Most optional extras regarding business insurance can seem like an unnecessary expense, however when you look at what your buy-to-let insurance policy covers, it makes for an excellent investment.
At The Insurance Octopus we would recommend that you should, as a landlord, take out buy-to-let insurance because you need to remember that being a landlord is, in effect, the same as being a business owner.
Owning property opens you up to the dangers of flooding or fire damage: if a property you bought in order to let to tenants burned to the ground buy-to-let insurance would cover that damage. If you don’t have the correct insurance, you open yourself up to unforeseen and often exorbitant costs that can infringe on your future financial planning.
Landlords continue without insurance
Despite this fact it was revealed early last year that as many as a fifth of landlords still continue to rent their properties without buy-to-let insurance. It also appears that most of landlords’ costs go on repairs to buildings, which are usually caused by tenants. Figures can even be as high as nearly £3,000 a year.
Having buy-to-let insurance will not only cover your building and contents but it will also protect you against tenant damage and will give you peace of mind in the event of a natural or unforeseen disaster.
The cost of the yearly cover will be significantly less than the cost of the paying out for the majority of issues landlords don’t have covered when they choose not to have the insurance in place. This makes it an easy decision to make: you don’t want to be in a situation where you are not able to pay for the repair works in a rented property and make a loss.
To find out more about the options available to you with buy-to-let insurance, get in touch with us at The Insurance Octopus to discuss your policy options: call us on 0161 968 2060 or email [email protected].