Buy to let property insurance is something that could make your life a lot less stressful in terms of worries and sleepless nights.

What is it and why may you need it? Well, if you’re exclusively an owner-occupier then you probably don’t!

Buy to let property insurance is a form of insurance that will help protect your financial interests if you’re renting out a property or plan to do so. That may be necessary because the risks that come with a property you’re renting out are typically different (and higher in some respects) than with a property that is owner-occupied.

If you’re planning to rent out your property, even if only in part, you may need to:

• change your buildings and contents insurance to buy to let property insurance (sometimes called buy to let landlord insurance);
• think about your public liability insurance protection – this may come included in some forms of landlord insurance and it may be very important if a tenant or their guest is injured as a result of something attributable to the maintenance of your property;
• remember that you may be legally obliged to have an annual gas appliance inspection and safety certification.

It’s also worth keeping in mind that your position as a landlord may also expose you to risks if you ask someone to do work on your property on a casual basis. If they are injured, they could claim against you for compensation and you may not be covered by the public liability component of your landlord insurance.

In such situations, you may be deemed to be liable for the person injured under employment legislation even if they are not your employee and no formal contract exists.

As employers’ liability insurance is not typically included in buy to let house insurance, this may be something worth thinking about further.

Buy to let house insurance and the related risks, issues and laws, may be a little complicated and difficult to get to grips with. Getting advice and guidance may be advisable if you’re to avoid either making some potentially expensive mistakes and ending up with inappropriate cover.

So whether you’re a novice looking to make the transition to property rental or someone with considerable experience, understanding how you can reduce your risks through appropriate buy to let property insurance, may be very important. We’re here to help and please don’t hesitate to call us to see if we can assist.