If you have a buy-to-let property, you’ll need special landlord insurance. Buy-to-let properties aren’t covered by normal home insurance, as they carry more and different risks. Therefore, you will need a special type of insurance designed for landlords.
A buy-to-let policy covers your legal liabilities and protects your investment from the risks you may face when letting or leasing a property that standard home insurance may not cover.
If there is major damage to your property, like a burst pipe or a fire, the onus is on you to pay the bill. Repairs for a burst pipe could run into thousands of pounds and a fire could destroy your property. Having insurance would protect you from hefty repair bills.
Buy-to-let policies include property owners’ liability cover, employers’ liability insurance and buildings insurance. They also include loss of rent cover, which will protect you if your property suffers damage and becomes uninhabitable as a result.
If you’re a buy-to-let landlord, you’ll need more than just home insurance to protect your property. Renting out property can be a risky business, so while you’re not legally required to have landlord insurance for your buy-to-let property, you’ll need to be properly covered if anything goes wrong. Without the right cover, unexpected incidents could leave you financially out of pocket.
You can choose from several optional covers, for example, accidental damage, loss of rent, employers’ liability, landlord emergency and legal expenses cover which covers the costs and expenses in dealing with a range of legal matters such as contract disputes, tax, and VAT investigations, repossession, and eviction of squatters.
If you own more than one buy-to-let property, you may be able to get one policy to cover them all, which can be much easier to manage. These are often classed as landlord portfolio policies.
The cost of your landlord insurance will depend on the property itself, the types of tenants you’ll be renting it to and how much you choose to protect. Naturally it will be more expensive if you go for the maximum cover level with the minimum excess option.
Whether you're a first-time homebuyer, looking to refinance your existing mortgage, looking for lending options for your business, or needing help finding the right insurance coverage, we've got you covered. Contact us today to schedule a consultation and take the first step towards achieving your financial goals.
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