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.