Thinking about a landlord insurance quote might be a very good idea if you’re currently renting out your property or even part of it.

Becoming a landlord

Sometimes it’s possible to become a landlord without even realising it. For example, all or part of your property may be considered commercial and you a landlord, the moment you:

• rent out rooms;
• offer your house for short-term lets as a holiday home during the summer;
• take in paying lodgers;
• purchase a property (or part of a property) on a buy to let UK basis.

Your responsibilities and liabilities in such circumstances are significantly different to those of an owner-occupier.

If you only have owner-occupier buildings and contents insurance, in the event of a problem and subsequent claim your insurance company typically will say that the policy is not valid for commercial use.

A landlord insurance quote for buy to let insurance

Whether you have just purchased a property on a buy to let basis or are thinking of changing the use of your property from owner-occupied to commercial, taking the time to investigate specialist landlord insurance may be highly desirable.

That insurance will typically need to cover you against a variety of risks. Many of these are no different to those of an owner-occupier property including things such as:

• natural disasters;
• fire;
• burglary;
• etc.

However, the reality of having tenants in your property is that although most will be very responsible individuals, some may not be. This may mean that your property is at higher risk of damage due to inaction or lack of attention when problems arise such as initially small leaks.

Then there are those risks that arise specifically because your property is being rented. Samples of these include things such as:

• damage and theft due to the actions of the tenants;
• vandalism and illegal entry/theft when the property is empty between lets or if you’re decorating and renovating;
• claims against you from tenants or their visitors, that have suffered an accident while on your property.

For all these reasons, insurance companies see the risks for a rental property to be higher than those of an owner-occupied one. Specialised buy to let landlord insurance exists to cover these types of risks and a landlord insurance quote can be easily obtained.

A landlord insurance quote for your property

Your property hopefully makes a significant contribution to your finances. Having it out of action and unavailable for rental may well be a financial disaster for you – particularly if you have a mortgage on it.

That’s why buy to let insurance (or what may be called landlord’s insurance) is so important. In the event of trouble you’ll want a fast resolution of your claim so you can get your property back into business ASAP.

Providers of such policies exist on the internet and there are typically a range of options available.

If you are thinking of becoming a landlord, getting that landlord insurance quote sooner rather than later may prove to be a very good idea!