There’s nothing wrong with being cost conscious and trying to watch the pennies when you are looking at options for landlords insurance.
You may wish to keep in mind though that the policies on offer from the numerous providers of such cover may all be different. Some of these differences may be important and relevant to you.
That means that it is not really possible to just look at the prices of different policies and assume that they all offer the same levels of cover for the same cost.
Here are just some of the areas that you may wish to concentrate on when looking at a buy to let property insurance quote.
Does the policy include cover for this potentially expensive fault as standard? You may find that some polices may not cover this at all.
Loss of rent
If you were to find yourself in the situation of having your tenants move out of your property while repairs were being carried out, then you would suffer from a loss of their rental income – something which might leave you seriously out of pocket.
Provided that the repairs were for damage caused by an insured risk (fire, flooding, earthquake etc) then some policies may offer compensation for this loss.
Trace and access
A typical policy may obviously provide you with cover for repairing certain problems affecting your property.
What it may not all cover though is any related repairs that may be necessary.
For example, to locate and repair a problem, a tradesman may have to cause damage to walls or floors etc. Trace and access cover may help ensure that you do not end up having to pick up the costs for these additional repairs yourself.
Not all policies may offer cover for all types of tenant with some specifically excluding certain categories like students, DSS recipients or immigrants.
A policy which does provide cover for all categories though may avoid you having to check your policy each time you re-let your property.
Some providers may offer you the chance of saving a bit on premiums by allowing you to opt for a higher voluntary excess, which would mean you paying more towards any future claim.
Some policies may be able to offer premium discounts of up to 40%, which could mean significant monthly savings for you without compromising on the levels of cover offered.
When you are about to purchase insurance for your buy to let property, you obviously want to be as sure as you can be that the policy you opt for will provide you with suitable cover. Making a judgement based on price alone may not give you the protection you need.
At Cover4LetProperty we will be more than happy to help you with your landlords insurance needs, so please feel free to get in touch, either by email or the telephone.