Many questions may arise when considering the differences between home insurance and buy to let home insurance. Buy to let home insurance is necessary when insuring a property one intends to let. Home insurance and buy to let home insurance are quite different, so here are some of the differences between them.
One key element of buy to let home insurance speaks to the cover on unoccupied property. The limitations on unoccupied property on a standard home insurance policy extend to 30 days. This means that if the home remains empty for more than 30 days, the insurance company may refuse to pay out in the event of a claim. However, most buy to let home insurance policies allow for up to 90 days without occupancy.
Additionally, when purchasing buy to let home insurance, it is important to inform the mortgage lender, insurance company, and the lessee about the terms of the buy to let home insurance policy. Then, all parties who will be involved will understand the policy in the event of a buy to let home insurance claim. Failure to notify parties can result in denial of insurance claims.
Also, it is important to make sure that the insurance company for your buy to let home insurance policy will provide cover despite tenants. Some buy to let home insurance policies will not issue cover for properties who serve ?high-risk tenants.? High-risk tenants usually include students, multiple single sharers, and tenants who receive State Benefits.
When shopping around for your buy to let home insurance policy, it is important to understand the differences between that and standard home insurance policies.
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