If you’re wondering what sort of things might distinguish one insurance policy from another, you may find the following to be a good starting point:
- subsidence cover. Unfortunately, it is no longer safe to presume that this will be included automatically, as standard, in every buildings policy. When you are going through a let property insurance comparison, you may find that it is included on some policies but not others;
- discount opportunities. It’s probably fair to say that many policies may offer discounts in return for certain behaviours on the part of the policyholder, however, some may be far more forthcoming than others in that respect;
- trace and access cover. This basically provides protection against situations where a tradesperson is forced to cause damage to your property while searching for the origin of a problem. Not all policies will pick up such costs;
- all tenant cover. Some policies might exclude certain categories of tenant including groups such as students, DSS recipients and asylum seekers. If you plan to let to these categories or simply wish to have complete freedom of choice, you may be advised to look for all tenant cover;
- flexible voluntary excess. Some policies might offer you a discount of up to 40% on the premium if you opt for higher levels of voluntary excess on the policy. Not all providers will do so however;
- a loss of rental income. This might apply in circumstances where you are forced to keep your property unoccupied following a problem that your policy covered as an insured peril;
- malicious damage by tenants. Once again, this is not necessarily commonplace on landlords’ policies.
This is just a sample of some of the differences to look out for and at Cover4LetProperty we would be only too happy to expand on any of the above in more detail and outline further such considerations.
Your property constitutes a significant investment of your capital and it only makes sense to do what you can to protect that. Taking note of some of the above points and others like them might help you to do so.