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buy to let insurance advice

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  • buy to let insurance advice

    Hi,I own a property with residential mortgage and I will switch to buy to let very soon.With residential mortgage I just had life insurance because it was compulsary.Now I would like to know what kind of insurance or cover I need for a property that I will rent it out.
    Do I need contents insurance or not???
    Building insurance,rent cover,legal expences cover........
    Please help I am very confused,I don't know which one I need and which one is good for this situation.And I also want to know if life insurance is a must for a Buy to let.
    Thank you

  • #2
    Re: buy to let insurance advice

    Hi there,

    Please note that this is general advice for insurance relating to a Buy to Let property - specific advice should be obtained by talking directly to an insurance broker or company.

    Contents insurance - generally this is not required unless you are letting the property as furnished or part-furnished. The contents of an unfurnished let will belong to the tenant and it is their responsibility to insure them at their own discretion.

    Building Insurance - Compulsory if you have a mortgage secured on the property, you should ensure that the policy is suitable, or better still specifically designed, to cover a rental property. If you use a normal residential policy then the cover will not be valid in the event of a claim.

    Legal expenses - optional at your discretion, get a few quotes, weigh up the benefits against the costs and decide if it's right for you or not.

    Rent guarantee - as above.

    Life assurance - generally not compulsory with any mortgage, although some advisers will not make that clear to you at the time. Again get some quotes and think about the consequences of not having it before you decide if you need it or not.

    There are also some other types of insurance that you may wish to consider such as critical illness cover, and also think about making a will if you don't already have one.

    Best thing to do is speak to a qualified adviser, preferably an honest one.

    If you need help with the above you can send me a personal message to discuss in more detail.
    ____________________________________________
    Property for sale in Torquay

    www.thomasdobner.co.uk

    Comment


    • #3
      Re: buy to let insurance advice

      Originally posted by IFA View Post

      Best thing to do is speak to a qualified adviser, preferably an honest one.
      lol, great advice this! ^^

      Comment


      • #4
        Re: buy to let insurance advice

        Hi Nickna,

        There is no simple answer to your questions and you should definitely discuss the right policy for your case with a professional insurer. I think you should definitely consider the liability insurance that protects you against tenants’ claims in cases of accidents that cause physical injury or damage to your tenants’ possessions.

        Also, owners that have a mortgage should notify their mortgage company in advance that they are planning to have tenants as in some cases rents are against the terms and conditions of the mortgage contract.
        Neli P.
        E-mail: [email protected]
        Website : http://blog.thenello.com/

        Comment


        • #5
          Re: buy to let insurance advice

          Hello Nic, Specific advice insurance broker or company.
          Lettings Agents Edinburgh - Property Management Services

          Comment


          • #6
            Re: buy to let insurance advice

            Useful information to Specific advice protection agent or organization
            hindustan property - home for sale in mumbai

            Comment


            • #7
              Re: buy to let insurance advice

              Originally posted by IFA View Post
              Hi there,

              Please note that this is general advice for insurance relating to a Buy to Let property - specific advice should be obtained by talking directly to an insurance broker or company.

              Contents insurance - generally this is not required unless you are letting the property as furnished or part-furnished. The contents of an unfurnished let will belong to the tenant and it is their responsibility to insure them at their own discretion.

              Building Insurance - Compulsory if you have a mortgage secured on the property, you should ensure that the policy is suitable, or better still specifically designed, to cover a rental property. If you use a normal residential policy then the cover will not be valid in the event of a claim.

              Legal expenses - optional at your discretion, get a few quotes, weigh up the benefits against the costs and decide if it's right for you or not.

              Rent guarantee - as above.

              Life assurance - generally not compulsory with any mortgage, although some advisers will not make that clear to you at the time. Again get some quotes and think about the consequences of not having it before you decide if you need it or not.

              There are also some other types of insurance that you may wish to consider such as critical illness cover, and also think about making a will if you don't already have one.

              Best thing to do is speak to a qualified adviser, preferably an honest one.

              If you need help with the above you can send me a personal message to discuss in more detail.
              You've explained very Circumstantially i am looking forward the same
              hindustan property - home for sale in mumbai

              Comment

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