Today the world is increasingly cost-conscious and that is perhaps no bad thing.
Yet the question, how much does let property insurance cost, isn’t an easy one to answer without knowing the specifics of your exact circumstances.
At Cover4LetProperty we are committed to helping you to understand how you might influence the cost of your own cover and the following points might help:
- if your business involves letting property on an unfurnished basis, you may not need contents cover. Taking out only buildings cover plus associated third party ability protection, might enable you to reduce your costs;
- similarly, some policies may welcome your use of things such as burglar alarms and security locks on doors and windows, with reductions in premium. These may need to be recognised and certified devices rather than merely ones that you have made yourself and fitted to doors etc.;
- you may have noticed that quotations are occasionally issued on the basis of what is called, subject to excess. The excess is an amount of money that the insurance provider will expect you to contribute towards any future claims and it is sometimes referred to as the first part of a claim. Some policies may enable you to increase the amount of excess on the policy over and above that which is the minimum. If you do so, they may recognise that with substantial further discounts in your premium;
- of course, shopping around is important. Just like any other product, the price of an insurance policy may vary significantly between insurance providers. Remember though that the cheapest policy might not necessarily be the one that offers you the greatest degree of security through broad based cover. So, read the policy detail carefully and try to avoid focusing exclusively on the price;
- some policies may carry a premium that is influenced by the occupancy details of your property in terms of tenant numbers. Smaller letting unit numbers per property may result in lower premiums.
In terms of searching for lower-cost solutions, it is important not to be swayed into thinking that owner-occupier policies will suffice.
Such insurance typically is not valid for letting situations and you may find any future claims rejected once the insurance provider realises that your property is being let out.