Looking at landlord insurance

Posted: 3rd Jun 2014

Getting landlord insurance sorted out doesn’t have to take forever. Not all buy to let insurance policies are likely to be the same though and you need to be sure that the one you opt for is the one that matches your needs:

  • if you use an online insurance provider, you can search for a policy that suits you, review your landlords cover quote and then, if you want, typically purchase it online and get the whole thing sorted out straight away;
  • premium price considerations are important since no one these days has money to throw away. Yet relying exclusively on price alone may result in you buying a policy that may suit your pocket but which may not provide you with the cover you need in the event of a problem;
  • one area where policies may differ is in their approach to landlord tenant insurance and some landlord insurance policies may impose restrictions on the types of tenants that you can have in your property, excluding categories like students, DSS, immigrants etc, from cover. If this is likely to be an issue for you, then you may wish to look for a policy where no such restriction exists;
  • while most tenants may take good care of your building and its contents, there may occasionally be some who do not. A policy, which offers cover for malicious damage by tenants, may offer you the peace of mind of being covered financially in such a situation;
  • in the past you may have found that subsidence cover was included pretty much, as standard, as part of buildings cover. These days though, this may not always be the case but there are some providers who still provide this cover as standard, which may be worth bearing in mind;
  • you may hope to have 100% occupancy of your buy to let property but there will always be times though where this is just not possible. Perhaps you are carrying out redecoration or refurbishment or you may be experiencing difficulties in finding new tenants or they are delayed moving in;
  • in these situations, if your property is empty for 30 days or more then you may need to consider unoccupied property insurance. This cover provides protection for the risks that are more prevalent in an empty property. For example minor problems going unnoticed and causing major damage unlit windows and an increasingly untidy garden, attracting thieves or vandals;
  • these are just a few examples of differences in buy to let property insurance cover that may make a difference to you. Taking some time to read through landlord insurance quotes to ensure that you understand what’s covered and what’s not, might help you to find the landlord insurance cover that’s most appropriate for you.