Buy to Let Insurance

Buy to let insurance for a landlord is different to normal landlord insurance (and normal home insurance).

Buy to let insurance is aimed at a specialised market in which an investor purchases a residential property and converts it into a rental property. This type of insurance is sometimes called a "specialist landlord policy" and should be considered for the buy to let landlord.

Some of the ways in which buy to let insurance protects the landlord include mitigating legal disputes and recompensing the landlord for any legal fees. If damage to property occurs, buy to let insurance will help pay the cost of repair to the damaged areas and will reimburse the landlord for any lost rent as a result.

The landlord has several options from which to choose in deciding the type of buy to let insurance plan best fits his or her needs. Since the insurance plan is a contract, all landlord and insurance company responsibilities must be explicitly stated, clearly and concisely. The plan must state the type of buy to let insurance coverage that best fits the landlord's needs.

Buy to Let Insurance

Basically, a landlord has two types of insurance coverage from which to get compensated from property loss: replacement and cash values. Replacement value premiums usually cost more since the damaged parts of the property are replaced without including the depreciation on the property.
 
Cash value premiums usually cost less since the landlord receives a cash payment for the property loss minus the depreciation on the property.

One of the key differences between buy-to-let landlord insurance and regular home insurance is the unoccupied property rule. For home insurance, the property may not be unoccupied for more than 30 days. For buy-to-let landlord insurance, the property may not be unoccupied for more than 90 days. Unoccupied property rules may vary, so it's prudent for the landlord to investigate the limitation rules in his or her buy to let landlord insurance policy.

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