NEW landlords often ask what is the difference between standard home insurance and Let Property Insurance. This is your easy to understand guide on the differences and how you can save money on Let Property Insurance if you need it.
The first thing to understand is that if you own a rental property then you very much need Let Property Insurance. This is not the same as standard residential buildings and contents insurance. If you are an accidental landlord who has moved and kept a property to rent out or has inherited a house, then you need to change the insurance immediately.
Let me be clear here, if you try and operate a rental property under standard Home Insurance then you will not be insured. If you ever make a claim it will be refused. So you need to change quickly.
In essence Let Property Insurance is buildings and/or contents insurance for landlords. It recognises that the property you are insuring you are not living in and that means different risks. It is a commercial insurance product and that makes it very different from the consumer buildings and contents policy you have on the house you live in.
Now, take the definitions away and you’ll find the Let Property Insurance operates in a similar way to your own home insurance. In most cases you will only want buildings insurance as the contents will be owned and insured by the tenants.
If you are letting the property furnished, then you can get Landlords Contents Insurance as part of your Let Property Insurance.
Both the buildings and contents elements of Let Property Insurance act exactly like your home insurance policy. You specify the rebuild value and the replacement values accordingly, and then decide on an excess level and that is it.
The good news is if you use a price comparison service such as The Property Insurer then you can pay similar or in some cases less for your Let Property Insurance than if it was a residential home. This is a very competitive area of property insurance.
Simply visit The Property Insurer and click on the Let Property Insurance or Landlord Insurance buttons and get your quote. It only takes minutes to fill in the form and three of the best Let Property Insurance providers in the UK will compete for your business and allow you to price compare their offerings.