Comparing cheap let property insurance

Posted: 2nd Jun 2014

Periodically examining your existing landlord insurance and comparing it to other options in the marketplace, including those described as cheap let property insurance, may be beneficial.

To do so, it may be worth keeping in mind that certain things may be rather less commonly found on some landlord insurance policies than others, including the following. In all these examples, we are pleased to advise that cover4letproperty provides all these elements of protection and/or policy features:

  • legal cover – some policies may provide cover for legal expenses in situations where they arise as a result of an insured risk (ceiling limits apply);
  • subsidence cover – although once common on building and contents insurance, today it may not be found ‘as standard’ on some landlord insurance policies and that may be the case whether or not it is described as cheap let property insurance;
  • rental income protection – some landlord insurance may be able to offer cover for your loss of earnings (rental income) should your property become uninhabitable due to an insured risk, although some may limit the total amount claimable;
  • the nature of the tenants – some policies, not necessarily those calling themselves cheap let property insurance, may have restrictions upon the cover offered, depending upon the type of tenants in the property (e.g. students, DSS etc.);
  • the ability to utilise voluntary excesses – some policies may give greater scope for reducing the premium by you accepting a higher level of excess, than others;
  • unoccupied property insurance cover – insurers typically will consider any property left unoccupied for more than 30 consecutive days to be technically unoccupied in insurance terms. That may mean that your insurance becomes invalid but some insurance providers may also be able to offer what is called unoccupied property insurance, to bridge such situations;
  • malicious damage by tenants – a regrettable situation but one that unfortunately can arise, however, some policies may not offer protection against the serious costs that you may incur should you be unlucky enough to experience it.

In the final analysis, it may be important to keep in mind the ultimate reality that what is cheap let property insurance for someone else may simply not prove to be cheap for you. If the cover is not suitable, then you may be at severe risk and if you need to supplement it with further protection, then it is unlikely to meet the definition of being cheap.