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Buy to let insurance
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If you have already bought a property to let or you are thinking about it, make sure you take out the right buy to let insurancepolicy. When you are letting a property, you can’t just take out normal home insurance cover as you have additional responsibilities which you need to cover. You are not present in your property all the time, so there are also different kinds of risk that you and your property are exposed to.
So what kind of risks do you need cover for?
Everyone knows there are a wide range of things that can go wrong when you own and let out a property. From mechanical breakdowns with cookers or boilers to damage caused by a fire, flood or the tenant themselves, no one can predict what may go wrong. A buy to let policy can include cover for a wide range of issues and risks:
- The building itself is your source of income and your investment, so you need to ensure it is fully covered. Rather than insure the market value, you need cover for the cost of a rebuild in case the worst happens like a fire or a flood. While this can be hard to estimate, you need to ensure your cover is high enough or you could end up in a very difficult position. Remember that things like window and door locks and a working alarm system can help reduce the likelihood of a break in and so will also reduce your premiums.
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- All properties come with fixtures and fittings but if you are also providing any furnishings, you will want to take additional cover in case they are damaged either accidentally or possibly purposely by your tenant. Unfortunately no one can guarantee that all your tenants will behave perfectly and return your property in pristine condition. Accidents do happen and things like spills on the carpet or broken windows can happen to even the most careful tenants.
- Covering any potential loss of income. If something happens your property, you won’t be able to rent it out. Most buy to let owners rely on the rental income from their property to pay the mortgage. If you can’t afford to pay the mortgage without the rent coming in every month, you need insurance to cover this risk. Things like tenants being unable to pay or water damage making the property uninhabitable can happen without warning so you need cover to make sure you can still pay your bills.
- What about your tenants if they can’t stay in the property? If repairs are needed and you have to organise them, you may want insurance to cover temporary accommodation for your tenants, otherwise you could end up footing this bill as well. If you have lots of properties you may not wish to become known as a landlord who doesn’t step in to help your tenants. If so, you may want to opt for this additional cover.
- As a landlord you are responsible for all the things that go wrong in the property if you haven’t checked everything is ok. This includes critical things like gas items being safe right through to ensuring there are no slip/trip/fall hazards such as lifted carpet. If your tenant or someone visiting them is injured or killed by a fault in the property, you must have public liability insurance. If you have staff working for you, you must also take out employer’s liability insurance in case something happens while your staff are at your properties.
- If all these different types of risk has you a bit concerned, you may want to opt for legal cover to represent you if anything goes wrong. It can help with anything from disputes to evictions to fighting your corner if something makes a claim against you.
What insurance cover do I actually need?
So as you can see there are lots of options when it comes to buy to let insurance. The must haves are insurance cover for the building itself, fixtures and fitting and public/employer’s liability insurance if these are relevant to you. Opting for the cheapest policy is not normally the best approach as you may find you are under or wrongly insured if the worst happens – and that’s not a good position to be in. As you can see there are plenty of optional extras, but rather than presume what you do or don’t need, as everyone’s circ*mstances are different, it is always best to discuss your needs in detail with a broker like Property Insurance Centre. Take the time to discuss your needs and get their professional advice about what would be best in your circ*mstances. You will find it is time well spent if you are ever unfortunate enough to have to make a claim.
Do you need cover for multiple properties?
If you have multiple properties or a portfolio that is constantly changing, don’t think you need to be continuously taking out new policies. There are a wide range of multi-cover policies available with Property Insurance Centre to make any adjustments easy to make. You will also have a nominated point of contact so you can guarantee any changes will be easy to make with a member of staff who understands your business and what you need to run it. Call us today on 0800 085 3761.
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Why choose the Property Insurance Centre
Independent advice by approachable staff online or by phone
Access to a wide range of insurers to source suitable insurance cover for your needs
Bespoke Insurance Schemes & Portfolio Policies available
We can tailor your policy to suit your exact needs to give you complete peace of mind
Competitive Premiums
Cover available for the buildings while the property is being converted, renovated or extended
Over 40 years experience working with the best insurers in the UK
Excellent communication so that you understand what risks you are insured against
Why choose the Property Insurance Centre
Independent broker with staff you can speak to by phone or online
Access to a wide range of insurers to source suitable insurance cover for your needs
Bespoke Insurance Schemes & Portfolio Policies available
We can tailor your policy to suit your exact needs to give you complete peace of mind
Competitive Premiums
Cover available for the buildings while the property is being converted, renovated or extended
Over 40 years experience working with the best insurers in the UK
Excellent communication so that you understand what risks you are insured against
Why choose the Property Insurance Centre
Independent broker with staff you can speak to by phone or online
Access to a wide range of insurers to source suitable insurance cover for your needs
Bespoke Insurance Schemes & Portfolio Policies available
We can tailor your policy to suit your exact needs to give you complete peace of mind
Competitive Premiums
Cover available for the buildings while the property is being converted, renovated or extended
Over 40 years experience working with the best insurers in the UK
Excellent communication so that you understand what risks you are insured against
Specialists in Commercial & Residential Insurance
We have over 40 years experience as Residential and Commercial Insurance Brokers. We find the right policy to suit your needs and understand the risks that a property owner can face in the course of ownership. We work closely with our Insurers to get the best rates and our experience and excellent relationships with them mean that we can provide cover for even the most difficult to place risks.
