Buy to Let Insurance Is Essential for Property Investors

It's not uncommon for property investors to overlook the importance of buy to let insurance. There are so many other things that need to be taken care of when preparing to rent out a property that the subject of insurance can often be demoted to the bottom of the 'to do' list.

Investors and landlords must make sure that they are insured from the moment they exchange contracts on a property so that any issues which occur will be covered against loss. It is essential that insurance is in place from the outset to prevent those nightmare scenarios where the costs of repairs can escalate out of control.

Many landlords and investors will simply get standard home insurance for their rental property and whilst it might seem that this is a safe thing to do in reality it is not. Insurance products are designed for specific purposes and by checking the small print you can see for yourself how vast the differences between various types of policy can be.

Imagine a situation in which there was a fire and the property burnt down. The first thing the insurer will do is check the situation at the time of the fire, who was in the property and the relation of these individuals to the landlord or investor. If they find out that the policy holder was not present do you think they will pay out any damages? Of course not, as they will rightly say that the property was not insured for tenants and you would therefore find your policy to be void.

The extra monthly cost of having buy to let insurance in place as opposed to standard home insurance is probably not a great deal in the scale of things. Is that extra cost per month worth the peace of mind that will come with knowing that the property is correctly insured against any loss whilst it is inhabited by tenants. Would it help you sleep at night? Chances are that it will, so if you're not covered at present be sure you make buy to let insurance your next priority.

Finding the right insurance policy is not difficult these days with so many price comparison websites on the internet. If you prefer to speak to a human then call a specialist broker who will be knowledgable about buy to let insurance and will help you get set up and covered.

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