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Factors That Influence the Insurance Amount On Buy To Let Insurance Policies

January 18, 2012 | Comments: 0 | Views: 124

Importance of Buy To Let Insurance Polices

If you are a landlord having properties for rent, then it is very important that you purchase the buy to let insurance policy for your property that is specifically designed to suit the needs of landlords. This is the main reason that these insurance policies are sometimes known as landlord insurance policies. Whatever be the type of problems that you face from rented properties, be it damages to the buildings due to natural calamities or physical damages due to arrogant tenants or loss of rent for several months or damages to the interior structure of your rented building or even damages either to plumbing or electrical fittings, all these problems are taken care of in the buy to let insurance policy. Hence, you will not be required to shell out a single penny from your pocket to carry out repair works on your rented properties. A landlord building insurance will also offer the property owner benefits like property owner's liability and alternative accommodation following inhabitable conditions to the insured building that is not generally provided by any standard household insurance policy.

What Factors Influence Let Property Insurance?

There are plenty of factors that will influence the let property insurance of a building. The main factors that will influence the landlord insurance premium are: the site of the property, the rebuild value as well as the type of tenant. If your property is situated in an area where the crime rate is much higher, then the premium for buy to let insurance policy will be higher than those properties that are in a quiet and calm area. If the rebuild value of the building on the property is low, then the premium for the let property insurance will also be low and vice versa. Also, if a professional person is occupying the property, then the premium for the buy to let insurance policy will be lower when compared to any asylum seeker renting your building.

Type Of Tenant

There are some insurers who will be charging you more premium amount for the buy to let insurance policy that you have bought from them depending on the type of tenant that is occupying your rented property. If you house a professional or a government servant, then the premium insurance rates for your rented building will be lower than if the property is rented to students or people from the weaker economic classes.

Other Covers

The accidental damages cover, the contents insurance cover and building insurance cover will also influence the premiums that you need to pay for your landlord building insurance. It is very important for you to choose a good and an ideal insurer who will be able to offer you with the best coverage for your building at the least possible premium amount.

For further information and quotes on landlord insurance please visit our website that specialises in all types of residential buy to let insurance policies.

Source: EzineArticles
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