Why is it important to conduct a buy to let insurance comparison?

If you are a landlord or property owner who is looking to rent out, then it is strongly advised that you purchase buy to let insurance. Like everything else, renting out a property can have its potential problems, so having insurance is your best way of combatting them. There are hundreds of quotes and deals available to you, so how do you choose?

A simple internet search is guaranteed to provide you with an enormous list of potential insurance providers that you can purchase a policy from. Nevertheless, it is of the upmost importance that you are frequently comparing and contrasting all the quotes in order to get the best deal.

The importance of comparing the available quotes revolves around the idea of getting the best cover for your needs. Obviously you will want a policy that is affordable and gives you cover in all the areas you require.

Comparing policies will help you establish which cover will deliver the biggest spread of potential problems. Not only that, but you can review what sort of excess you would have to pay in order to make a claim.

If the property you are renting is unoccupied, it is important that you are comparing quotes. This is because insurers will decline a claim on a regular buy to let insurance policy if the property has been empty for a certain period of time. Some providers may have a limit of 30 consecutive days and others may have more. If you know the property you are renting could be empty for a prolonged period of time, you need to know that the insurance you have purchased will cover you.

The internet is an ideal source for contrasting insurance deals quickly and easily. Comparing quotes is essential if you want to get a policy that suits you.

How comprehensive should your buy to let insurance cover be?

As a landlord looking for buy to let insurance, you will want to make sure you are getting the best cover for your money. There are hundreds of insurance companies that will offer varying degrees of cover. Some will include more cover in different areas than others, but how comprehensive should your insurance be?

Finding the most comprehensive buy to let insurance cover involves frequent searching and comparison. Different providers will offer different things and you will find the best deal when you’re in a position of knowing the differences between the policies available.

In most cases, you can purchase different components to create a policy that is what you need. This means that you may purchase buildings insurance and contents insurance separately. Nevertheless, there are policies available that allow you to purchase full comprehensive cover that includes everything.

The comprehensive cover is normally available at competitive rates and the features within the policy will change according to the insurance provider. For example, one company may offer you contents cover up to £40,000 in their policy, whereas another may be more or less.

The comprehensive cover should also include cover for loss of rent. If your property becomes severely damaged to the extent where tenants cannot rent it, insurance providers can cover you for loss of rent. This component may vary in comprehensive cover depending on the company. Some may be prepared to offer you a higher amount of cover than others.

In some instances, you may want additional cover that is not available in a comprehensive policy. For example, contents cover will most likely not cover your tenant’s property. You will have to out extra cover in order to insure your tenant’s belongings. 

Your buy to let insurance cover can be as comprehensive as you want it to be. Make sure you study the policy you are about to purchase to ensure that you everything you need is included.

Things to consider when reviewing buy to let insurance quotes

When you are looking for landlord insurance, it’s important for you to get the best quote. A quick internet search will provide you with a collection of companies who are looking to give you the policy you need. So what should you be thinking about when you are collecting buy to let insurance quotes?

The first thing you’ll want to consider is the cost of your proposed premiums. Having a collection of quotes means that you can have an idea of what the best deal is for what you are looking for. Does a particular company give you everything you need for a cheaper price?

What is included in the quote? Having landlord insurance is not required by law, so you may only need to purchase the basics. However, it may work out cheaper for you to buy extras such as tenant contents insurance if you can find a good quote. Make sure you are reviewing what’s included in the quotes you are receiving.

Similarly, does the quote include any free extras or discounts? Some insurance companies may be prepared to give you discounts if you insure more than one property with them. Likewise, they could be inclined to give you free extras with your policy, such as complimentary free accidental damage cover on buildings.

The next factor you should review is the excess costs. What is the difference between the companies in terms of the money you’ll need to put towards your claim? Comparing quotes is the best way of finding the cheapest excess charges and saving you money.

You are more than welcome to compile a collection of quotes. By comparing quotes and reviewing them carefully, you are sure to find a policy that suits your every need and saves you money.

Interesting facts about buy to let insurance UK

There are a number of things about buy to let insurance in the UK that you may not have known. Here is a collection of some of the interesting facts about to buy to let insurance.

The first thing you may not have known is that buy to let insurance is not legally required in the UK. Unlike car insurance, the law does not demand that landlords and property owners have buy to let insurance. However, if the property you own is on a buy to let mortgage, you will be required to have full insurance.

Your buy to let insurance doesn’t just cover damage to your building or the contents within; it also covers your liability as a landlord. Should there ever be an accident or injury on the premises of your property, you are legally responsible. Having buy to let insurance in the UK means that you can receive support with legal fees and damages.

Another thing you may not have known is that you could receive a discount on your premiums if you insure more than one property. If you are a landlord who rents out more than one property, it could be financially beneficial to insure them all at once.

If you purchase buy to let contents insurance, you may not know that this does not cover your tenant’s property. In order to insure your tenant’s contents, you must take out a separate tenant’s contents insurance which will protect their property from damage. Not only that, but that kind of cover can also protect your property from accidental damage caused by the tenant.

So there is a collection of facts that you may have not known about purchasing buy to let insurance in the UK. Hopefully it will help you find a policy that gives you the best cover.

