If you own a buy to let property, it is important to make sure you have a buy to let insurance policy in place before your tenants move in. Whilst it is not your responsibility to insure their possessions, you will want to protect your property from any damage that may be caused either by your tenants, or any external forces such as extreme weather events.
Why Choose a Specialist Buy to Let Home Insurance Policy?
To the insurer, the risks associated with a buy to let property are very different to those on a standard home insurance policy. One key element to this is the number of days that the property can be unoccupied for without invalidating the cover. If you are planning to let your property to students this is particularly important, as the summer holidays can mean that the property is empty for up to three months at a time, even if your tenants are paying rent during this period.
Not all insurance companies will provide cover to properties being rented by what they consider to be high risk tenants. These can range from students and people on State Benefits through to homes that will be occupied by a number of singles in a house share arrangement. A company with a specialist buy to let insurance policy is more likely to be aware of these potential pitfalls and provide you cover at what they see as an appropriate premium.
Home Insurance Quotes
There are many companies out there who will give you a quote for buy to let home insurance, and it is important to pick the one that best suits your needs. In some cases this may be the cheapest provider; however it is always worth checking what exactly is on offer, as some providers offer more comprehensive cover than others. If you do not live near your buy to let property, or cannot make yourself easily available to visit it, a policy containing home emergency cover can prove invaluable, as they will pay for a qualified tradesman to come out and remedy the situation at any time. Whilst this does not cover general maintenance issues, in the case of emergency it can make sure the amount of damage done is limited as much as possible.
There are a number of things that can bring down your home insurance quotes on a buy to let property. Firstly, make sure that you are valuing your property correctly when asked for the rebuild cost. This should reflect the cost of rebuilding your property and not its market value, which is usually considerably higher. Mistakenly using the market value could unnecessarily increase the cost of your premium significantly.
Things To Watch Out For:
As with all types of insurance policy, the insurers will look for any loophole to get out of paying out on a claim. Make sure that not only your insurer, but also your mortgage lender and if relevant lessee are also aware that you are letting your property out, otherwise you could find yourself in a sticky situation should you need to make a claim.
Even if you are letting out your property as unfurnished, the chances are that you will still be providing things such as carpets and other fixtures and fittings. In this compensation culture it is important to make sure that you are insured for any damage or injury that might be caused to your tenant or their guests as a result of things such as loose carpets or defective cookers, otherwise should the worst happen, you could find yourself being sued for a large sum of money.
**This is a partnered post brought to you by ASDA**
Toni Patton
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