Insurance for let properties – how to protect your investment
Investing in property for rental may sometimes be risky. As a business proposition, you presumably examined many factors before making the decision to invest your capital. Thinking equally carefully about insurance for let properties may be highly advisable.
Insurance policies vary
This may appear to be being guilty of stating the blindingly obvious but some landlords may not appreciate just how specialised the insurance for their buy to let property needs to be.
Standard homeowner-occupied building content insurance UK policies will typically not be valid for a property that it let out either in part or total. That is not something you’ll want to discover only once you try and make a claim.
The problem is that as well as presenting you with income and opportunities, your property also brings with it unique risks due to the fact it is being rented out – and there are special insurance for let properties policies available to cover those risks.
How can the risks be different?
Your property may not be at any greater risk of, say, having its roof blown off in a storm than any other. However, it is different in two important respects:
- you have tenants and tenants bring risks of things such as claims against you for injuries sustained on your property as well as the possibilities of theft, vandalism and property damage through a lack of care and attention etc;
- it may stand empty for periods while you’re waiting for new tenants or it is under redecoration and renovation etc – this means it is at far higher risk of vandalism, burglary and so on.
As these types of risk do not exist for a conventional owner-occupied property, special insurance is required.
Getting appropriate cover – fast
Your business is all about being a landlord and not an expert in insurance. Sorting through the various landlords insurance policies, prices and conditions may often be time consuming and confusing.
That’s where we can help by using our proven knowledge of the market to help you find the solution that is appropriate for your situation, without confusing terminology or any obligation for you to buy.
Insurance for let properties is important and it may pay to avoid taking chances with it as a result of guesswork or insufficient knowledge.