If you are a landlord looking for the best let property insurance, then there may be a fair bet that you may be keen to achieve this while still keeping to a sensible budget.
There may be few people these days, in any walk of life, able to disregard cost implications completely. With something like buy to let insurance however, it may be important to ensure that you do not sacrifice levels of cover in an attempt to save a bit on premiums.
Since properties and landlords are all different, you may find that policies for home insurance for landlords may also vary considerably from one policy to another and one provider to another.
The policy that turns out to be the best let property insurance cover for one landlord may be very different to the solution that you feel may be best for you.
Looking at price alone may not tell you much about the elements of cover on offer, so a sensible approach may be to compare what is available in various building and contents insurance policies so that you can be sure that they match your definition of the best.
You may be looking at elements of cover such as:
- does the policy provide cover in situations where your property may have been damaged maliciously by your tenants – some but by no means all policies may include this protection as standard;
- what is the position of the landlord insurance policy on the putting right of damage that may have been caused while a tradesperson was trying to find and fix another problem – this is referred to as trace and access cover and it might make a significant difference to your costs;
- does the level of cover for third party or public liability appear adequate to you – some policies may be more generous in this respect than others and if you are sued for damages and there is a shortfall in the cover provided by your policy, then you may be personally responsible for the remainder;
- damage to your property may typically be covered if this happens due to what are referred to as insured events, which typically include fire and smoke, storms and flooding, earthquakes etc – you may wish to note though that subsidence may not appear in this list as standard across all policies and so this may be worth looking out for if it is a particular concern of yours;
- whether or not there is provision for the absence of rental income should tenants have to move out of your property if it is rendered uninhabitable following insured event damage – the best let property insurance for you may be a policy which includes this sort of compensation.
If you have any doubts or questions about finding the best let property insurance, you may wish to consider contacting our team of landlord insurance experts for some specialist help.