The explosion in the buy-to-let market has lead to huge growth in specialist insurance cover that many new landlords don’t realise exists.
Many landlords don’t even appreciate that a problem exists until they come to make a claim with a normal house insurance policy. Only then does it become apparent that the cover they have in place is not adequate or even applicable for the use of the property.
Most insurers would not only refuse to pay a claim, as it hadn’t been disclosed that the property was rented out, but also most certainly cancel the policy. This would make it harder if not impossible for the landlord to gain the correct insurance in the future, not only for the rental property but for his or her own residence as well.
Another area that not having the right cover for that could be costly in the extreme for landlords is liability insurance. It provides the property owner with essential protection in the event of court action from anyone with a legitimate reason to be at the property, from the tenant to the postman.
Most let policies come with £2 million liability insurance as standard, and it is now seen as a must for not just residential landlords but for commercial landlords as well. With a specialist policy loss of rent should be covered for times when the property is uninhabitable due to an insured peril taking place. E.g. fire, flood or storm damage.
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