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15-01-2011, 05:21 PM
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buy to let insurance advice
Hi,I own a property with residential mortgage and I will switch to buy to let very soon.With residential mortgage I just had life insurance because it was compulsary.Now I would like to know what kind of insurance or cover I need for a property that I will rent it out.
Do I need contents insurance or not??? Building insurance,rent cover,legal expences cover........ Please help I am very confused,I don't know which one I need and which one is good for this situation.And I also want to know if life insurance is a must for a Buy to let. Thank you 
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15-01-2011, 07:15 PM
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Re: buy to let insurance advice
Hi there,
Please note that this is general advice for insurance relating to a Buy to Let property - specific advice should be obtained by talking directly to an insurance broker or company. Contents insurance - generally this is not required unless you are letting the property as furnished or part-furnished. The contents of an unfurnished let will belong to the tenant and it is their responsibility to insure them at their own discretion. Building Insurance - Compulsory if you have a mortgage secured on the property, you should ensure that the policy is suitable, or better still specifically designed, to cover a rental property. If you use a normal residential policy then the cover will not be valid in the event of a claim. Legal expenses - optional at your discretion, get a few quotes, weigh up the benefits against the costs and decide if it's right for you or not. Rent guarantee - as above. Life assurance - generally not compulsory with any mortgage, although some advisers will not make that clear to you at the time. Again get some quotes and think about the consequences of not having it before you decide if you need it or not. There are also some other types of insurance that you may wish to consider such as critical illness cover, and also think about making a will if you don't already have one. Best thing to do is speak to a qualified adviser, preferably an honest one. If you need help with the above you can send me a personal message to discuss in more detail.
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____________________________________________ Property for sale in Torquay www.thomasdobner.co.uk
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16-01-2011, 03:43 PM
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Re: buy to let insurance advice
Quote:
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