WITH all the trials and tribulations involved in purchasing a buy to let property, buying a landlord’s insurance policy to protect your investment can be easily overlooked.
Whether you are a seasoned developer with an ever expanding property portfolio or simply renting out a second property to boost your pension pot, all landlords share one thing in common – they need to take out insurance to protect their investment.
Using your property to provide an extra source of income, means it must be protected at all times.
“Home insurance policies are not valid if you earn income from your property, so always ensure a landlord insurance policy is in place before moving a tenant into your property, says Lee Grandin founder of Landlord Mortgages and landlordinsurance.com.
“Just because you don’t live in a property doesn’t mean that you shouldn’t protect it as if it were your own home.
“No matter how responsible your tenants are they will not exercise the same level of care for your property as you would yourself, and it is therefore even more vulnerable than your own home”.
While landlord insurance is not a legal requirement, it will provide you with the peace of mind that comes from knowing that should disaster strike you are protected against financial consequences.
With this worry cast aside you can be free to get on with running your business.