If you have multiple buy to let properties, it’s absolutely essential that you follow all rules and regulations put in place by your government and relevant organisations in order to ensure that your property is up to standard and safe for your tenants to live in.
At the end of the day, they’re either contributing to the mortgage payments on a property that will ultimately belong to you, or they’re providing you with a passive income. So, the least you can do is ensure everything is in order and you’re providing them with a livable home. Plus, ensuring you play by the rules will prevent problems that may require you to cut contracts short or even go through court cases.
One thing that every landlord should consider an essential on a buy to let property is insurance. If you have multiple properties, you could benefit from insuring your properties as a portfolio!
Here’s everything you need to know on the subject to sufficiently cover all of your properties for the lowest price!
What Is Buy to Let Insurance?
If you’re buying a property with the intention of letting it out, you need to get specialist insurance for this purpose. Standard home insurance will not be valid if you have tenants in your property.
What Will a Good Policy Cover?
Different policies will cover different things. Generally speaking, it’s best to look out for policies that cover:
- Buildings insurance – this will cover any damage to the actual building. It will ensure that the cost of rebuilding any parts of the property will be covered in the case of damage from floods or fires.
- Contents insurance – if you let the property out unfurnished, your tenant will have to pay for their own contents insurance. But if you’re offering the property furnished, you’ll need contents insurance to protect any of your furniture or appliances that are in the property.
- Liability insurance – in the case that a tenant attempts to sue you for any reason, liability insurance will cover court costs and compensation.
There are other things that policies can cover, such as loss of rent, legal cover and home emergencies. Make sure to know your options and which types of protection you’re actively seeking.
What Is Property Portfolio Insurance?
If you have a portfolio of properties that you are intending to let out, taking out individual cover on each individual property can quickly become complex and expensive. This is where property portfolio insurance comes into play. Property portfolio insurance allows you to insure all of your properties under one policy. This is more efficient and can save you a whole lot of money. Of course, there are many different providers out there, so it’s generally best to browse the market and compare your different options. This will help you to find a policy that ticks all of your boxes, provides sufficient cover and is low cost.
While you may not have heard of property portfolio insurance before, chances are it can hugely benefit you! So, start searching now. This will give you confidence that all of your properties are fully insured, which is essential for both you and your tenants.