 Free Online Articles Directory |
|||||||
Home Page  Finance Buy To Let Property Insurance |
|||||||
 |
Buy To Let Property Insurance
Buy-to-let property insurance, some times also known as residential property owners insurance, is needed if you own houses and/or flats to tenants - either on a short-term or long-term basis. Ordinarily you can buy cheap buy-to-let property insurance in the event that you rent five or less properties in the UK than is the case if you rent more than five properties, as in the case of the former you are seen as a small time landlord with a small business, whereas in the latter you are seen as a full blown property-owning company. Whether you plan to rent five or less properties, or five or more properties, is, however, a side issue, as in both cases you'll need to ensure that you have at least the minimum level of required insurance in order to protect yourself. Consequently, the number of properties you own will have a bearing only insofar as the insurance premiums are concerned. That said, if you are looking to become a property owner with a letting business, then you need to ensure that you have the following minimum provisions in your insurance policy: Fire Insuring against any fire on the property Natural Disaster (also known as tempest insurance) Insuring against natural disasters that may occur, such as a storm where the winds tear off your roof or guttering Theft Which is especially important if you are renting out fully furnished properties. In the event that you are renting out unfurnished premises, you may wish to have a discussion with your tenants about whether or not they should have home contents insurance Public Liability Insurance This should be a must as it will protect you against any claims your tenants or any third parties (such as their guests) may have for injuries they suffer while on your property Lost Earnings There may well be times when your property remains empty; say, for example, while you look for new tenants. If you are relying on the rental income from your tenants to repay the money you borrowed to purchase the property, you need to ensure you have lost earnings insurance to compensate you during this period Employee Liability Insurance If you have employees who will visit the property for you to repair any damage, etc. or to collect the rental payments, then you need to make sure that you have employee liability insurance in case they get injured while carrying out their assigned task Legal Expenses Insurance As a property owner you may find the need from time to time to retain the services of a lawyer; for example, if your tenants refuse to pay their rent or move out of the property at a specified agreed time - when you may need to get an eviction notice. As legal expenses in the UK can be expensive, you should consider insuring against this risk by having in place a provision of legal expenses in your insurance policy. Although the above are basically the bare minimums you need in your buy-to-let property insurance policy, you can also tailor these types of insurance policies to meet your particular needs, so make sure that you talk through your circumstances with your insurance provider, especially if you anticipate expanding the business in the near future.
Rate this Article:
Current: 0 / 5 stars - 0 vote(s).
Article Tags: Property, Home, Damage, Insurance, Buy, House, Contents, Buildings, Fire, Theft, Insure, Let Article Source: http://www.articlesbase.com/finance-articles/buy-to-let-property-insurance-36181.html About the Author:
Joseph Kenny writes for the Loans Store who can offer cheap loans to UK residents and secured loans for homeowners.
Related ArticlesHow Home Emergency Cover Can Assist The Needs Of The Over 60s Protect Your Personal Property With Home Contents Insurance Insuring Your Overseas Home Underpaid Property Insurance Claims. There Is Help. Worst Case Scenario: Will Your Home Buildings Insurance Cover You? 4 Things To Remember When Renewing Your Home Contents And Home Buildings Insurance Four Reasons Why You Need To Buy Home Insurance What to Do When Your Property is Damaged by Fire Got a Question? Ask.Ask the community a question about this article:Frequently Asked Questions Stock market Is meijob.com worth investing and what is known ... Moving insurance Laptop Insure my moving Stock exchange Q&A Powered by:
 Latest Finance ArticlesWhy Finding the Right Coin Price Guide is Important The How and Why Behind Online Stock Investing Benefits To Refinancing Your Mortgage Finding Finance Inside Your Business Try An Asset Protection Trust In Mauritius To Pass Your Assets On To Your Family! Why You Need To Avoid Repeated Finance Applications How To Use Debt Consolidation To Get Yourself Out Of Debt Make Sure You Get A Fair Price For Your Home More from Joseph KennyWhat Type of Loan Do You Need? Choosing The Right Life Insurance For You Be Prepared When Applying For A Mortgage Choosing The Right Credit Card Deal Dwindling Consumer Confidence Is Not Helping the Housing Market Choosing Between A Second Mortgage And A Home Equity Loan Defining Credit Card Finance Charges Eliminate Debts For A Better Personal Life |
|
|||||
|
Article Categories
|
|||||||
 Sign up for our email newsletterReceive updates, enter your email below
Use of this web site constitutes acceptance of the Terms Of Use and Privacy Policy | User published content is licensed under a Creative Commons License.
Copyright © 2005-2008 Free Articles by ArticlesBase.com, All rights reserved. (0.47, 16) |
|||||||
| Posted: 20-06-2006 | Comments: 
