A landlord insurance review

January 9, 2012

Landlords Insurance

If you are a landlord of long standing then your buy to let insurance may be coming up for renewal and your initial response may be to simply renew your existing cover. This may be a short sighted approach however and you may benefit from a landlord insurance review.

That’s because in insurance, as with most things in life these days, things are changing all the time. So even if your previous landlords insurance was a good fit for you and your business when you first took it out, it may no longer be quite as appropriate and you may find that a landlord insurance review may bring this to your attention.

Some features to look out for in your comparison may include:

  • the position of your policy on the subject of subsidence – while today not all providers may offer this type of cover there are policies that do and this may be something that is important to you;
  • there are let property insurance policies which may be restrictive when it comes to providing cover for tenants who are students or DSS  – there are policies however that may be happy to offer cover to these categories;
  • is compensation available if your tenants have to move out while repairs to insured risk damage are carried out;
  • if you have ever found yourself in the position of facing losses due to tenants causing malicious damage, then your landlord insurance review may highlight policies where this situation may be covered (limits may apply);
  • landlords buildings insurance cover may typically contain an element relating to public liability cover – this protects you in situations where you may be sued by a third party claiming that injuries they may have received or damage which their property may have sustained was somehow the result of your property and your upkeep of it. Some buy to let insurance policies may be able to offer up to £5m cover for these potentially very expensive court cases;
  • carrying out a landlord insurance review may help you to keep up to date with changes in the insurance marketplace which may directly affect you and your business – carrying one out online may not take as much time as you may expect and might be very worth your while.

 

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