As a landlord, carrying out an insurance review may be something that brings significant benefits to you:
- of course, comparing your existing insurance protection with other options available in the marketplace might result in you identifying a more cost-effective solution. Whilst your current policy may have been excellent in that respect when you took it out, inevitably things change and there may now be more advantageous options available to you;
- a landlords insurance review does not necessarily need to be oriented towards changing your policy for cost related reasons. It may be, for example, that your review will consist of you examining the contents value of your property now that you have undergone a significant refurbishment. Once you do so, 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. For example, not all buildings insurance now automatically provides cover against subsidence. That might be something that you wish to do something about, given that some policies do provide this cover as standard;
- you may also be eager to identify ways in which you may be able to reduce the cost of your insurance by doing things such as taking a higher voluntary excess. Some policies may offer a variable excess between £100 and £1000 and potentially discounts on your premium of up to 40%;
- during a review of this type, you may also be thinking about your exposure to tenants and guest related claims. These may 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 the courts decide against you, you may face very significant costs and 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;
- conducting an insurance review may consume a little time but in the final analysis, that may prove to be time well spent if it results in you having more suitable or cost-effective cover. We would welcome the opportunity to assist you in such a review.