Insurance for let properties just might be the only thing that stands between you and financial ruin – it may be as simple as that.

The reasons are clear. If you are a landlord renting out a property for commercial reward, then it is both a capital asset for you and a business.

If you’re unlucky enough to experience a problem with your property, not only could that asset be at risk but so to could be an important part of your livelihood.

What could go wrong?

Well, there are the usual suspects relating to natural disasters such as fire and flood.

Although that’s perhaps not news in terms of property risks, what does make a rented out property different is that it also carries additional risks that typically don’t apply to owner-occupied property.

That may include things such as:

• intentional damage and vandalism by tenants;
• tenants (or their visitors, families and friends) that are injured on your property as a result of defects;
• problems caused to the property while it is standing empty (eg. between individual rentals or perhaps while undergoing refurbishment).

Of course, an owner-occupied property may also stand empty for a period and that may generate insurance issues but this may be far more prevalent in the case of rental properties.

By virtue of those additional risks, standard owner-occupier home buildings and contents insurance won’t be sufficient and specialist insurance for let properties exists to provide appropriate cover. Trying to use an owner-occupier policy to provide you with cover in a buy to let situation may prove to be disastrous should you need to make a claim.

It may be that you’re not immediately sure whether your letting activities constitute a full commercial rental situation and you may be unsure what is the most suitable landlord insurance solution for you.

How we can help

If that is the case, we would be only too happy to offer help if you have any doubts at all in that respect. Simply give us a call on our freephone number or email us, and we’ll arrange to call you back.

There is no obligation to buy, either!

In summary, to make a success of a property letting business, you’re going to have to take your business seriously – and that includes understanding and managing your risks.

It is there that insurance for let properties may have an important role to play. We’d welcome the opportunity discuss – and, if you so wish, help you find – the most appropriate landlord insurance solution for your needs and your budget.