Insurance

If you are a buy to let property investor and let your property to tenants, you need more than just home insurance.

Without the right cover, unexpected events like fire, flooding, vandalism or theft, could result in major losses - leaving you seriously out of pocket.

Anyone who rents out a property should take out insurance cover in case something goes wrong. It sounds very negative, but it’s actually just common sense.

What if there was a flood at the property? Could you afford to repair the damage and find alternative accommodation for your tenant out of your ready resources? Or what if your tenant failed to pay the rent? If you rely on the rental income to meet the mortgage payments, you could end up in a serious financial mess if the rent isn’t forthcoming, for whatever reason. 

Within your insurance policy you need to look at covering aspects such as:

  • Building Insurance
  • Contents Insurance
  • Malicious Damage
  • Look at the sum insured
  • Rent Guarantee
  • Loss of Rent
  • Home emergency

The three golden rules of landlord insurance

Investing in property to become a buy-to-let landlord can be an exciting chapter in your life. It can become a substantial second earning alongside a primary career, or a venture into the business of property letting full-time. What can be said for both though is the mutual stress it can sometimes bring. For that reason it is extremely important you select the correct landlord insurance and know exactly how to do that. So below are three golden rules that can guide you simply into selecting and narrowing down the credentials for the right landlord insurance. Honesty is the best policy. Starting a new venture can be daunting, so now more than ever you need to be completely honest about your situation. Giving extensive and honest details about any potential risks that may occur will allow you to rest assured that no matter what may happen, your insurance will have it...
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Check your security this summer

As we move into the second half of the year, it feels like we have the whole summer ahead of us. Before too long we’ll be looking at autumn and the days will get shorter and darker. While it’s still so beautiful and bright that’s really not what anyone wants to think about, but now is the time to start thinking about securing your home ready for winter.  Statistics show there is a 20% increase in the darker months, so make sure you’re prepared. Here are some tips on the areas you really need to focus on: Windows While it’s warm, the most vulnerable part of your home is open windows. 30% of burglars gain access through an unlocked window or door. Always remember to lock up your windows before you leave the house or go to sleep. For the winder months, make sure your window locks are up to...
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Making Sure Youve Got the Right Landlord Insurance

  Buying second houses to then let them out again is becoming increasingly common as more and more people find that first-time-buying is extremely difficult in the current climate. This means that there are now far more landlords about than you might expect, and unfortunately, a lot of them are not completely clued up on what they need to do to ensure that they’re doing things properly. One of the major things to think about is insurance – simply having the normal house insurance is not enough if you’re not living in the property but renting it out to someone else. The following are some of the things you needs to check when looking at insurance: Buildings Cover You never know what disaster might strike your property, whether it’s flooding or storm damage. For this reason, it is essential to have cover, just in case the building becomes uninhabitable. You...
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The Necessity of Landlord Insurance

All business is an exercise in reducing costs and maximising income and it’s absolutely essential for business owners, just as it is for landlords, so they seek to reduce their costs wherever they can. Particularly in property letting, where short of buying a new property or increasing your rent, costs like landlord insurance come under particular scrutiny. It’s understandable that many landlords are keen to cut down on their insurance costs. Of course, if all goes well, it is something which you’ll never use! For some, landlord insurance is an essential and if you’re letting an HMO, you simply don’t have a choice over buying a policy. Yet for some, it’s a cost that can, but shouldn’t be avoided. Insurance as Credit The traditional way to view landlord insurance is to think of it purely in the negative, a little like a bill that gets paid. However, a better way...
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What is Landlord Insurance For?

It’s compulsory in many places for landlords to hold landlord insurance (also sometimes referred to as buy-to-let insurance), which is a specific type of cover for those who are renting out their property. It’s something that can prove to be very important indeed, with many people spending a good deal of time researching it to make sure that they have a helping hand should the worst happen. Here’s what it’s all about: Buildings Cover The main thing that this type of insurance covers, is the building and structure itself. There are many potential hazards that could leave a landlord very much out of pocket, ranging from fire risks, to subsidence to extremely rare occurrences such as terrorism. These are all things that can be insured against with one of these policies. Fire in particular is something that all homeowners must be aware of as it can be prevented, but then...
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