If you’ve got to that time of year when your landlords insurance needs to be renewed, then carrying out a let property insurance review may be something that might be of benefit to you.
Perhaps your inclination may be to simply renew your existing cover but if you do this you may be missing out on some opportunities to provide yourself with more extensive cover and perhaps save some money into the bargain.
You may note from your let property insurance review that with some policies (such as those offered by us) you may be able to lower your premium by up to 40% simply by accepting a higher voluntary excess on your policy (the excess on a landlord’s insurance policy is the amount of money that you may have to contribute to the cost of any claim).
You may also find that some features of cover that you may consider to be an important part of any landlords insurance policy, may be provided as standard by some policies but be an optional extra on others.
Your let property insurance review may allow you to identify those policies which most closely correspond with the features of cover that you may feel that you may need for your peace of mind as a landlord.
So you may find that some policies may offer as standard:
- subsidence cover;
- malicious damage by tenants;
- cover for students and DSS;
- trace and access cover.
Getting the cover you feel comfortable with may only be part of the battle. You may also need to consider what, if anything, you may be required to do if your property is empty for an extended period of time (typically 30 days or longer, though this depends on the insurer).
In these circumstances, you may find from your let property insurance that you may need to purchase unoccupied property cover – and getting an unoccupied insurance quote in the first instance may be a sensible way to take this requirement forward.
There may be many reasons why your property is empty and not all of these are related to you being a landlord. Owner-occupiers with home buildings and contents insurance may be affected as well and require the same sort of cover.
These reasons your property is empty may include:
- being on an extended holiday or business trip;
- waiting for the outcome of probate or a divorce settlement;
- delays in renovations or refurbishments;
- problems finding new tenants or perhaps they have been delayed moving in and taken you over the 30 day threshold.
Any unoccupied property insurance or let property insurance review may ideally include a careful reading of the terms and conditions and you may wish to note that these may be very different for these two different types of cover.