If you own a buy to let property or properties, then you should take out landlord insurance. As your Central Mortgages advisor will tell you, many lenders will not give mortgages on a buy to let property unless the landlord takes out building insurance at the very least.
What Landlord Insurance is For
Buildings insurance will cover the rebuilding of your property should it be demolished in a fire, flood etc. You can also get landlordbs contents insurance, liability, and loss of rent insurance.
What Cover Do You Need?
Have a word with your Essex mortgage advisor at Central Mortgages about the different types of landlord insurance. If you are a landlord and your rental property also includes carpets and some furnishings, then you may need contents insurance. Landlordbs contents insurance does not cover any tenant possessions that might be stolen or damaged, so they will have to take out their own policy.
Besides buildings and landlord’s contents insurance, you may want to consider loss of rent insurance as an add-on, as this covers you if your property is empty for a time. If a tenant leaves and you have trouble finding another one, this covers you for the loss of income.
If you plan on letting your property to students, then liability insurance will cover you for any claims made against you due to accidents on the property. You may not know who enters and leaves your property, and liability insurance covers you if a tenant or visitor tries to sue you.
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