As the busy owner of buy to let property you might have more than enough to worry about in running your business. The good news is that simple landlords insurance might not take up much of your valuable time to arrange:
- simple landlords insurance typically means keeping the range and scope of the cover to the essentials;
- this is likely to include cover for the building itself and the contents you own within it (insurance for tenants’ property, of course, is a matter for themselves);
- it might be simple, but adequate let property insurance to protect what is likely to be a significant business investment might save you literally hundreds of thousands of pounds if something were to go terribly wrong;
- it is not only the physical loss and damage you might face, but also lost rental income if a disaster rendered your premises uninhabitable for a while;
- even some of the most simple landlords insurance policies include an element of compensation ((up to prescribed limits) for lost rental income in the event of an insured event – effectively, a landlord rent insurance;
- then there are your responsibilities and obligations as a landlord – you owe a duty of care, for example, to your tenants;
- an alleged breach of that duty of care, resulting in personal injury to a tenant or loss or damage to his or her property might lead to a judgment against you of significant proportions;
- your buy to let home insurance, therefore, may include appropriate provision for public liability insurance to indemnify you against such claims;
- if you need help with pursuing legal action related to your tenancies, some policies include an element of legal expenses cover. However, the level of cover may vary quite widely and offer only limited assistance in specific areas of litigation;
- some buy to let insurance may also be specifically written to cater for your requirements whatever type of tenant may be at the heart of your business – thus including benefit claimants, students or people newly arrived in the UK;
- by no means all, but some simple landlords insurance packages extend cover to safeguard you against any malicious damage that might be caused by your tenants.