Buy to Let property Insurance

Buy to Let Insurance

As a homeowner looking to rent out your property, you have probably faced some doubts and the mountain of things to consider. One of the most important is protecting your investment with appropriate Buy to let insurance which, while not being a legal requirement, is definitely one of the best things to have. Letting a property out is a business and it is your duty, as a responsible business owner, to minimise all possible risks. While there are myriad options out there, it pays to be thorough when doing your research, as changing your mind for even the smallest of changes can be costly! When choosing a landlords insurance company, the two things to look for first are the insurer’s experience and reputation.

These two factors go hand in hand though experience may be slightly more important, as years of experience and a bad reputation is a more likely scenario than a great reputation and no experience! The second thing to look out for is which kind of insurance you need, property investors are likely to need a very different kind of insurance from Aunt Mabel who’s letting out her second home. In an ideal situation, you need an insurer who will deal with your buy to let insurances on an individual basis, tailoring each policy to best suit your needs. Finally you need to ensure the policy is as comprehensive as possible for a price that’s won’t break the bank. A lot of insurance companies wow their clients with premiums that seem to be several leagues lower than their nearest competition. Yet, once a claim is made, the massive excesses and huge premium spikes even out the earlier savings.

Another trick to lowering the premium is for the insurer to not cover some “low-risk” risks. This is ALWAYS a bad idea, the whole purpose of buy to let insurance is to cover you for things you can’t predict, so excluding things is almost inviting fate to mess with you! Accidental damage, public and employers liability, these are all things you need to make sure are covered by your buy to let insurance policy. Depending on how much of your belongings are still in the building, you may also need some contents cover, It is advisable to make an inventory of exactly what is in the rented property and the condition it is in before the tenants move in, this will help both with the valuation as well as with any potential claims in case of damage.

A buy to let property is a hefty investment and should be treated with the utmost care, getting comprehensive buy to let insurance is paramount. Rentguard Insurance offer a high level of cover including accidental damage, public liability and loss of rent as standard, regardless of location anywhere in the United Kingdom. With policies to suit single, multiple and commercial cover, Rentguard has a policy to cover your needs and with no admin charges for changes made during the year you can be sure that, whatever happens, you’re covered.

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