• the policies of different buy to let insurance providers may be quite different in their emphasis and may offer differing opportunities for reducing costs;
• you may, for example, find that some policies only cover subsidence as an optional extra while others may include this as standard in their buy to let building insurance (all our landlords insurance policies offer subsidence cover as standard);
• similarly, some landlords may have suffered from a loss of rental income if their tenants had to move out of the property after damage caused by an insured event, such as a fire for example. Some policies – such as ours – may offer, as standard, loss of rent cover (up to a predefined maximum) in these circumstances;
• some providers of buy to let insurance may not provide cover at all for certain types of tenant (students, DSS etc), others, such as ourselves, may do so though;
• you may see on a landlord insurance quote from some providers that there is a flexible voluntary excess, which, with our service, could result in a discounted premium of up to 40%;
• the voluntary excess on a buy to let landlord insurance policy represents the amount that you are prepared to contribute to any insurance claim;
• for example, your buy to let property is damaged by something you have insured against and you have repairs of say £500. If the excess on your buy to let policy is £500 or less then you are going to have to pay the whole bill yourself and your insurance will contribute nothing;
• in this example, it is only when costs rise above £500 that you may turn to your insurance provider for assistance. Even then though, you may wish to consider the future effect that your claim may have on your no claims discount, so for small amounts over £500 it may still be in your best interests not to submit a claim at all;
• from your insurance provider’s point of view, not having to process small claims may help them to save money, so you may find that the higher the voluntary excess you accept, the more could be the discount they may be prepared to offer on the price of your premium.

When times are tough, everyone may have to try and do a little bit of belt tightening. A landlord insurance quote may help you find more cost effective buy to let property insurance without compromising on cover.

Specific landlord buildings and contents insurance may make all the difference to the success of your business should something go wrong.

If you have let property buildings insurance for landlords, you may find that you have financial cover for damage arising from things such as:

• fire and smoke;
• flooding and storms;
• earthquakes;
• subsidence (while we offer this cover as standard, this may not be a standard part of policies from other buy to let insurance providers).

The financial help provided may typically range from things like repairing broken windows right up to the complete rebuild of your property in the event that this was necessary and the amount of your insurance was adequate to cover the costs.

Having let property insurance to fall back on may mean that you can get on and get repairs carried out far more quickly than if you were having to rely on your own resources.

If your tenants have had to move out due to an insured risk, then some policies may compensate you for loss of their rental income whereas without buy to let insurance you may need to accept that loss as well.

Buy to let building policies may also typically include third party liability cover. This would provide you with financial protection against damages awarded against you by a court if your property was found to be responsible for injury to a third party or damage to their property. This could also cover some forms of legal fees.

Leaving your belongings in the care of someone else may be a potential source of worry for any landlord. Even if these are not particularly new, having to replace them might mean you having to find a substantial sum of money.

Contents insurance, either on a new for old or market value replacement basis (typically decided on the value and condition) could make all the difference.

The rental income from your letting property may form a substantial part or your overall regular income. Keeping that income flowing after a disaster may be just that bit easier if you have a suitable let property insurance policy.

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.

Why?

Your property is by definition commercial and becomes so the instant that the contract is finalised and you’re the proud owner. The risk profile for your new acquisition is different to that of a property purchased by an owner-occupier and this is so even if you plan to live in part of the property and rent other parts of it out.

For a start, you’ll have tenants. The majority of tenants are responsible individuals but unfortunately you won’t be able to guarantee that’ll always be the case. Your property is therefore at risk from things such as wilful vandalism and theft of contents.

Another significant difference is that your property will probably stand empty for sometimes extended periods while you’re waiting for new tenants or it’s undergoing redecoration etc. Sadly, in such situations it is more vulnerable to a whole range of problems including unlawful entry, vandalism and theft etc.

It’s also the case that unoccupied properties may suffer problems simply because there is nobody present to spot a problem before it creates a mini-disaster. A leaking water cistern might be one such example.

So for all these reasons, specialised buy to let property insurance is usually highly advisable for a landlord. It’s also worth keeping in mind that standard home buildings and contents insurance will typically not be valid for rented-out properties.

It’s a fact that insurance can, at times, be a little complicated. It’s not always easy to compare different forms of landlord insurance to find the most appropriate cover and price and taking the cheapest may not always give you quite the cover you hoped for.

That’s where we can help with our experience and knowledge of the marketplace.

We are available via email, and on the telephone, and can outline various options and propositions to you so as to simplify the whole process and help you find the buy to let property insurance that’s suitable for your particular circumstances.