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Buy-to-let insurance is a type of home insurance designed to minimise the risks posed when you lease out your property. It’s more specialised than standard home insurance, which, in itself, doesn’t typically offer cover if something goes wrong with your tenancy.
Most buy-to-let insurance policies will cover you for the following:
Some insurance providers also offer additional cover that includes:
Although it’s not a legal requirement, many mortgage lenders will insist you have the right kind of insurance in place when you apply for a buy-to-let mortgage. You may also find that standard home insurance won’t cover a rental property that you don’t live in.
The price of your premium depends on a number of factors, such as the size of your property, your personal circumstances and even the type of tenants you have. For example, in insurance terms, students are considered a higher risk than working professionals or a family with a secure income.
The best way to get a good deal on your insurance is to shop around and compare a range of quotes. But you might be able to reduce the cost of your premium by:
Getting the most suitable landlord buy-to-let insurance is easier with Compare the Market’s handy comparison tool. So why not compare landlord buy-to-let insurance with us today and see if you could save?