Making A Landlords Insurance Comparison

Posted: 2nd Jun 2014

Making a landlord insurance comparison isn’t as hard as it may sound and it may result in you obtaining more suitable cover.

Here are a few things that may be worth comparing between two policies but perhaps surprisingly, price isn’t going to be mentioned.

That’s because, while price is of course important, it might be worth avoiding diving directly into comparing prices. Your property is a major financial investment and what may be far more important than a few pounds is finding cover that meets your needs!

  • Subsidence. Unlike ourselves, who offer subsidence cover as a standard element of a buy to let insurance policy, not all let property insurance policies provide landlords buildings insurance cover for subsidence. Given that the cost of resolving subsidence can be huge, this is something it may well be worth checking.
  • Malicious damage. Hopefully it will never happen to you but if your tenants decide to maliciously damage your property, some landlord’s insurance policies – again, including ours – may cover that and others typically won’t.
  • Legal cover. Some insured risks may also result in the creation of a legal component – one example may be if your tenants sue you for injuries sustained on your property. Not all policies will provide help in this area (note that legal costs arising from things such as pursuing tenants for unpaid rent, will typically not be covered).
  • Contents. To make a landlord insurance comparison, you’ll need to look carefully at the policy’s position with respect to contents cover. Some may offer market value replacement – others may offer new-or-old. Both may have their advantages but it important to ensure that what is being provided actually meets your needs.
  • Unoccupied property insurance. Remember that typically a landlord’s policy won’t cover what’s called an unoccupied property, typically defined as one that has stood unoccupied for more than 30 consecutive days. Special empty property cover is required for that situation and it is worth checking the policy’s position.
  • Third party cover. Court awards following a successful third-party claim against you may prove to be staggeringly high. Not all policies offer the same levels of cover and it’s something to look at.

So, to ensure you’re getting a deal that’s suitable for you, making a landlord insurance comparison may be essential. If you have any questions relating to this, or need assistance as to which buy to let insurance policy is most suitable for your needs, then please do not hesitate to get in touch – we are always happy to help!