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Choosing Buy-To-Let Property Insurance Risk is an area often overlooked by landlords, but failing to protect the main assets of your business, which often have borrowings secured against them could lead to ruin. Landlords often fail to understand the types of insurance risks that they are exposed to and are unaware that insurance coverage for buy-to-let investments is very different to the standard household insurance policies that cover owner-occupied dwellings. Therefore, landlords are advised to seek the services of specialist insurance companies catering for the buy-to-let market. Essentially there are five broad categories of landlords insurance: -- Landlords buildings insurance -- Landlords contents insurance -- Emergency assistance -- Legal expenses insurance -- Rent guarantee insurance Landlords buildings insurance These are the core policies and will generally provide coverage for a number of perils including fire, flooding, burst pipes, malicious damage and owner's liability. It is worth checking the policies of each insurer as the perils covered may vary. Other issues to be aware of are the amount of money the insurance company will pay out in the event of damage occurring, types of tenants (student tenants are perceived to be higher risk) and consent to let from your mortgage lender, as failure to gain consent will render your insurance void in the event of a claim. Landlords contents insurance Many landlords insurance specialists will offer the option of limited or full contents insurance. Limited contents policies are designed for properties that are let unfurnished or part furnished. A typical policy would provide cover of up to £5,000 for items such as curtains, carpets, white goods and light fixtures. » Discuss it » Continue Reading »
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