Posted August 9, 2011 – 10:21 am in: Landlord Insurance
Is just choosing the cheapest landlords insurance a suitable way of getting appropriate cover?
Finding the cheapest landlord insurance can often set people into overdrive, where they feel that the offer is too good to resist and sign up immediately. However, being the cheapest insurance doesn’t always mean that it is the most appropriate insurance.
People are very different, and what one person may perceive as cheap another may not. Getting cheap landlords cover doesn’t always mean that you are getting the most suitable buy to let cover.
What this means is that when looking for the cheapest landlord insurance, you would be wise to look further than just the price. Some buy to let insurance companies may offer insurance at what appears to be drastically reduced prices, and its only when you read the policy that you may discover that the reason the price is so cheap is because a lot of benefits are not included in the standard policy (for example, landlords subsidence cover).
So, what do you need to look out for when choosing landlords insurance?
• some landlord insurance policies do cover loss of rental income, but this is only in cases where the cause of the problem is due to previously insured perils. If a tenant was to leave your property without paying, for example, in many cases this would not be covered;
• replacement locks as trivial as this issue may seem, it’s a problem that most landlords may face at some point, and it can also be very expensive. Replacement lock cover isn’t always included in the policy, so if it’s something you require it’s always best to check;
• malicious damage is something which some let property insurance providers offer but not all. If you require this level of cover then you would need to shop around and find which companies do offer this type of insurance, as typically it is not included in all standard landlord insurance.
The main thing to try and remember is that the cheapest landlords insurance may not always necessarily offer the most suitable cover. The most suitable cover may be the policy which fits perfectly with your circumstances and gives you what you feel is value for money.
Tags: landlords insurance