If you’re a landlord, you may well have the intention to hunt for the very best let property insurance possible.
That’s a great intention but it begs the question as to what exactly is the best let property insurance?
The eye of the beholder
The problem is that what may appear to be the best landlords cover to someone else, may not appear to be so to you.
There are so many variables that a discussion of what is best, in abstract, is virtually impossible or at least, misleading – it simply depends too much upon your individual circumstances and set of requirements.
There may be two lessons to be taken from this:
- insurance providers that claim to be offering the best let property insurance may be using a little advertising licence;
- it may be difficult to establish what insurance is suitable for you without thinking about what’s important to you in cover terms.
Let’s assume for the sake of illustration that you have a large Georgian or Victorian period property that you are letting out.
Such properties, in some areas of the country, may be rather more prone to subsidence problems than more modern properties. That may mean that you would regard subsidence cover to be an essential part of any landlords cover you purchase (in fact, subsidence cover is not any longer a standard part of all landlords cover and while we offer it as standard, not all landlords insurance providers do).
As another example, perhaps you have previously had a negative experience with tenants that have maliciously damaged your property.
If that’s the case, you may regard cover against malicious damage by tenants to be essential.
There are a number of other things that you may find useful but which are not necessarily part of standard cover with some insurance providers:
- trace and access cover;
- a loss of rent cover – where that arises as a result of another insured risk;
- cover for all types of tenants – including students and DSS housing benefit claimants;
- the opportunity to reduce your premiums by up to 40% if you accept a higher level of voluntary excess.
Other points to look for
You may find that the policy provider’s position on landlords contents cover may vary and some may be closer to your idea of what is appropriate than others.
If your property is located in a known flood-area, it may be important to verify the position of your insurance because some policies may impose restrictions on policyholders with properties in such areas.
Landlords cover is also, like all insurance, likely to contain terms and conditions.
These may prove to be important to you in the event you need to make a claim so it is important that you read them closely to ensure they are sensible in your context.
So, the best let property insurance may be out there but you’ll need to be sure of what you’re looking for before you’ll be able to judge one policy against another.