How to carry out a landlord insurance comparison

Posted: 4th Jun 2014

If you are looking around for landlord insurance you may wish to ensure that the product you select is fit for your purpose, as well as being a suitable option as far as the premium and your budget are concerned.

Different landlords with different properties may all have their own set of requirements when it comes to their buy to let insurance cover.

This means that there are a number of different types of policy with different levels of cover available all at a variety of different price levels. To be sure of getting the most appropriate for you, you may need to carry out a landlord insurance comparison.

Some of the features and options in addition to price that you may need to look out for may include:

  1. does the policy include cover for damage due to subsidence as standard – not all do and given the potential seriousness of this type of issue, it may be worth looking out for those policies that do (ours do!);
  2. what provision is made for compensating you, as a landlord, if your tenants have to move out of your property while damage is being repaired. Providing the damage was caused by an insured event such as fire, flooding, earthquakes etc, at Cover4LetProperty we offer cover where you are eligible to receive compensation for your loss of rental income (up to certain agreed limits);
  3. if you have ever been in the position of calling in a tradesman to fix something only to be left facing the additional costs of having to make good damage that your tradesman had to cause to locate and fix the original problem, then you may wish to look out for a let property insurance policy offering trace and access cover. This feature – which is available from us – offers you financial protection against having to pay for these additional costs;
  4. when you let your property out, you may have a particular target market in mind in terms of the type of tenants that you hope to attract to it. Some types of accommodation may offer more flexibility in this respect than others and you may, therefore, need insurance protection that does not limit the types of tenants. For example, you may wish to let to students, DSS recipients and immigrants but some policies may not cover those groups. Our policies offer you complete freedom in this respect;
  5. some providers – such as ourselves – may offer you the opportunity to save on premium costs by accepting a higher voluntary excess on your policy. This could result in premium reductions of perhaps up to as much as 40%.

It may only be when you take the time to compare some landlord insurance policies that you realise just how significant some of the differences may be and how important they may be for you.