Are there particular Insurance requirements for investment properties?
- Yes, you will need to have buildings cover in place before the mortgage can be drawn down. It’s also good practice to have Third Party Liability, Contents and Loss of Rent Cover in place for investment properties. When engaging with an insurance company, let them know that your property is a rental property. If you don’t do this there could be a problem if you ever need to make a claim
- If your property is insured under an apartment block policy it may only cover liability arising from accidents in common areas i.e. the hall, stairs and landing. It may not cover accidents occurring inside the apartment but it’s worth checking this.