It’s not unusual to hear quite inaccurate statements made with respect to buildings insurance for landlords.

That’s surprising because typically it’s a fairly straightforward form of buy to let insurance.

Let’s see if we can put some of those misconceptions to rest.

Buildings insurance for landlords isn’t necessary

Of course, as it’s not a legal requirement perhaps at face value the statement is true.

Having said that, if you have a buy to let UK mortgage a condition of that may be that the building is fully covered by appropriate insurance.

It may also be foolhardy to have a highly valuable asset that’s not covered by any insurance.

You can use standard owner-occupier buildings cover

No, you can’t – at least not if you hope to maintain your cover in force.

While it’s typically true that owner-occupier buildings insurance may sometimes be a little cheaper than landlords’ buildings insurance, that’s simply because the risks faced by the two types of property are different by virtue of their occupancy status.

Tenants, however, responsible and trustworthy, may simply not take as much care of a property as the owners would if they lived there. There is, therefore, typically a higher chance of problems going unreported and unresolved that may cause damage to the buildings structure.

That’s why a specific buy to let landlord insurance buildings policy is required.

You don’t need to bother if you’re only renting out part of your house

Sadly, once again this is typically not going to be the case.

The moment you rent out a property or even part of a property you occupy, your activities have become commercial and you’re a landlord.

Once again, your change of use (if it is that) will typically mean you now need buildings insurance for landlords. At the very least, it may be advisable checking the position with your insurers.

Holiday letting doesn’t require special insurance

As you may have guessed, this is also typically going to be incorrect!

If you rent out your home for even a few weeks holiday use per year, once again you have crossed a threshold and are using your home for commercial purposes and typically require buildings insurance for landlords.

Typically that will change your insurance position.

The insurance company will never know

Insurance companies typically investigate the occupancy position of a property in the event of a claim.

They do have methods of externally verifying information you may provide as part of your claim and making a false insurance claim declaration may not only invalidate the claim but it may also be considered a serious offence.

Contrary to some perceptions, reputable insurance companies have no interest in trying to put claim obstacles in your path or find excuses to charge you a little extra for your policy.

They are seeking to ensure that you are protected by insurance that is suitable for your needs and circumstances and which covers the appropriate risks. As part of this, they wish to make sure that they fully understand the nature of the risks you are asking them to cover for you.

That’s why making sure that you have the right form of buy to let insurance in place is important. You don’t want to be in the position of having a major problem and being unable to claim and the insurance company don’t want to see you in that position either.

So, if you’re a landlord, you should be looking for buildings insurance for landlords. It’s as simple as that.