Someone asked me the other day what the difference is between buy to let insurance and landlords insurance. I may have seemed a little confused by the question mainly because the simple answer is that there is no difference.
I then thought about this some more and realised that there may be other people out there asking the same question and struggling to find an answer. Being in the industry you can easily forget that people outside of our insurance world don’t know everything! Something that probably applies to all trades and not just ours I would guess.
Buy to let is a term that people use to describe the scenario where a property is purchased with the intention of letting it to tenants. It is usually these people that will ask for buy-to-let insurance. Someone who owns a property already that they maybe move out of to live elsewhere may keep their old property and rent it out. These people normally ask for landlords insurance.
Predominately you are insuring a property that is rented out to tenants with the only difference being how you came to be in this situation. There is therefore no difference in the policy whatsoever. In the insurance industry we more recognise it as landlords insurance but no matter how many times you say “buy to let insurance” to us, we will never correct you!