Buy-to-let property insurance

Posted under General by Jermaine

If you rent houses and/or flats to tenants; either for a short or long period of time, you will need buy-to-let property insurance which is also known as residential property owners insurance. You can buy cheap buy-to-let property insurance if in case you rent for five or less properties in the UK. In both the cases, you must have at least minimum level of required insurance in order to protect yourself. If you are looking to become a property owner with a letting business then in your insurance policy you must have the following minimum provisions:

Theft:
This is very important if you are renting out a fully furnished property and if the property is not furnished, you can discuss with your tenants whether they should have home contents insurance

Lost earnings:
You may have to keep your property empty when looking for new tenants. If rental income is the only source of income for you then you should ensure that you have lost earnings insurance to compensate during the period.

Fire:
You must have insurance for your property against any fire.

Employee liability insurance:
It is for employees who come at your place for repairing any damage etc.

Public liability insurance:
This is very important as it will protect you against any claims your tenants or any third party may have on your property.

Legal expenses insurance:
Legal expenses in UK can be expensive. So you must have this in your policy.

Natural disaster or Tempest insurance:
Insuring your property against natural disasters like storm, flood etc.