If you are a buy to let property investor and let your property to tenants, you need more than just home insurance.
Without the right cover, unexpected events like fire, flooding, vandalism or theft, could result in major losses - leaving you seriously out of pocket.
Anyone who rents out a property should take out insurance cover in case something goes wrong. It sounds very negative, but it’s actually just common sense.
What if there was a flood at the property? Could you afford to repair the damage and find alternative accommodation for your tenant out of your ready resources? Or what if your tenant failed to pay the rent? If you rely on the rental income to meet the mortgage payments, you could end up in a serious financial mess if the rent isn’t forthcoming, for whatever reason.
Within your insurance policy you need to look at covering aspects such as:
- Building Insurance
- Contents Insurance
- Malicious Damage
- Look at the sum insured
- Rent Guarantee
- Loss of Rent
- Home emergency