The good news is that there isn’t one! Let property insurance can be simple and straightforward – but that’s not quite the same thing as saying that it is sensible to be dismissive about it.

Some basic principles

If you rent out a property or even a part of your own property, then you typically cease to be a private owner-occupier.

You have just entered the world of the landlord and your risks become landlord risks rather than owner-occupier risks.

If that sounds a little like playing with words – it isn’t. It’s an important legal and insurance distinction.

If you need to make a claim

In spite of what you may hear from some misinformed individuals, insurance companies typically have ways of finding out whether or not a property was owner-occupied or rented out at the time an incident happened that resulted in a subsequent claim.

Try to make a claim on the wrong type of policy and typically you’ll see your claim rejected.

So, why should the insurance providers care whether or not you have let property insurance?

That’s simple – it’s because your property has a different risk profile if it’s rented out than if you live it in exclusively yourself.

These risks include things such as:

• tenant related risks (eg. accidents and injuries they sustain as a result of your property and for which they sue you);
• empty property risks (your property may stand empty for periods while waiting for new tenants or redecoration etc).

Insurance providers have created specialist let property insurance and vacant property insurance policies to protect you against those and other risks and if you don’t use that type of policy, then it would be unreasonable to expect the insurance provider to offer you protection.

Finding suitable cover

Of course, we understand that sometimes definitions and insurance can be a little complicated and finding the cover you need for your own individual circumstances – and at a realistic price – may sometimes be difficult and time-consuming.

The good news is that we can help! Whether you simply require a more detailed explanation about the differences between owner-occupier home and buildings contents insurance; buy to let insurance; and vacant property insurance, or you are looking buy landlord insurance, then you are in good hands!

You can either get a quote and buy landlord insurance online or give us a call on our freephone number. Unlike some other insurance providers, we don’t hide behind our website and make it hard for you to contact us – we have an experienced and professional team dedicated to helping you get the most appropriate solution for your buy to let or vacant property.

Taking no chances

Your property may be a part of your plans for future financial prosperity and stability.

Gambling with that by having inappropriate insurance might be foolhardy. That’s why taking the time to ensure that you have a suitable form of let property insurance in place may be a smart move.