Few people would argue that times are tough for the typical landlord and as a result, the search for appropriate or even the best landlords insurance quote, becomes ever more important.
That begs a question though – how do you define the best landlords insurance quote?
A simplistic but attractive answer may be to say that it is the cheapest possible insurance you can find. If this approach appears to be tempting, it may be worth pausing for a second’s thought.
Imagine a situation where you needed to make a claim. It may be worth asking yourself if your first question in such a situation would be related to checking how much you had paid for your policy.
Such a response to a potential crisis may seem to be unlikely – what is perhaps more probable is that you will immediately start to consult the let property policy to check what cover it provides with respect to the problem situation that has arisen.
That, of course, would not be the time to discover that the policy was not providing quite the cover you thought it would – even though it had been the best landlords insurance quotation you had been able to find because you had simply looked for the cheapest cover.
The best landlords insurance quote for someone else, if they looked only for the cheapest quotation, may not prove to be the best quotation for you if it doesn’t meet your minimum requirements.
While speaking of landlords insurance quotes, it is perhaps worth keeping in mind that such quotations may not include unoccupied property insurance.
Unoccupied property insurance protects properties that are standing unoccupied for more than (typically) 30 consecutive days. If you think your property is unlikely to fall into that category, it may pay to consider just how easily such a thing may happen entirely beyond your control:
- tenants due to move in suddenly change their mind;
- you are having work done to decorate or convert property and it unexpectedly overruns;
- you have a property that needs to be left unoccupied until such time as probate or divorce issues are settled;
- you decide to hold off renting out until you return from an overseas business trip, only to find that it unexpectedly runs on longer than you anticipated.
In all these situations, once the 30 days has expired, you may find that your standard landlords insurance policy becomes null and void and you may need unoccupied property cover to continue your protection.
So, there may be many things that need to be considered before you describe any option as the best landlords insurance quote.