The best landlords insurance

Posted: 6th Jun 2016

If you are looking for the best landlords insurance, you may be prepared to do some research into what the may be the most suitable policy for you. What you should bear in mind, however, is that the best policy for you depends on a number of issues, and may be different from what constitutes the best policy for another landlord. No two landlords necessarily have the same attitude to risk and property management nor the same attitude towards what represents good value for money.

For one landlord, a low cost, budget policy that gives basic cover at a cheaper price may be the “best” for him. While for another landlord, an all singing-all-dancing policy that offers lots of benefits at a realistic price may be “best” for him.

This should be borne in mind when looking for landlord cover.

So, when getting landlord insurance quotes, what sort of information will you need to have to hand when telephoning or completing an online application?

Finding out about you

In order to arrange the most suitable landlord insurance policy, an insurer may need to confirm your identity. Accordingly, the first details they may take may include your:

  • Name;
  • Date of Birth;
  • Address and;
  • Contact Details.

Finding out about your property

Next, in order to give you an accurate quote, insurers may wish to find out some details about the property you let which may include:

  • The full address of the property to be insured;
  • Details of its method of construction (ie. standard or unusual);
  • Information about whether the property has been well maintained;
  • Whether the property is in an area that has suffered from flooding problems.

This information may give an insurer most of the information they may need to offer you what they consider may be among the best landlords insurance policy for your needs.

Value of cover needed

The best landlords insurance for you will typically involve an appropriate level of cover. Depending on the cover you are looking for, you may need to name figures for the buildings and contents elements of the policy.

The figure for buildings may relate to total rebuilding costs, including site clearance and professional fees. If you have recently had a survey done of the property – for a mortgage valuation for example – you may find that rebuilding figure is quoted there.

For contents, have you ever made a list of the things that you have inside the property that you are responsible for in your capacity as a landlord?  It may make sense to do so, including allowing costs for redecoration and furnishings. This will enable you to make an informed decision as to how much landlords contents insurance you may need. Don’t forget to refer to any inventories you may have, for further clarification as to what you need to get insured.

Who will be living there?

This question is not just the insurer being nosy. Instead, it gives them an idea of the kind of tenant base your property attracts, and how risky a group of people they are. The extent to which insurers may take this into account may vary, but you may find that some insurers may prefer to insure properties that are to be let to a certain type of tenant (eg. professional or retired tenants).

At Cover4LetProperty, however, the good news is that we have no restrictions on the type of tenants you let to. You view our short video entitled: Why are tenant types important to insurance companies here.

If you are looking for some of the best landlords insurance, using a specialist website that is backed up with telephone help, advice and support, such as ours, typically may allow you to access this specialist cover at a price that suits your needs..