Whether you have an adverse claims history, a high value property or a large portfolio of properties, we can source suitable cover for you. Whatever your requirements, we can tailor a specialist property insurance policy to suit your exact needs and provide you with a range of quotes to choose from. Established in 1976, we are not a call centre but a specialist insurance broker with a traditional office mentality, where the client comes first.
Looking for a quote now? Give us a call on 0800 085 3761 or complete one of our quote request forms.
We are also authorised and regulated by the Financial Conduct Authority and you can view our registration here.
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Contents
- 1 Buy to Let Insurance
- 2 So what kind of risks do you need cover for?
- 3
- 4 Insurance under one roof
- 5 We are specialists in many types of insurance
- 6 Block of Flats
- 7 Unoccupied
- 8 Home Insurance
- 9 Residential Landlord
- 10 Land Liability
- 11 Commercial Property
- 12 Lockup Garage
- 13 Restaurant
- 14 Takeaway
- 15 Classic Car
- 16 Mixed Use
- 17 Tradesmen
- 18 Why choose the Property Insurance Centre
- 19 Independent advice by approachable staff online or by phone
- 20 Access to a wide range of insurers to source suitable insurance cover for your needs
- 22 We can tailor your policy to suit your exact needs to give you complete peace of mind
- 23 Competitive Premiums
- 24 Cover available for the buildings while the property is being converted, renovated or extended
- 25 Over 40 years experience working with the best insurers in the UK
- 26 Excellent communication so that you understand what risks you are insured against
- 27 Why choose the Property Insurance Centre
- 28 Independent broker with staff you can speak to by phone or online
- 29 Access to a wide range of insurers to source suitable insurance cover for your needs
- 31 We can tailor your policy to suit your exact needs to give you complete peace of mind
- 32 Competitive Premiums
- 33 Cover available for the buildings while the property is being converted, renovated or extended
- 34 Over 40 years experience working with the best insurers in the UK
- 35 Excellent communication so that you understand what risks you are insured against
- 36 Why choose the Property Insurance Centre
- 37 Independent broker with staff you can speak to by phone or online
- 38 Access to a wide range of insurers to source suitable insurance cover for your needs
- 40 We can tailor your policy to suit your exact needs to give you complete peace of mind
- 41 Competitive Premiums
- 42 Cover available for the buildings while the property is being converted, renovated or extended
- 43 Over 40 years experience working with the best insurers in the UK
- 44 Excellent communication so that you understand what risks you are insured against
- 46 Get In Touch:
- 47 We accept most payment types including:
- 49 Call Us on 0800 085 3761
About the Author: Robert Fisher
Robert Fisher is a company director of the Property Insurance Centre, who specialise in Business and Property Insurance, serving clients throughout the United Kingdom. His expertise and career in insurance spans almost twenty years.Robert’s background is in Building Surveying, which he studied at Heriot-Watt University, where he was awarded a BSc (Hons) degree. Much of his educational background is in Building Structural Safety from an engineering perspective. The knowledge that Robert gained at undergraduate level has lent itself well, particularly as it has enabled him to evaluate the risks associated with certain buildings. This means he knows how best to place these risks and ultimately insure the properties against such risks. His in-depth knowledge of various methods of construction have enabled him to easily identify which insurer's underwriting criteria would best fit each client's needs and provide the correct levels of cover.Additionally, Robert is responsible for training the team and ensuring that they are always kept up to date with the latest industry developments. This is an area that he is naturally drawn to because of his inquisitive mind, diligence and passion for passing on knowledge to others.He is a member of the Chartered Insurance Institute (CII) and Qualified to Level 3 with the CII. As part of the Level 3 certification, Robert has undertaken modules in Insurance, Legal & Regulatory (IF1), Insurance Claims Handling (IF4) and Insurance Household Products (IF6). As a condition of CII Membership, Robert continues his Professional Development by keeping abreast with the latest industry developments.