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Buy To Let Insurance
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Malicious Damage by Tenants cover available
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Up to 13 weeks cover for vacant properties
Buy to let insurance
Buy to let has become a common description for the business of owning property with the specific objective of letting it out to tenants.
The success of the business relies upon the income stream generated by rents collected from tenants, but there is also the longer-term expectation that the let property increases in capital value – which may be realised if and when the property is sold.
The success and long-term security of any such business is likely to be protected by buy to let insurance (also known as landlords insurance or let property insurance).
Why do you need buy to let insurance?
The purchase of any buy to let property – whether residential or commercial – represents a very significant investment.
Since the property is exposed to a surprisingly wide range of risks and perils, it is necessary to protect it carefully with the appropriate form of insurance cover. In the event that something happens to your property - such as fire, theft, flood or other damage - without buy to let insurance, you will have to find the costs of rectifying the damage or replacing any items yourself.
Do I have to have buy to let insurance?
If you have a buy to let mortgage, then typically it will be a condition of your mortgage agreement that you always have landlord building insurance in place at all times. This protects both your financial interests in the property.
What does buy to let insurance cover?
Landlords insurance typically covers the buildings (and contents if required) against unexpected events such as fire, flood, theft etc., plus:
Landlord’s liability cover
- if one of your tenants, one of their visitors or even a member of the public suffers an injury or has their property damaged through any kind of contact with your let property, you may be held responsible for a breach of your duty of care towards such individuals;
- claims for compensation may reach very substantial proportions, so it is common for landlord insurance to include indemnity against claims of at least £1 million;
- the law holds that you have a special duty of care towards anyone you employ to help run your buy to let business and requires you to hold a minimum of £5 million indemnity against the risk of any employee suffering an injury or contracting a medical condition or illness through their work for you;
- typically, this option is available as an add-on to your existing landlord insurance cover;
Loss of rent (optional)
- your buy to let business relies upon a constant stream of income from rents;
- this may be disrupted if a major insured event leaves the building temporarily uninhabitable. Therefore, it is common for buy to let insurance to provide compensation for any resulting loss of rental income (up to pre-agreed limits);
Landlords contents (optional)
- even if you provide an unfurnished let property, there may still be items you own in the communal areas that will require cover.
What is landlord portfolio insurance?
If you have multiple let properties, then you can typically insure all these properties under one landlord portfolio insurance policy. This means you only have one policy to renew and manage, saving you time.
And because these block insurance policies typically attract a discount, you may also save money on the cost of your cover too.
What you need to know when buying cover
It is important to know that buy to let insurance is different from the standard home building and contents typically arranged by an owner occupier of their own home.
The use of the property is different – and, therefore, creates different risks and perils when the premises are occupied by tenants. Your role as a landlord is essentially that of a business investor.
These are the reasons for your needing a specialist form of cover provided through buy to let insurance.
Are all landlords insurance policies the same?
While buy to let insurance policies all typically share the same goal – to provide protection of your buildings and contents (if required), policy features and benefits vary among insurance providers.
For example, at UKinsuranceNET we include cover for the following elements of protection as standard:
- malicious damage by tenants; (Certain exclusions apply)
- subsidence cover;
- no restriction on tenant type (professional, working, student, benefits recipients, asylum seekers, Airbnb, holiday let).
Not all policy providers will include this cover as standard, so it is important you understand what your chosen policy cover.
Why choose us?
At UKinsuranceNET, we understand the important and sometimes complex role of the landlord of buy to let property.
This helps us to make sure that we identify the policies suitable for your particular and individual needs and requirements – with buy to let insurance quotes designed to offer you the most appropriate cover at what we consider to be a cost-effective price.
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* 75% of all customers receiving an online quote in May 2021 could have obtained a cheaper quote over the phone, based on the information they provided