Buy to let Home Insurance or the Landlord’s Insurance is the insurance cover provided to the landlord against the home that he has let out to tenants. This insurance plan mostly is put into use when the property is vacant and yet to be occupied. Hence the name Buy to Let Insurance. This is not a mandate because there are insurance plans which provide cover even when there are tenants in the property.
However, there is a huge investment on the property not only because of the value of the house but also because the value increases many fold due to the contents of the house. A furnished house is always more costly than the unfurnished one.
The Buy to Let Home Insurance provides cover against fire, lightening damage, storm, explosions, heft, earthquake or any other damage that the house sustains. As a landlord it is recommended that if you have a property that you have to let out or have already let out, for the security of the property, purchase a Buy to Let Home Insurance plan.
However, it is also advised that no plan be purchased in a hurry because there are many factors that drive the calculation of the premium amount and these factors ought to be known so that the landlord may capitalize on the best deals.
When striking a deal with an insurance agent, be sure to ask of the excess amount and once you know what it is, if possible increase it thereby reducing the premium amount. The two figures work in inverse proportion. If the excess is high then the premium will be low and if the excess is low, the premium amount is high.
In case you have other insurance products from one company, then ensure that you purchase the Buy to Let Home Insurance from the same company as well. All companies offer discounts to loyal customers. But in case of insurance companies, in case you purchase more than one insurance product from the same company, then the company is liable to give you a discount because not only have you been a customer but also they have your credentials as being a good customer.
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