About cheap let property insurance

Posted: 2nd Jun 2014

If you are a landlord, you presumably want to take the best possible care of your property. Part of that may involve you searching for cheap let property insurance.

The basics

Landlord’s insurance typically covers you for risks such as buildings and contents plus third party liability. That latter cover is required just in case your tenants or any other member of the public decides to sue you because they have suffered injuries or damages as a result of your property.

In addition, if your property stands unoccupied for more than 30 consecutive days, you may be advised to consider unoccupied property insurance to avoid your standard policy becoming invalid.

Concentrating on cost

Understandable as it may be to conduct a search for cheap let property insurance, it’s worth remembering that the concept of ‘cheap’ may mean different things to different people.

To some, it may mean the lowest possible cost cover, irrespective of the benefits provided. To others it may mean a policy that provides the maximum cover at a price that you consider is reasonable.

It is, of course, a matter of personal opinion and preference but thinking initially about how close the policy’s cover is to your requirements may be a wiser approach than concentrating on price alone.

Don’t be misled

Owner-occupier home buildings and contents insurance policies are typically not suitable for property being used for the purposes of rental income. Even if only part of your property is being rented out, any existing owner-occupier cover you have may immediately become invalid.

Although buy to let insurance is typically a little more expensive than owner-occupier cover, attempting to economise may prove pointless, as insurance companies have ways of establishing the occupancy status of your property at the time the incident took place that lead to your claim.

Attempting to make a claim against an owner-occupier policy for a property you know to have been rented out, may involve making a false declaration – something that may be an offence and which may make it difficult for you to obtain insurance in future.

So, looking for cheap let property insurance may make sense but making sure that any policy you purchase is suitable for your needs may be a higher priority.