If renewal time has come around again, or you simply wish to review your current landlords insurance policy to make sure you have the most cost-effective cover, then the following considerations may help:
Have your circumstances changed since you purchased your last policy?
- for example, has your tenant type changed (not all insurance providers will cover students or asylum seekers for example)?
- or have you carried out extensive renovations which means you need to adjust your sum insured?
- it may be your insurance covers both landlords buildings and contents, yet you are letting the property as unfurnished and so do not need contents insurance anymore?
- has your property been standing unoccupied for more than 30-45 consecutive days? If so, your current let property insurance may typically be invalid and you will need unoccupied property cover. (We can help with this)
Are you getting value for money?
Different policies offer different features and benefits, so when comparing your existing cover with other policies, you need to compare more than just the price. For example at Cover4LetProperty, all our policies offer, as standard:
- subsidence cover;
- malicious damage caused by a tenant;
- plus many other features that some other companies may charge for.
So when you do look at costs, also review the elements of cover you are getting too, so you can compare the policies on a like-for-like basis. That way you can feel you are getting the most appropriate protection at the most competitive price.
Cash flow is something that affects all business owners, and if your current landlord insurance provider does not offer flexible monthly payments, you may find your annual renewal insurance premium drains your finances.
Look out for companies such as ourselves who offer monthly payment by direct debit, so you can keep more money where you need it – in your bank account.
Finally, when you are close to choosing your new policy, do check out how accessible your insurance providers are. Companies that offer you all the benefits of buying online (which normally attracts discounts) but also offers contact by telephone may be ideal for you. Providers that offer email only contact will not be useful in the event that you have a question about your policy or need assistance with making a claim.
We hope these pointers have given you some good tactics to employ when reviewing your insurance. Don’t forget that at Cover4LetProperty, we will only be too pleased to help if you have any questions relating to existing or new cover.