Renewing your buy to let cover may be something that you do each year almost on automatic pilot. Taking some time out to get a landlord insurance quote though, may give you some food for though on whether just renewing automatically, is actually in your best interests.
When you first took out your let property insurance, you may have been perfectly happy that it represented the most appropriate deal for you at that time, both in terms of cover provided and budget.
Over time though, things can change quite significantly and buy to let property insurance is no exception.
So it may typically be a good idea, every now and then, to carry out a landlords insurance review to check that you still are getting the value for money cover that you expect, and by getting a landlord insurance quote or two
You may wish to pay particular attention to cover features like:
- subsidence – not all insurance providers cover this as standard in their buy to let buildings cover. Some do though and if this is important to you, it may be worth looking out for;
- malicious damage is again, not something that all let property insurance policies may cover as standard;
- trace and access cover, which is something that may not always appear in policies but which may typically provide cover for repairing damage that a workman might cause while trying to locate the source of another problem;
- is there the opportunity to get discounts on premiums by agreeing to a higher voluntary excess? Up to 40% may be available in some situations;
- does the level of protection offered by your landlord liability cover seem reasonable in light of some of the potential awards that courts could make against you if you were to be sued for damages by a third party? Some policies may be more generous in this respect than others;
- and still on a legal theme, what provision is there to cover legal costs that may arise from you having to defend yourself in such situations;
- not all rented home insurance providers may be happy to cover tenants in certain categories like DSS or students for example. When times are tight, having your property standing empty, if your current policy restricts the types of tenants that it covers, may cause you financial hardship.
By comparing a landlord insurance quote against your current cover, you may end up with confirmation that what you have, still provides you with the cover you are looking for and at a price you think is reasonable.
On the other hand, your landlord insurance quote may have hi