By Erica Rimell
If you’re a landlord in the UK and you’re looking for a buy to let insurance policy, you’ll probably need to understand exactly what is available. Making the choice to get one of these policies is the first step once you have become a commercial landlord.
You may have a few questions when it comes to your buy to let insurance policy. Some of the main questions could be, just what you should get coverage for? What do you need and what would just be superfluous? Obviously answers to these depend largely on your circumstances.
There are some key essentials, however, that almost any landlord would benefit from having. So start with those and choose a policy that you can upgrade as necessary.
Rent contingency coverage
One of the biggest advantages of buy to let insurance is that you’re covered in case a person fails to pay rent. There are many reasons why a tenant will withhold rent. Maybe he’s having financial difficulties or maybe he’s waiting for you to fix something in the house. Maybe he has just decided to leave the property. In any of these instances, having buy to let insurance coverage could allow you to claim the value of the lost rent while the problem is being sorted out. You should also look into an added policy offering that gives you the ability to draw rent while you’re searching for new tenants.
Property damage coverage
If you are renting out a property that’s furnished, this is even more important. The majority of buy to let insurance policies will offer coverage on your property’s structure in case a tenant decides to inflict damage. Some will let you add personal possessions to this list, too. This way, you can make the property more appealing to potential tenants by offering to leave your couches, televisions, or other items that you don’t need. With this kind of coverage, you can replace any item that an unruly tenant sees fit to damage.
Legal contingency coverage
Though no one ever plans on being sued, there is always the possibility looming. What if something happens on your property and a guest is injured? What if your tenant slips down a flight of stairs that have broken? These things do happen, and you will be relieved if you have insurance cover on your side. Certain buy to let policies will give you cover against legal liability and they can even cover legal fees, too. This is a great bonus and it can take a lot of the worry off of your mind. Being sued is no fun, but it becomes easier when you have an insurance company willing to settle for you.
Thought should be given to protecting yourself against disasters like flooding and mudslides if you live in an area where these are widespread. Depending on your location, these can be the most important cover options to keep in mind when you are considering a policy.
About the Author: Letprotector is a specialist
buy to let insurance
provider. Policies can be configured to cover a wide area of risk. Portfolio landlord insurance is provided online as well as
insurance for buy to let
property
Source:
isnare.com
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