The thought of getting to grips with a landlord insurance review may not get your pulse racing with excitement but it may, in the final analysis, end up with you either saving money or getting more suitable cover (perhaps even both).
It’s possible that you’re currently reasonably satisfied with your existing landlords insurance but is that satisfaction largely to do with the fact that you’re just familiar with it and don’t have to think about it too often?
If yes and particularly if you’ve had it for some time, you may find that you’re perhaps missing out on certain aspects of market changes over recent time.
Here are a few questions that you may wish to ask of your policy:
- does it cover subsidence – not all policies do so;
- will it cover the costs of Trace and Access – that’s the cost of a tradesperson needing to cause damage to your home in order to find the source of a problem;
- if tenants maliciously damage your property, will your policy cover it – although such events may hopefully be rare, they do happen and if they do, the costs for you may be high.
This is, of course, not a comprehensive list and there may be many other ways in which a policy may provide variations of cover that are more suitable to your requirements than your existing landlords insurance.
The key point is that you will be unlikely to know that unless you get to grips with a landlord insurance review and start comparing your options.
On a related subject, it might be advisable to also cast a thought to your position with regard to an unoccupied insurance quote.
If you’re unsure what that means, it relates to the situation whereby your cover may be affected or cease entirely, if you have a standard landlords insurance policy and your property sits unoccupied typically for more than 30 consecutive days.
That may happen rather more easily than you think if, for example, you need to extensively renovate your property or your new tenants simply fail to move in as planned.
So, all in all, taking a little time to perform a landlord insurance review might not be a bad idea.