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Let property insurance explained

Few people would argue that times are tough for the typical landlord and as a result, the search for appropriate or even the best let property insurance quote, becomes ever more important.

That begs a question though – how do you define the best landlord’s insurance quote?

A simplistic but attractive answer may be to say that it is the cheapest possible insurance you can find. If this approach appears to be tempting, it may be worth pausing for a second’s thought.

Imagine a situation where you needed to make a claim. It may be worth asking yourself if your first question in such a situation would be related to checking how much you had paid for your policy.

Such a response to a potential crisis may seem to be unlikely – what is perhaps more probable is that you will immediately start to consult the let property policy to check what cover it provides with respect to the problem situation that has arisen.

That, of course, would not be the time to discover that the policy was not providing quite the cover you thought it would – even though it had been the best landlord’s insurance quotation you had been able to find because you had simply looked for the cheapest cover.

The best landlord’s insurance quote for someone else, if they looked only for the cheapest quotation, may not prove to be the best quotation for you if it doesn’t meet your minimum requirements.

The take away here is that finding the most cost-effective landlords insurance for you is different to that of any of your contemporaries. i.e There is no one best let property insurance policy per se.

Comparing let property insurance quotes

When searching the internet for a cheap let property insurance quote, you may wish to bear in mind that to maximise the benefits of having a wide choice, you may have to avoid the temptation just to select the policy with the lowest premium price.

When it comes to insurance (and not just landlord’s insurance), comparing policies may involve actually looking at the detail of the cover provided, so that you can make an informed choice about policy features that may or may not be important to you.

If your cheap let property insurance quote does not provide you with the cover that you want then its price is largely irrelevant and the policy may be of no interest to you, no matter how cheap it is.

It’s worth saying it again – every landlord is different and what you consider to be a cheap let property insurance quote may not appear so cheap to someone else with a very different set of buy to let property insurance requirements.

Using the internet to compare let property insurance quotes

These days, it may a lot easier than it once was to access the information you need online to allow you to find your optimum buy to let insurance cover:

  • changing your mindset to think about levels of landlords cover rather than price may be the first step to finding appropriate, as opposed to just cheap, let property cover;
  • while no-one may dispute that price is an important factor in any purchase of home insurance for landlords, if your policy doesn’t provide you with the cover you need, then no matter how cheap it may have been, you may have paid too much;
  • everyone may have their own ideas about what they need and what they are looking for and you may typically find that what you may consider to be cheap let property insurance is not what another landlord may find a particularly cost-effective solution;
  • checking through the detail of a buy to let insurance quote may help you to find those policies which may offer the closest match to your expectations – though you may wish to bear in mind that having a look through the terms and conditions as well may be a sensible step;
  • only when you understand just exactly what may or may not be covered and to what extent, may you be in the position to actually make a purchase;
  • you may find, for example, that while some cheap let property insurance policies may offer cover for subsidence as standard, by no means all do, so if this is something that is important to you, it may be worth looking out for (you will be pleased to know that we offer landlords subsidence cover as standard);
  • malicious damage by tenants may be another area of cover that may not be available in all policies (again, we can offer this element of protection);
  • when assessing a buy to let quote for suitability for your requirements, you may wish to check out what provision it might make for public liability cover – not all policies may offer the same levels of cover and if you end up being sued by someone, you may feel better if you know that there is a generous level of cover provided by your landlord’s insurance;
  • another area that you may wish to check on are the conditions relating to when unoccupied insurance cover may be necessary – some policies may require that you have this type of cover if your property is standing empty for a period in excess of 30-45 consecutive days.

The only way you may ever know if your buy to let cover can be called cheap let property insurance or not may be to go online and compare a few quotes.

Alternatively, of course, you might simply get in touch with us at Cover4LetProperty and we will be more than happy to help.

Why buy your let property insurance online?

There are probably very few products and services that cannot be bought online these days – and insurance for landlords is no exception. So, why buy landlords cover online?

