One of the first lessons any property owner learns is to be prepared for anything. Telling one tenant a small pet is not a problem is often a mistake. On the next visit, the tiny puppy is now a giant, destructive bulldog. Opening a door to a supposedly empty building only to find evidence of occupation happens in properties all the time. Being prepared to deal with difficult people is one thing. A true disaster is another matter.
For a landlord insurance bestows some sense of security. Even when unoccupied, a building is subject to risk. Fire, broken pipes, an unnoticed leak can all amount to expensive damages.
Smoke or water damage to even one part of a property can result in an entire building closed to all tenants for a time. Even a small fire can mean a huge loss of income until repairs are made.
For a landlord, having insurance is having the backing of a company who will help in assuming some of these risks of business. Choosing insurance is not a decision to make without considerable thought.
Signing up for buy-to-let insurance should involve some questions as to what exactly will be paid on the event of damages. Assuming for example, that all policies will cover water damage is a mistake, which could leave a claim denied in the end. A prepared landlord needs to ask questions and check over the features offered before deciding which insurance will offer the best protection.
