Frequently Asked Questions: Buy To Let
Recently Added Questions
What type of landlord insurance do I need?
There are a few different insurance options for landlords. Which one you choose will depend on the specific risks you feel that it’s most important to cover against. The most common product and the one that we sell here at CIA Insurance is buildings and/or contents insurance. It’s also the most complex and extensive.
Our landlord insurance can include either buildings only, contents only or both if required. The other benefits of our policy can include loss of rent, accidental damage, malicious damage or theft by tenants, employers liability, property owners liability and unoccupied property cover.
Do I need a tenancy agreement?
Most of our insurers ask for a direct tenancy agreement to be in place for a minimum of 6 months.
As a general rule, you can expect to need to have a tenancy agreement in place before being permitted to take out any kind of landlord insurance. Nonetheless, it is advisable to consult the small print of your contract and ask questions of the insurer before purchasing.
Do I insure my property from exchange or completion?
Insurance is usually offered from exchange, but you should be guided by your solicitor on the exact date to start your policy.
When you are purchasing a house – whether to live in yourself or as a buy-to-let investment – there is a potential grey area between the exchange of contracts and the completion of the sale. It is during this period that you will have signed a contract committing you to purchase the property, but the house will not technically be yours yet as you wait for other aspects of the sale process to be undertaken, such as the conveyancing.
What is Landlord Insurance?
Landlord insurance is a specialist product that covers landlords from damage costs and various different financial losses that come with the territory of being a landlord. Amongst all the positives, unfortunately, there’s a lot that can go wrong when you’re a landlord that can in turn, cost you a lot of money.
With that in mind, your landlord insurance policy is really important for any landlord. Buildings insurance and contents insurance are usually the main types of cover that a landlord will need, however a lot of other landlord-specific covers can be added onto a policy, such as legal expenses insurance and alternative accommodation expenses.
What is an interested party?
An interested party is any other person or organisation with a financial interest in the property, such as a mortgage provider.
An interested party – also known as an ‘additional interest’ – is a person or company other than the named insured on an insurance policy, which has an insurable interest in the person or property that the policy covers.
How do I make a Claim?
If you need to make a claim you will need to contact your insurer’s claims team, which are detailed below.
Geo Underwriting claims – 01708 777 710
Pen Underwriting – 01403 321 394
Keystone – 0344 856 2364
Plum – 0345 313 1915
Modus – 0344 856 3815
Axa Let – 0330 024 8087
Rentguard – 0208 587 1075
Abacus amtrust – 0115 934 9818
Abacus Novea – 0144 322 9513
Abacus Covea – 0330 024 2255