If you’re lucky enough to own property which you let out for its regular rental income, you’ll want to look after it. It could be the source of a regular income after all and, at the end of the day, you might even realise an appreciable capital gain from its eventual sale. With this in mind, looking after your property is not only a question of normal maintenance, but a matter of suitable let property insurance.

Insuring a property that is rented to tenants differs in some aspects to an owner-occupied home building and contents insurance policy. Added to this is the fact that different insurers offer varying levels of cover for let property.

Plus, there are a number of insurers offering cover for buy to let property. So no wonder that it sometimes becomes confusing when choosing the most appropriate landlord insurance cover!

This is where a buy to let UK insurance specialist might be of assistance, in helping you to compare both prices and levels of cover offered by a range of different insurers.

You might also wish to consider the following elements typically included in most let property insurance packages – however, do note that cover can vary among rented property insurance providers, so always ensure that you know what the protection entails:

• Buildings and contents – just as the structural fabric of your own home needs protecting against the natural calamities of fire, flood and storm damage, so does any let property. Unlike your own home, let property of course is tenanted – and not all tenants are angels in the way they might treat the property. If you want protection against malicious damage caused by tenants, there are certain let property insurance policies that specifically include such risks (not all policies do so, and it is worth checking carefully the risks covered);
• Loss of rental income – if any damage occurs under your buy to let building insurance (including that resulting from malicious damage, if it is covered), some policies also ensure that you are compensated for the inevitable loss of rental income whilst repairs are being made;
• Public liability – many building and contents insurance packages (including those for your own home) often extend to cover for public liability. In the case of let property insurance this is important, since it typically provides you with an indemnity not only against claims from members of the public but also your tenants.

If they are injured or suffer damage to their property as the result of your fault as a landlord, this feature of insurance indemnifies you against such claims.

Tags: let property insurance

This entry was posted on Saturday, January 2nd, 2010 at 9:10 am and is filed under Buy to let landlord insurance. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.