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What Is A Uk Buy To Let Insurance Product?

Buy to let insurance is a type of UK Property Insurance designed for landlords who wish to protect their Investment Properties. The product normally caters for a range of scenarios including a simple flat rental up to a larger block of flats shared by a number of tenants. The primary objective is to cover the cost of rebuilt in case of disaster such as fire or other major incident that would cause a complete rebuilding of the property. In addition the standard policies also include cover for flood and theft.

Once you have located the property and obtained a mortgage, the mortgage company will use you require written confirmation that the building is insured using a suitable landlord buy to let insurance policy.

They will usually insist that the lender is a recognized member of the council of mortgage lenders and therefore provides a satisfactory level of insurance cover a protection for the landlord.

Some policies of the optional feature of empty properties between different tenants were natural void periods occur. It is important you check whether or not your individual insurance company or broken and is providing this optional otherwise your building may not be protected when you assumed he might have been.

It is important that the landlord estimates the correct rebuilding cost of the property when insuring it so that there is another shortfall. Some policies include options for contents cover if the landlord is renting the property in a furnished state to the tenants. This includes cover for items such as carpets, white goods, TV, Beds and other large expensive items. These may become damaged or broken due to accidental usage by tenants or just simple wear and tear.

Another important area of cover is the landlords liability in respect of the tenants and their safety for instance if they tenants were injured as a result of some form of negligence such as a faulty gas boiler or broken stare the landlord liability elements of the policy is designed to award monies to their Tennant. The contents of the tenants are not usually covered by a landlord insurance UK policy, instead the tenants are expected to pay for and protect their own belongings in the event of theft or damage. Not all interest groups will be covered by insurance companies such as DSS or student renters.

Another useful optional feature of a buy to let insurance products is cover for the potential loss of rental income due to unforeseen circumstances. This is not only known as rent guarantee insurance and can be sold individually or as part of an optional extra within we buy to let insurance policy. Assuming a proper credit check and tenant referencing checked has taken place prior to the tenant entering the property this form of insurance is not normally required as standard . Normally this period is capped at three months anyway. Lastly a more practical option is the emergency assistance cover which will provide a specific amount following the damaged as a result of a repair to an appliance such as the central heating system, drains, cooker or other area of the property of requiring professional emergency maintenance and assistance.

The average cost of a buy to let insurance policy varies between Britain and lender that century the factors determining the price are postcode driven as well as the information provided by the applicant in terms of their suitability to risk, and lastly the physical condition of the property. The UK buy to let insurance market has been around now for 20 or so years and the range of products is vast. Most products can be obtained on line with the immediate cover if you are in no hurry... For instance if you are about to complete a purchase on a new Rental Property as the landlord, and need immediate cover for next day protection of the asset.
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