|
Although the housing market is slowing down, a significant
number of people have purchased residential property to let for commercial
purposes. Most people will require finance in the form of buy to let mortgages
from specialist lenders. It is normally a condition of the
arrangement that adequate buildings and contents insurance is taken out
by the borrower. In some instances the mortgage company will attempt
to sell their own buy to let branded product or require sight of your insurance
documents to confirm cover.
Landlords cover is similar to buy to let insurance with regards
to the type of cover required. Look out for buildings products that provide
protection against loss or damage from specific causes such as fire,
lightning, earthquake, storm or flood, explosion, subsidence, aircraft,
riot, civil commotion, escape of water or oil from internal appliances,
falling trees, theft or attempted theft and damage to TV aerials. It
is possible that the property could be unoccupied between lets, therefore,
ensure this period is covered by the buy to let insurance.
Depending on the circumstances, buy to let insurance products can
be tailored towards individual circumstances, therefore, the following
add-on products maybe worth considering such as, contents to cover accidental
breakage of glass and sanitary ware, furnishings if the home is partially
or fully equipped, loss of rent if the buy to let property becomes uninhabitable
and the cost of temporary accommodation for the homeless tenant, legal
liability, breakdown of appliances such as central heating, boilers and
loss of money.
|