Buy to let insurance

sennenboy

I am buying a buy to let property and want to ensure I do the right thing for my safety and in due course the tenants safety. What sort of Buildings and third party liability insurance do I need. Thanks

weejonnie

There are plenty of landlord house insurance policies available on the market both from the direct companies and through brokers. All these policies will cover buildings and give you property owner's liability as a matter of course.

Insurancewise I would go for a policy that gives accidental damage cover on the buildings with a low excess (the excess will depend on the type of tenant you put in - a property let to a professional person who pays the rent direct to you will be cheaper than one where you have no control over the tenant e.g. you have an agreement with an agency who pay you the rent.) I would also watch out for escape of water excesses (which have increased a lot recently) and try and find a policy that covers malicious damage by tenant (for obvious reasons). You should also check on the cover provided if the policy is unoccupied when cover commences.

You should also spend time finding out your obligations as to annual gas checks and regular electricity checks, which are required by law. I am not an expert in the legal side of buy to let insurance although I am an employee of a broker that offers BTL cover.

Red_Cat

An annual gas safety certificate is required by law, but no such electrical equivalent is required (yet). However, you can still have this done for your peace of mind.

whalster

loss of rent is also a must I think , remember you have to find an alternative for your tenant if the worst comes to the worst , I have always used a broker better with a small firm I think , I was with the same fella for 20 years with not only my property owners policy but all other stuff too , sadly a few months ago he retired sold out to swinton , who I took an instant dislike to , I briefly tried direct line and the one with the dog , I counted to 83 seconds before putting the phone down at this point went to another independant in Goole its not always about the price being able to ring up and say sort this out is priceless

ACG

I would definately sort out a rent guarantee insurance. The last thing you want is dodgy tenents growing a cananbis farm in your loft and ripping all the copper out of the walls then squatting.

I used to rent out a property and the tenent was growing canabis in the basement. She drilled a 6 inch hole in the front wall and plonked a pipe in there for ventilation. Thankfully it was cheap to repair but it took a week to sort out and could have been a lot worse - she was lovely or came across as that with 2 young kids.

Dont skimp on insurance - make sure its in place for the small cost it could save you from ruin.

If your not sure what to go for speak to a Mortgage, financial or insurance advisor - they will be able to sort this out for you.

mikey72

sennenboy wrote: »

I am buying a buy to let property and want to ensure I do the right thing for my safety and in due course the tenants safety. What sort of Buildings and third party liability insurance do I need. Thanks

Landlords insurance. Decide if you are going to rent to DSS tenants, as most don't include this, if you are, make sure it's included. Annual gas cert, and electrical inspection before the first tenant, and everytime they change.

pcrosland

I currently insure my wind turbine using northern alliance. I always used larger insurance companies, but I didn't have the peace of mind when meeting up & discussing all of my requirements.

http://www.northernalliance.co.uk/residential-property-insurance/

I'm not an expert in this area, but I'd give them a call, I found them useful.

Good luck.