How buy to let landlords insurance is different to normal home insurance

If you are a landlord who is renting their property out to tenants, it is important to remember that the insurance you need is different from normal house insurance. So what is the difference between the two types of insurance?

The first thing to take into consideration is that you would not be able to use normal home insurance to make a claim on a property that you are renting out. As a landlord whose property is for let, you would need a specifically crafted buy to let landlord insurance policy in order to make a claim.

With both landlords and normal home insurance, you will receive buildings and contents cover. However, buy to let landlords insurance offers different perks that can be utilised especially for letting properties. For example, your insurance company will know that renting out your property is a source of your income. In the event of your property being seriously damaged to the extent where tenants cannot rent it, your policy will be prepared to cover the financial difficulties from loss of rent.

Another difference between the two insurance types is that buy to let landlords insurance includes a clause for when your property is unoccupied. If the property you are renting out to tenants is unoccupied for a prolonged period of time, any claims you make may be declined. Some companies will give you 30 days and others could give you more or less. You will need to compare the quotes that are available in order to get a policy that works for you.

Overall, the difference between buy to let insurance and normal home insurance is that buy to let insurance has been tailor made for landlords. It contains a number of features and clauses that will be much more suitable and helpful for landlords.

Buy to let property insurance FAQs

If you are looking to rent out your property, there may be some questions that you would like the answer to. Here is a collection of some of the most frequently asked questions about buy to let property insurance.

What kind of excess charges should I expect to come with my policy? The excess charges will change depending on a number of factors. Obviously, there will be differences between different insurance companies. However, you should also expect your excess charges to change depending on whether the property you are letting is residential or commercial. Commercial properties should expect to have higher excess charges than residential properties.

What will happen if I am prevented from receiving rent on my property? Your insurance policy should include a clause that will help you in the event of losing rent. Your insurance company will have specified an amount of money that they are prepared to give to you in the event of you losing rent. This may be because your property has become inhabitable, perhaps due to excess damage.

How could I receive discount on my policy? Firstly, most companies will give you a discount for buying your policy online. You may also receive a discount for insuring more than one property at a time. If you’re a landlord that has more than one property that you wish to let, it would be financially beneficial for you to insure them altogether.

Are then any restrictions on my property being unoccupied? Yes, there will most likely be a clause within your buy to let insurance policy. If your property is unoccupied for a number of consecutive days, you may not be able to make a claim. There are a number of companies that can provide for landlords who know their property will be unoccupied for a prolonged period of time, for example if you are renting out to students.

Cheap home insurance for landlords: Have you screened your tenants?

As a landlord you want to make sure that you are renting your property out to the right tenants. Insurance companies also recognise that this is important, and may also give you cheaper landlord insurance. So how can screening your tenants help you get cheap home insurance for landlords?

Screening your tenants helps you recognise what type of tenant you are dealing with before you rent out your property to them. This process will provide you with a collection of useful and reliable information to help you decide on the right tenant. So what sort of information will you be given?

A tenant reference search will provide you with the credit history search that will provide you with all the financial past of your tenant. The credit history search will show you if the tenant has ever had items repossessed, any County Court Judgements or encountered bankruptcy. The screening can also report on the potential tenant’s suitability when it comes to meeting payments.

You can also review a collection of previous references that have been collected from past landlords, accountants and solicitors. This can help you identify the right tenant to rent out your property to.

Some systems will also provide you with a collection of high risk tenants. Any tenants that have had a history of being problematic will be highlighted during the screening to ensure that your property is rented out by the right type of person.

The search will also help you confirm that the tenant you may potentially be renting out to is exactly who they say they are. The identification of the tenant is cross referenced to ensure that it is authentic; so you know that the tenant is legitimate.

Screening your potential tenants will help you rest easy that you are renting out to the right person.

What should cheap landlord building insurance include as basics?

Having landlord insurance is not required by law, but it is strongly advised to help you combat any potential problems that you may face. However, it’s not always convenient to spend lots of money on their insurance policy. So what should a cheap landlord building insurance policy include?

Basic landlord building insurance will cover you in the event of most hazards. These hazards will include such things as fire, flood, theft and malicious damage. You standard cover should protect you from all of the typical hazards that could give you problems as a property owner.

Likewise, you may also receive cover for the replacement of glass and locks. In the event of you losing the keys to the property you are renting out, your policy can help you have the locks changed.

Cheap landlord building insurance will cover a variety of property types. They often include houses, bungalows, flats and holiday homes that are located in the UK. This means you could find cheap cover regardless of what building type you own.

You could also find that you are provided with some free extras in your policy. For example, you may receive free cover for accidental damage on your buildings. However, this may require some criteria beforehand; like your tenants being professionals or retired.

Basic cheap landlord building insurance should also include standard public liability cover. As a landlord, you have a legal responsibility to ensure that your property is safe. If any accident or injury occurs as a result of your property, your insurance cover will provide you with help for legal expenses and damages.

After a quick internet search, you can find a collection of cheap landlord building insurance quotes that offer you more than you would expect. Frequently comparing the offers is the best way of finding the cheapest deal available.