Landlord Insurance

Landlord insurance, also commonly known, as buy to let insurance is something a landlord should begin to consider even as early as considering the purchase of a property. Failure to put in place insurance on a property could leave you with nothing to show for your money should something go wrong. In some cases it can be extremely difficult or highly expensive to put insurance in place for a property and for this reason it is important to have a structural and local survey for the property and look for appropriate insurance policies before purchasing the property. Failure to do so could result in inflated insurance premiums, which ultimately could hinder your profitability as a landlord.
Many landlords will mistakenly be under the impression that their standard household insurance will still cover the property while they rent it out, this is often not the case. Many household policies do not cover for buildings or the contents while the property is being rented out and for this reason it is crucial to make sure you have a landlord policy or that your current household policy can cover this while the property is let out. The type of tenant you have in the property can also effect your insurance coverage, for instance several students in a property will often mean your premiums will be higher than if the property was occupied by a professional family. Something to be aware of when insuring the property is that you need to insure it for the reinstatement value and not the sale value. The only accurate way to obtain the reinstatement value is to have a structural survey done by professionals.