Staying safe with buy to let property insurance
Buying a property that you plan to rent out can be a traumatic business. There’s a lot to worry about but even so, it is worth taking a little extra time to be particularly careful about your buy to let property insurance.
Why?
Your property is by definition commercial and becomes so the instant that the contract is finalised and you’re the proud owner. The risk profile for your new acquisition is different to that of a property purchased by an owner-occupier and this is so even if you plan to live in part of the property and rent other parts of it out.
For a start, you’ll have tenants. The majority of tenants are responsible individuals but unfortunately you won’t be able to guarantee that’ll always be the case. Your property is therefore at risk from things such as wilful vandalism and theft of contents.
Another significant difference is that your property will probably stand empty for sometimes extended periods while you’re waiting for new tenants or it’s undergoing redecoration etc. Sadly, in such situations it is more vulnerable to a whole range of problems including unlawful entry, vandalism and theft etc.
It’s also the case that unoccupied properties may suffer problems simply because there is nobody present to spot a problem before it creates a mini-disaster. A leaking water cistern might be one such example.
So for all these reasons, specialised buy to let property insurance is usually highly advisable for a landlord. It’s also worth keeping in mind that standard home buildings and contents insurance will typically not be valid for rented-out properties.
It’s a fact that insurance can, at times, be a little complicated. It’s not always easy to compare different forms of landlord insurance to find the most appropriate cover and price and taking the cheapest may not always give you quite the cover you hoped for.
That’s where we can help with our experience and knowledge of the marketplace.
We are available via email, and on the telephone, and can outline various options and propositions to you so as to simplify the whole process and help you find the buy to let property insurance that’s suitable for your particular circumstances.