Sometimes, if the headline price of a cheap landlord insurance quote is breathtakingly low, we may be inclined not to see past it.
Yet asking serious questions of any landlords insurance cover is typically important.
The reason for that is simple – asking probing questions may be the only way of being sure that you’re getting cover that’s likely to be suitable for your individual situation.
There are a number of things that may be worth considering whether you have a cheap landlord insurance quote in front of you or one that’s seemingly less cost-attractive:
- does it provide cover for subsidence as standard – not all buy to let buildings insurance policies do;
- will it offer to help with some of the legal fees if you are sued by tenants (or other members of the public) under the auspices of third party liability provisions;
- you may wish to check whether or not the cover will include cover for malicious damage caused by tenants;
- if you are forced to move tenants out due to an insured risk, will that attractive cheap landlord insurance quote offer a contribution to your loss of rental income;
- sometimes, trades people may need to cause damage to your property while they endeavour to find and repair the source of a problem (e.g. leaks) – some policies may cover such situations under what’s called Trace and Access cover but other policies may not.
Of course, this is just a sample and there may be a number of other conditions to consider, essentially those that involve relating your requirements to the cover provided by the policy (not something that you can tell by looking at the price on its own).
Standard quotations may also not cover a range of ancillary issues, for example, if your property stands unoccupied for more than 30 consecutive days, it may require unoccupied property insurance. Understanding the nature of these ancillary questions and when to ask them may be a specialist task – one that we would be pleased to offer our help in.
So, perhaps the key message is to try and take a broader perspective than price alone. Remember that if you have a problem and wish to make a claim, the price you’ve been paying for your policy will not be a priority for you – only the cover it provides will be.
A cheap landlord insurance quote for someone else may not, in the final analysis, prove to be cheap or suitable for you.