Choosing the most suitable let property cover

Posted: 4th Jun 2014

When you are looking for landlord insurance, the one thing you will not find in short supply is choice.

So, how do you go about finding cover that is suitable for your individual situation? Here are a few ideas that you may find helpful.

Your business

Think about your specific business situation both in terms of the position today and how it might evolve in future. For example, perhaps today you are letting exclusively to professionals but might in future consider moving into the student letting marketplace.

Your risks

Try to analyse and consider some of the risks you face.

Some of this is relatively easy and straightforward, for example, natural perils such as fire and flood are things you would presumably wish your property to be covered for. Yet you might also think about situations such as a loss of rental income, should you be forced to ask your tenants to vacate the property whilst repairs are undertaken following a natural disaster.

You might also wish to consider whether you are worried about the risks of things such as subsidence.

Look for options

At that stage you might start to think about looking around in the marketplace for landlord insurance policies that provide cover against these and other related risks;

That exercise that might prove to be a little time consuming and you may save time by going to a specialist broker who might be able to provide landlord insurance advice based on their knowledge of a number of insurance providers.

Think about discounts

Although it may not be unusual for an insurance provider to offer discounts in certain circumstances, some may be rather more prolific in doing so than others.

If you are keen to manage your costs downwards, looking for these opportunities might be important. You might see them in areas such as taking increased voluntary excesses or using enhanced security measures around your property etc.

Compare your options

Taking the time to look at a number of possibilities side-by-side is important if you are to be sure that you have a degree of confidence that the policy you are about to choose is a good deal when all factors are considered.

At Cover4LetProperty we would be only too pleased to assist you in your search for appropriate cover and to explain anything in the above that is less than totally clear.