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Getting Ready for Rental

Insurance

Now that you have found your buy to let property, you need to insure it. Buildings insurance covers the risk of damage to the structure and permanent fixtures and fittings of a building. If you have purchased a freehold property you need to obtain buildings insurance. If the property is leasehold, then the freeholder will normally arrange the insurance and pass the costs to the lessees. Tenants are usually responsible for providing their own contents insurance to cover their personal belongings.

As a landlord, you should take out contents insurance to cover loss or damage to household goods that have been supplied by you such as white goods, carpets and any furniture or fittings. We recommend purchasing landlords’ building and contents insurance which should also cover malicious damage. Landlord’s insurance is often cheaper than residential as there tends to be fewer claims, as damage is often covered by the tenant’s deposit.

It is also possible to take out a rent guarantee policy which will ensure the rent is paid if the tenant falls into arrears. Premier Lets and Sales have a range of specialist products available for landlords and tenants.