If you are a landlord with a property to let, it is vital to take out the appropriate insurance – and whether you have one property or a portfolio of buy-to-let properties, you need to protect your investment in case something goes wrong.
You must NEVER rely on standard home insurance. If you do not inform the insurance provider that you are actually letting out a property, the policy could be rendered invalid and would not therefore pay out any claim made. Remember too to tell your mortgage company if you are letting out your own home, some mortgages do not allow for this.
Landlords are responsible for the bricks and mortar of their property and so require buildings insurance. If the property is being let out furnished or partially furnished, it goes without saying that you will also need adequate contents insurance – just as you would on your own home. Even if the property is not furnished, it may contain curtains and carpets, so think about these in terms of the cost of replacement. Sadly, even boilers and bathroom fittings have all been broken and damaged by tenants, so you do need to think carefully about what is in the property and discuss this with your insurers.
There is much to consider and professional advice is really important. Our professional team of advisors will take the time to listen to you, so we understand the type of property you wish to insure, the type of tenant you are aiming for (students, for example) – and we will be able to offer sensible advice as to how you can protect your investment and your possessions against accidental damage as well as malicious.
You may be renting for a long period of time, or you may just be offering holiday lets – or perhaps even renting your home whilst working abroad: one thing you must always remember is that if the property is empty between tenants, most insurance policies become invalid after a period of time and you will then require void insurance.
Just ask us and we can provide all the advice and guidance you need to make sure that your rental property is as safe as houses!
Contact Westhill Insurance Services, today.