If you’re looking for landlord insurance, then you may well see that there are a significant number of options in terms of which landlord insurance company to use.
How to go about making a choice?
Focus on the product
Of course, you will want to know that you’re dealing with an appropriately professional provider of let property insurance and researching the company a little beforehand, may only be a prudent thing to do.
However, it is assumed here that the company is bona-fide and you have no concerns in that respect.
If that’s the case, how can you differentiate between one landlord insurance company and another?
The answer must be to focus on the policy on the table and exactly what cover it will provide for you – and at what price.
Buy to let home insurance policies are not all clones of each other
As the title above indicates, one landlords insurance policy may differ significantly from another.
That’s fine because it may mirror the reality of your own situation, which is likely to be unique to you and not the same as any other landlords.
What that means is that a policy that may be particularly suited to someone else, may not be the most suitable option for you. It really will be necessary to think closely about what cover is important to you and then to compare that against the cover being offered by an individual landlord insurance company.
Tips on what you may wish to think about
It is extremely difficult to be precise about either what a policy may contain or your requirements but a few things in particular may be worth thinking about:
- loss of rental income – if your property is not rentable due to an insured event, some policies may compensate you for a loss of rental income up to a specified level;
- subsidence – unlike the position in previous decades, this cover is now no longer universally found as standard on some policies;
- malicious tenants – if you are unfortunate enough to have tenants that deliberately damage your property, some policies may cover this;
- not all let property insurance providers will necessarily provide cover irrespective of the type of tenant in your property – some policies may specifically exclude students or DSS housing benefit recipients (etc);
- you may find that trace and access cover is not necessarily commonplace on landlords insurance policies – but it is a type of cover that may be extremely useful if a tradesperson has to start demolishing areas of your house in order to find a fault;
- you may find better discount opportunities (e.g. through accepting a higher voluntary excess) on some policies than on others.
In order to find suitable cover and at a cost effective price, it may be better to concentrate on assessing the policy rather than simply looking for a good landlord insurance company.