Being a landlord of a Buy to Let property comes with financial reward but there are also risks involved. From tenants not paying their rent to property damage caused by burst pipes or fire, as a landlord you might face financial or legal issues if you do not have insurance to cover you.
There are various types of insurance products that provide landlords with protection for a wide range of risks. Having comprehensive insurance to cover all eventualities gives you peace of mind that repairs or legal fees will be covered.
If you are a Buy to Let landlord, these are some of the insurance products available to choose from:
Buildings Insurance to protect the structure
Mortgage lenders will generally require proof of buildings insurance as a condition of a Buy to Let mortgage. Even if you do not have a mortgage on the property, buildings insurance is highly recommended, as it will cover damage to the structure caused by fire, floods, subsidence and escape of water. Many buildings insurance policies also cover malicious damage and damage caused by attempted theft.
Landlord Liability Insurance to cover legal risks
If your tenant or a visitor suffers an injury in your Buy to Let property, you could face legal action if someone claims compensation due to landlord negligence. Landlord liability insurance covers legal fees and any compensation in the event that someone attempts to sue you.
