Essential buildings insurance for buy-to-let property is a very important part of protecting your assets and your business. There are also other landlord insurances that further protect you and support you in running your property portfolio in a steady manner, such as for income and maintenance cost protection.
The most basic cover you should have for a property is Buildings Insurance and specifically for Landlord Insurance, it is a requirement of any mortgage agreement to have this in place. The cost of the insurance will depend mainly upon factors such as who you get insured by, the broker you might be using for the insurance, your previous claims history for similar insurance policies, and the exact nature of cover required (for example if property is ready to let or if some refurbishment required before first letting).
As well as the factors described above, the insurance cost itself is specifically based on the insurance valuation figure that will be carried out by the valuer. The insurers will base their cost for your insurance on a basis of so many pounds annual insurance cost per thousand pounds insurance valuation figure. Don’t be tempted into reducing the valuation figure to get a lower quotation as this will possibly invalidate full insurance cover.