Before you buy to let, get the right insurance cover for your property

Posted under General by Alan

Property owners’ liability insurance allows you to cover any costs and/or damages that are awarded to a member of the public in case they suffer an injury – major or minor – owing to an accident on, or in some way linked to, your premises.

Those who buy to let property need to make sure that they take the proper insurance cover for it. For them, a standard home insurance policy may not be good enough, as it will not cover the buy- to-let property. If the insurers are not aware that the property is let, they might even refuse to pay insurance claims. According to Mairi Scott, Managing Director of specialist risk consultants Leaseguard, the risks involved for a landlord can be substantial and can vary quite considerably as compared to those faced by owners occupying their own home.

Any individual, with a legitimate reason to be on the premises – a postman, gardener, and so on – could get injured on the property and may make a claim for injury. The landlord should get the insurance cover for such accidental damage. The insurance should also cover damage done to the property by the tenants and theft.