When margins are tight, you may be keen to keep costs down and trying to make some savings by buying cheap let property insurance may be something that you are very keen to achieve.
While this may be completely understandable, it may be prudent to bear in mind that there may be more to low cost landlord insurance than just premium price and that while what you may have to pay out for your buy to let cover is obviously extremely important to you financially, the cover that that your cheap let property insurance actually provides may be just as important.
Different people, different properties, different cover
An important point to bear in mind is that no two landlords may have exactly the same property or the same requirements when it comes to buy to let cover so what one landlord may consider to be cheap buy to let insurance cover may not be something that you may consider to be appropriate or cheap for your situation.
It may be that some forms of cover that you may not need, like contents insurance may be included or some other feature like cover for subsidence damage may be missing.
Standard or not
Some other areas where you may find policies differing may include whether or not:
- malicious damage by your tenants may be covered as standard:
- there are any provisions for compensating you for loss of rental income if your tenants have to vacate your property while you carry out repairs to insured risk damage;
- damage caused by someone locating and fixing another problem is covered – this may be referred to as trace and access cover;
- there are restrictions on the types of tenants you may be able to let to – some policies may decline to cover students or DSS for example.
You may wish to bear in mind that if your property is standing empty then any existing cheap let property insurance that it has may cease to be adequate cover should the period extend beyond 30 consecutive days. In these circumstances you may need to purchase unoccupied property insurance to maintain the continuity of your cover. We will of course be very happy to discuss which is the most appropriate and cost-effective landlords insurance for you, so don’t be shy, please get in touch!