Insurance Articles

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Defining your options for the best let property insurance Posted: 23 Mar 2012 05:18 AM PDT Getting the best let property insurance to help protect both your livelihood and your investment in your property or properties, may be high on the agenda of any landlord. Being able to accurately define your requirements by using the services of a provider of landlords insurance online, prior to making a purchase, may be essential if you are to ensure that you actually get the best let property insurance for you. No two landlords may have identical properties and their buy to let insurance requirements may be different, so what may be best for them may not be best for you (and vice versa). Comparing some buy to let quotes online may therefore give you the information you might need to make an informed purchasing decision. Areas where you may find that different levels of cover are on offer may include: provision of loss of rental income compensation if your tenants have to vacate your property because it has been damaged by an insured risk and you have to carry out repairs to make it inhabitable again; the level of public liability cover on offer – some policies may be able to offer as much £5m in situations where a court awards damages against you to a member of the public injured as a result of some aspect of your property; whether or not events such as subsidence or malicious damage by tenants are covered as standard; not all policies may offer cover to categories of tenants such as students or DSS recipients and you may find this to be too restrictive for your letting business. Checking out the circumstances of when you may need unoccupied property insurance may also be a sensible precaution. As a landlord, you may understandably be aiming for your property to be occupied by tenants for the maximum period of time. There may be times, however, when this might not be possible. Perhaps: you are carrying our renovations or refurbishment on your letting property; you  may be having difficulties finding new tenants or they may be delayed in moving in; there may be legal issues (divorce, probate etc.) which may be preventing you from letting out your property. Whatever the reason and irrespective of whether or not this is within your control, you may need to consider unoccupied property cover if the period that your property is unoccupied extends beyond the limits specified by your policy. This may typically be between 30 to 45 days though if your property has been unoccupied since you took out your buy to let cover, you may have up to 90 days before the cover of even the best let property insurance may cease to provide you with protection.

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