There are several reasons for carrying out a landlord insurance comparison:
- whether arranging landlord’s cover for the first time or comparing your existing insurance protection with other options available in the marketplace, you may be able to identify a more suitable and cost-effective solution;
- whilst your current policy may have been excellent when you took it out, inevitably things change and there may now be more advantageous options available to you;
- reviewing your landlord’s insurance need not inevitably lead towards changing your policy for cost-related reasons – it may be, for example, that your review will involve your examining the value of the contents of your property following a major refurbishment and, once you have done that, you may discover that the total insured value of your existing policy is insufficient to cover your requirements;
- sometimes, sitting down and finding the time to review your total position might also highlight risks that your current policy is perhaps not covering – by no means all buildings insurance automatically provide cover against subsidence, for example, and that might be something that you wish to do something about by identifying those policies offering such cover;
- only by comparing different policies will you be in a position to form a view on the appropriateness or otherwise of a particular buy to let policy;
- carrying out a landlords insurance comparison with a number of such quotes may give you the depth of knowledge that you may need to make an informed choice about your buildings and contents insurance cover;
- looking out for a buy to let policy that may offer cover for malicious damage by tenants, as standard, may also be something that might increase your peace of mind;
- knowing that a policy may offer trace and access cover may mean that you would not be landed with a repair bill for work required to repair damage caused by a tradesman searching for the source of another problem;
- ensuring that policy includes cover for loss of rental income may help to maintain an income stream should your tenants have to move out of your property in a situation where damage from an insured event (fire, flooding, storms etc) renders it uninhabitable;
- during your landlord insurance review and comparison, you may also be thinking about your exposure to tenants and guest-related claims – these might arise in situations where someone has sustained injury or damage to their property as a result of your property and have decided to sue you for compensation as a result;
- should you be found liable, you may face very significant costs and ordered to pay substantial compensation to the injured party or parties that is why it is important to be sure that you are satisfied with the level of the third party liability cover provided by your insurance policy;
- checking the circumstances relating to unoccupied property – where additional cover may be required if your property is unoccupied for periods of 30 consecutive days or longer may help you avoid a situation where you claim only to find that your standard cover had lapsed because your property had been unoccupied for longer than the allowed number of days;
- remembering during your landlords’ insurance comparison that some providers may offer premium discounts in circumstances where you agree to accept a higher voluntary excess on your policy.
Conducting a comprehensive review and comparison of the various landlord insurance policies might take up a good deal of your time – but, in the final analysis, may prove to be time well spent if it results in your having more suitable or cost-effective cover.
Top reasons for using a landlord insurance broker
If you are put off by the often time-consuming prospect of comparing landlord insurance premiums, you might instead prefer to enlist the services of experts such as ourselves here at Cover4LetProperty and let us do all that hard work on your behalf.
Seeking our assistance as independent insurance brokers you may immediately widen the number of options open to you when it comes to buying cover.
With our help, you may cut through some of the jargon and complexity of competing landlord insurance policies to identify those most likely to be suitable for you and your business needs – at a competitive market rate. By consulting an independent broker:
- thanks to an expertise and experience often built up over many years in the business, a broker may be best placed to match your requirements with some of the most appropriate policies available, and at an attractive premium price;
- you can then make your choice between those policies which may be most relevant to your situation;
- because of their special relationship with the insurance companies themselves, brokers may well have access to insurance deals that are not available to members of the general public – that means that even if you do have limitless amounts of time to compare all that the insurance marketplace has to offer, you may still miss out on some of the most cost-effective deals;
- at Cover4Let property, we can help provide you with the information you need to make an informed choice on the most appropriate cover for your own unique needs;
- some brokers, such as ourselves, may be able to provide you with the option of an online or a telephone service if you prefer to speak to a real person rather than the anonymity of the internet;
- policy details are emailed directly to you – a particular boon if you need details of your cover in a hurry.
Wanting to get the most appropriate levels of cover for your business asset is understandable given the importance of the contribution it may make to your livelihood.
Getting help from a broker may help ensure that your comparison and eventual choice is from policies that most closely match your requirements.