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Buy to Let Buildings Insurance - General Information
Renting out properties is never a risk-free activity. But insurance can balance the costs in the event of a problem. Buy to let buildings insurance is specifically designed to protect your property from any issues that occur when it's rented on the open market. Before you begin comparing insurance features, make sure you understand the amount of coverage your property needs.
Check exactly how much your buy to let property would cost to re-build from scratch. This should be your level of buy to let buildings cover. Most buy to let buildings insurance policies include coverage for damage to the structure such as from fire, flooding, forcible entry, impact by vehicle, falling trees, and accidental damage. If your property is rented part-furnished, landlord policies can include contents cover alongside the buildings cover. Your policy can also cover the cost of rebuilding the property in extreme cases.
Alongside standard buildings insurance, most buy to let insurance policies will offer additional areas of cover, including "tenant default" cover, that offers protection if your tenants default on the rent. There's also the option for "accidental damage" insurance, ideal for protecting against careless tenant behaviour, and public, or landlord liability cover, which protects you financially if someone is injured on your buy to let property.
Keep in mind that you will need to pay an excess on your buy to let buildings insurance. Set this number too low, and your quotes will be costlier; too high, and you'll struggle to afford a claim. Once you understand the amount of coverage you need, and your excess requirements, you can begin to compare buy to let policies according to their features and prices.