When looking for a buy to let building insurance quote, you now have a wealth of providers who are able to provide you with prices.
A few years ago, you could only go to a specialist commercial insurance company for this type of cover. However, as the buy to let market has increased (even taking into account the recession), there are simply more properties requiring insurance.
As a result, some of the more traditional “private home” only insurers are starting to move into this area. Increased competition is always good news for the consumer. It also helps us, the business insurance broker, as it increases the range of products that are available in the market place.
Even though we have this increased choice, the basics of the insurance cover remain unaltered. You need to declare certain information to a broker, intermediary or an insurers and based on that information, they decide whether they wish to offer you a quotation.
Should they decide to offer you with a quote, they will then need to price up the insurance cover and provide terms. One set of questions you will be asked and must answer, relates to your claims history. One factor affecting both the ability to offer cover and the price available is whether you have had a number of claims.
Be careful though, even though the buy to let property, or properties, may be your “business”, you are still obliged to declare all claims that you have had. This will include the claim you had three years ago for a pot of coffee spilt on a carpet or your spectacles that were lost. Any domestic claim needs to be declared, they will more than likely be discounted, but you must come clean. Insurers share information and you need to be aware that if you mis-declare, any future claims could be repudiated, quite rightly, by the insurers.