What is buy to let home insurance?
Buy to let home insurance provides insurance for the homes of customers who have purchased a house and plan on letting it out. Whilst many people may think that you could just take out a normal buildings insurance, or home insurance policy to cover this, there is actually more to think about than first meets the eye.
Buy to let home insurance has more than just insurance of the structure to the home, and this makes it ideal for customers who are renting out homes they own.
One of the first things you will worry about when you buy a home to let is making sure you get paid the rent each month, so that you can afford to meet your mortgage payments. Whilst the majority of tenants will pay on time, some will not, and others will string you along with excuses before vanishing completely having not paid for several months. Buy to let home insurance will provide you with cover against this, and should your tenant not pay their rent, your insurance company will pay it for you, and chase the tenant for the rent themselves.
When you take out buy to let home insurance, you will want to make sure the structure of the home is insured, as you are responsible for this. The buildings cover aspect of your buy to let home insurance policy looks after the walls, roof, windows, doors and anything built in, like the bathroom suites, kitchen units and worktops and any built in wardrobes. It also includes any outbuildings, like a garage and shed, and any walls, gates and fences you have outside your home.
You can also insure your home against accidental damage, and damage caused by poor DIY, so if you get your home back from tenants and find huge holes in the wall, your buy to let home insurance will cover the cost of the repairs.
The contents insurance part of a buy to let home insurance policy will vary depending on whether you let your home furnished, or unfurnished. If your home is unfurnished, the contents part of your policy will cover just the carpets, and anything else you’ve left in the home. If it’s furnished, then you need to include all the furniture you have left in the home in your contents cover.