Getting the Right Kind of Landlord Insurance

Buying a good insurance policy is vital to make sure your business is protected in both good times and bad. An insurance policy that covers a buy-to-let property is similar to that of a standard home insurance policy. But there are a few important points you should note…

Policies will typically cover the standard safeguards against fires, earthquakes, storms, floods and other calamities. In addition, you should make sure it covers things like accidental damage to the property. This is important since you are renting the property out and the possibilities of these incidents occurring are not improbable.

Make sure you read the fine print on the occupancy terms and conditions, since many policies put a limit on the days that the property can remain unoccupied. If this limit is crossed, you may find that some restrictive cover restrictions become applicable.

 It is also a good idea to get your property insured for contents as well, even if it is not furnished. However, ensure that the policy clearly lists the contents that are covered. Get the contents insurance as an add-on when you buy the property insurance, since some insurance companies don’t provide a standalone contents insurance policy, and even if they do, it is cheaper for you to get it bundled with your property insurance policy. As with anything else, it is good for you to shop around before you buy. You will always be able to get yourself a better deal once you know what’s available, and there are plenty of options in the Insurance policy market. Look around enough, and your time will be well spent.