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.