Being careful with the best landlords insurance

Posted: 2nd Jun 2014

You don’t necessarily have to be a perfectionist to want the best of something. When it comes to the best landlords insurance, you may just want the peace of mind that comes with knowing you have done all you can to protect your asset.

The ‘best’ though, can mean different things to different people. Landlords may have different views on which aspects of let property insurance cover are important to them and which aren’t. What’s best for one landlord may not be best for you, which is why shopping around for the best landlords insurance may be a preferable approach to just picking a policy out because it had the lowest price tag.

Unlike our landlords cover, which offers a wide range of policy features and benefits as standard, not all policies will, so it may be worth looking out for:

  • is cover for subsidence damage included as standard – not all policies provide this as a matter of course – some do though;
  • what about trace and access cover – if, for example, your plumber has to rip up some floorboards to find a leaking pipe, are these repairs also covered;
  • if your property is damaged by an insured event and your tenants have to move out while work is completed, does your buy to let house insurance provide loss of rent cover;
  • are you happy with the level of public liability cover provided by the policy;
  • does the policy provide cover for all types of tenant or are some, like students or DSS etc, excluded;
  • is the repair of items damaged maliciously covered?

Getting the best landlords insurance coverage may also mean that it may be beneficial to spend a short time reading through the terms and conditions to ensure that you completely understand what is and is not covered.

Unoccupied property insurance, for example, may be one of those things that you think you may never need. However, it may be easier than you think for your property to come into the ‘unoccupied’ category and this applies equally to owner-occupier and buy to let properties.

In insurance terms, that may happen if your property stands empty for a period of 30 days or more for reasons such as:

  • refurbishment work may overrun through no fault of your own and in circumstances which are beyond your control;
  • you may experience problems finding new tenants;
  • your property may be involved in probate or divorce proceedings;
  • a business trip overseas may be extended or you may be delayed;
  • you may have the opportunity to add a few weeks onto your holiday.

In any of these situations, if your property stands empty for more than 30 consecutive days and you do not have unoccupied property insurance, then even the best landlords insurance (or owner-occupier policy) may not provide cover for events after the 30 day limit and any claims may be rejected.