Reassurance

  • unlike the sale of many other products, online purchases of insurance are subject to a code of good practice formulated by the leading body for brokers, the British Insurance Brokers’ Association (BIBA);
  • the code insists that customers buying online are given access to information about any policy and are able to review this before buying;
  • any excess charges on claims also need to be explained;
  • customers need to be advised clearly about the standard features of any policy and any elements of cover that are available as options or add-ons; and
  • if the customer’s requirements are likely to be met only by a specialist provider, they need to be directed to the relevant websites;
  • here at Cover4LetProperty we are just such specialist providers – of all kinds of insurance for landlords;
  • we also maintain a website that conforms to BIBA’s code of good practice, ensuring absolute transparency with respect to any policy you may ask us to arrange;

Convenience

  • the next reason for buying online is the same as for any other service or product – it is simply more convenient;
  • instead of getting out the car or waiting for a bus to take you to town, you may research and review the insurance cover you need from the comfort of your own sitting room;
  • you are able to break off at any time – to reflect on your options maybe – and return to the online process at any stage of the day or night;

Speed

  • not only might you save time by staying at home rather than any trek to the high street, you also likely to find the entire process of buying online so streamlined and simple that it rarely takes more than a few minutes to complete the purchase of the insurance cover you need;

Economy

  • online business tends to be good business for companies too – there is no shop front to maintain, no expensive signage etc;
  • this is frequently reflected in online sales being made at a discount – just as they may be when you buy landlords insurance online;

Service

  • your purchase may be online – where the anonymity of the internet might be off-putting to some – but this does not necessarily mean that the service you receive is any less personal;
  • here at Cover4LetProperty we pride ourselves on the personal service we offer – a service made more personal still if you decide to use our dedicated UK-based telephone line to discuss your needs more fully before making your purchase;
  • so, if you would rather speak to someone about your policy, one of our team will be more than happy to help and arrange the insurance for you, if you require. You still get a personal service but with internet prices;

Experience and expertise

  • shopping online does not mean that you are doing so alone;
  • specialist providers are just that – experienced experts who are familiar with the needs and circumstances of landlords and who also have a keen knowledge of the entire range of products in this niche of the insurance market;
  • specialist providers like us, therefore, are adept at matching the needs of landlords such as yourself with the appropriate selection of available products to meet those needs.

A reminder about that landlord tenant relationship

If you are wondering how a cheap buy to let property insurance quote online protects you against tenant-related issues, the following reminders may help:

  • a policy typically covers you against third party liability – broadly speaking, that includes a number of circumstances where your tenants sue you for injuries or damages they have sustained as a result of your property and inappropriate maintenance;
  • some policies might offer a degree of cover for the legal costs involved in pursuing tenants to recover unpaid rent arrears – though only in situations where their location was known;
  • by contrast, policies typically might not cover you for situations where you became embroiled in legal and eviction disputes with your tenants;
  • similarly, you might not be able to claim for unpaid and unrecoverable rent arrears on a standard policy, though such cover might be available on an additional option basis;
  • it is critically important for your tenants to understand that your landlords’ insurance typically will not cover them for any personal accidents they may suffer, illness or the theft/destruction of their property following a burglary or natural disaster etc.

Some policies might offer a loss of income contribution in circumstances where your tenants have to vacate your property to allow you to repair it following a problem.

This would typically not include circumstances where you had no income due to normal gaps in tenancies.

You might find that your policy will not make any contribution in circumstances where your tenants are unable to pay you rent due to things such as redundancy, illness, accident or indeed any other situations where they simply did not have the money to pay the rent.

Policies may or may not offer cover for malicious or accidental damage by tenants.

Unoccupied property insurance

Finally, when addressing the question of what does let property insurance cover, it is worth noting that it does not include the unoccupied property insurance you may need from time to time.

Unoccupied property insurance protects properties that are standing unoccupied for more than (typically) 30-45 consecutive days. If you are under the impression that your property is unlikely to fall into that category, it may pay to consider just how easily such a thing may happen entirely beyond your control:

  • tenants due to move in suddenly change their mind;
  • you are having work done to decorate or convert property and you are unable to let the premises whilst work is in progress; or
  • you decide to hold off renting out until you return from an overseas business trip, only to find that it unexpectedly runs on longer than you anticipated.

In all these situations, once the 30-45 consecutive days have expired, you may find that your standard landlord’s insurance policy becomes null and void and you may need unoccupied property cover to continue your protection.

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