Facts about buildings insurance for buy to let

If you are a landlord and own a property, it could be in your best interests to look into purchasing buildings insurance for buy to let. There are a number of facts surrounding the idea of owning buildings insurance, so what are they and what do they mean?

The first thing to consider is that – although it may be in your best interests – purchasing buildings insurance is not required by law. Nevertheless, if your property that you are letting is under a buy to let mortgage, full buildings insurance is most likely going to be necessary.

Purchasing buildings insurance for buy to let does not cover the items and materials that are separate to the building and its foundations. If you require contents cover for the property you are renting, you will have to purchase buy to let contents insurance separately.

Buildings insurance can offer you a great degree of protection from the potential accidents that can occur as a result of infringements on health and safety. As a landlord, it is your responsibility to ensure that your building is safe for tenants, visitors and even passers-by.

If any accident or injury occurs and the quality of health and safety of your building is judged to be the cause, this could spell significant financial difficulty. Having buildings insurance can assist you in covering not only the legal expenses, but in preventing the problem from ever occurring in the first place.

The final fact that you should know about buildings insurance for buy to let is that it does not cover an empty building. By definition in the insurance world, an empty building is a property that is unoccupied for a period of consecutive days. This time limit will be determined by your provider. As a result of this, it may be important for you to look into the purchase of unoccupied property insurance.

Always consider every possible problem when shopping for buildings insurance to ensure that you are prepared for the unexpected.