How to Purchase Buy to Let Insurance

Landlords can purchase buy to let insurance to protect their investment properties from common disasters such as fires, lightning, or earthquakes. Typical landlords insurance policies do not cover a home’s content, but they can cover other types of damage like arson in addition to natural disasters. The process to purchase buy to let insurance is the same as any other form of insurance.

Difficulty: Moderately Easy

Instructions

Things You'll Need:

• investment property
• internet connection

1. GET QUOTES. The first step to purchase buy to let insurance is to go online and get quotes. Network with other landlords in your area and compare rates. You can shop around for better landlords insurance rates just like you would with personal insurance, so be sure to get several quotes.

2. RAISE THE DEDUCTIBLE. To save money on buy to let insurance, you can raise your deductible. The higher the deductible, the lower your premiums will be. Raising your deductible by just $500 can result in significant savings.

3. ASK ABOUT DISCOUNTS. Just as personal insurance companies offer discounts for customers who have multiple policies, landlords insurance companies will also offer discounts for combining policies. You may get a 5 to 15% discount for combining your by to let insurance with your homeowners or auto policy. But before you add buy to let insurance to your personal insurance policy, make sure that doing so will actually save you money. You may still get a better deal by having separate buy to let insurance from a different company.

Tips & Warnings

• A good insurance agent will be able to help you determine how much coverage you need in your buy to let policy.
• Installing certain safety features like alarm systems or smoke detectors in your investment property will qualify you for discounts.
• Most insurance companies will give you a discount if you stay with them for several years. Check in with your landlords insurance agent periodically to see if you are eligible for new discounts.

[Addonis]

on 2/23/2009 great work 5*

[triciagoss]

on 2/9/2009 Helpful info!