If your initial inclination when reviewing insurance quotes is just to select the cheapest landlords insurance, then you may wish to think again. While there is cheap landlord insurance that offers suitable cover, comparing price alone may not tell you all you need to know as not all policies provide the same cover.
- typically, buy to let building insurance may provide landlords liability cover, which provides financial protection if someone decides to sue you for damages following an accident involving them or their property, which they feel is attributable to your building. Not all policies may offer the same level of liability cover and some may be more generous than others;
- some let property insurance policies may offer compensation for loss of rental income if your tenants have to move out of your building, should it become uninhabitable following an insured event. This may be referred to as landlord rent protection insurance;
- the cheapest landlords insurance may not include cover for subsidence as standard. There are policies which do though and if this is a particular concern of yours, then you may wish to look out for them. At Cover4LetProperty, we are pleased to say that landlords subsidence cover comes as standard with all our policies;
- buy to let insurance cover may not include cover for all categories of tenants. Some policies may specifically exclude groups such as students or DSS from cover. Other policies may provide cover for these groups, giving you complete freedom of choice when it comes to letting your property;
- you may, in the past, have come across the situation where a trades person perhaps had to knock down part of a wall to find the source of a problem. Repair of this damage, which is unrelated to the original problem, may not be included in policies unless they provide what’s called ‘Trace and Access’ cover (which we offer);
- not all buy to let home insurance policies may offer you the opportunity to save a bit on premiums (up to 40% in some cases) if you agree to accept a higher voluntary excess on your policy;
- you may decide that some or all of the above features may be essential in any policy that you purchase for your buy to let property. So even though it may not be the cheapest in absolute terms and may not appear cheap to someone else, it may still be the cheapest landlords insurance for you.