10 tips on let property insurance quotes

Posted: 3rd Jun 2014

If you need insurance cover for your buy to let property, then getting a few let property insurance quotes is a pretty good starting off point.

Only by comparing what’s available might you be sure of getting suitable cover for your own particular situation:

  • don’t assume that you can make do with owner occupier insurance home buildings and contents insurance cover (typically a bit cheaper than landlords insurance) because you can’t. As a landlord, the risks that you and your property face are very different than those for an owner occupier;
  • when you are providing details about the value of your property, be as accurate as possible. If the worst happened and your property was destroyed, then the amount you would be entitled to for your rebuild, would be typically based on your insured value;
  • getting a professional valuation, which would include additional costs such as architects’ and surveyors’ fees, searches and site clearance, may be a sensible idea;
  • let property insurance policies may differ significantly in the level of cover that they provide and not just on price. Some of these features of cover may be more important to you than others;
  • some policies may stipulate that unoccupied property insurance may be required if your property is empty for a period of 30 days or more. This is because the risks your property may face are quite different when it is empty;
  • you may see from your let property insurance quotes, that with some providers there may be options for discounted premiums if you protect your property with deadlocks, key locking windows and alarm systems;
  • different landlords cover may offer different levels of financial protection for landlord liability insurance. You need to be comfortable with the level on offer;
  • not all policies may offer cover for subsidence as standard or compensate you for loss of income via landlord rent protection if your tenants have to move out of your property following damage from an insured event;
  • if you agree to accept a higher voluntary excess on your landlords insurance, then you may find that this might result in premium discounts of up to 40% in some cases;
  • there may be a temptation just to renew your landlords insurance year after year but having a look at some let property insurance quotes may highlight that there may be more appropriate policies available elsewhere.