You may feel that having the best let property insurance is important to you, as a landlord, if you are to protect your financial investment in your buy to let property.
Your selection criteria for the best let property insurance may be very different to those of another landlord.
It might be possible, for example, to decide on a particular insurance got landlords policy based on price:
- you may believe that the best policy is the one which is the cheapest;
- on the other hand, you may think that the most expensive must be the best because it may offer you more.
When it comes to landlord insurance though, the reality may be that price alone just may not give you enough information to make a decision on what is or is not the best let property insurance.
Each and every buy to let insurance policy is likely to be different and comparing price alone will tell you nothing about the protection that the various policies offer for your buy to let property.
You may find for, example, that not all policies may:
- provide subsidence cover as a standard component of their buy to let building insurance;
- give you compensation if your tenants have to move out of your property because of an insured event and you suffer a knock on loss of rental income;
- have the added financial protection, known as trace and access cover, which may cover the costs of the repairs due to damage that a trades person may cause while trying to locate the source of another problem;
- cover all types of tenants – some may exclude DSS, students etc;
- be able to provide you with a flexible premium discount of up to 40%, if you agree to accept a higher voluntary excess on your landlord insurance policy;
- provide cover for certain elements of any legal fees that you may incur, though this typically may not include costs relating to rent recovery or eviction proceedings;
- provide the same level of landlords liability cover to protect you from the financial implications of having a court awarding damages against you, if you are sued by someone who was injured or who had their property damaged and the cause was attributable to your property.
You may consider some of these potential differences in cover offered in landlord insurance policies, to be essentials parts of the cover you would expect to obtain. Some landlords, on the other hand, may be less concerned one way or another.
We may be able to help you find the most appropriate landlords cover for your own very particular set of circumstances. We understand only too well that, at the end of the day, what is the best let property insurance for you may not be the best for someone else.