as many insurers will offer discounts if you plan to insure more than one house.
DISCLAIMER: All content is for guidance only and does not constitute individual financial advice.
www.homeinsuranceinfo.co.uk is not authorised by the FSA to advise on insurance matters.
