There are a number of reasons why you might choose to let property you own:
you have invested in a residential or commercial buy to let property with the specific intention of earning your livelihood from such a business – you are what might be called a “professional” landlord; or
you might have inherited a property, or have found a new home in which to live, and decide to make some additional cash by letting out your other home – you might be called an “accidental” landlord.
In either case, you are likely to be concerned about insurance to protect the property.
You need let property insurance if the property you own is let to anyone.
The reason is quite straight forward and one that is taken especially seriously by employers: when the property is let, there is a fundamental change of use – from owner occupation to the business use of letting for rent – and with that change comes a different list of risks and perils.
Because of that particular use, specialist let property insurance is necessary and has to replace any standard home insurance which might have been arranged when the home was owner occupied.
Failure to make that change in insurance may result in any claim being rejected if you have only standard home insurance, but the property is in fact let to tenants.
It is an important consideration, therefore, which might all too easily be overlooked by the “accidental” landlord.
When buying your let property insurance it is important to know just what – and what is not – covered. Although the details of any policy may vary widely from one insurer to another, typical components are likely to include:
Our experience here at UKinsuranceNET has been gained by arranging landlord’s insurance for all kinds of property occupied by tenants from many different backgrounds.
With substantial discounts available if you want cover for an entire portfolio of properties, we may help to ensure that you are fully protected by the insurance you need – at a competitive price.
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