Getting a let property insurance quote

February 5, 2012

Landlords Insurance

So, what exactly should you be looking for in a let property insurance quote?

Unfortunately there may not be one set of answers that may be apply equally to all landlords, however, you may find that some of these may be of interest and relevant to you:

  • are there any restrictions on the types of tenant your landlords insurance may cover – some policies may exclude students or DSS, for example, and this may not be acceptable to you;
  • does a policy offer you financial landlords cover for loss of rental income if your tenants have to move out should your property suffer damage from an insured risk – preserving your income stream may make a significant difference to your financial health;
  • a standard buy to let buildings policy may typically include cover for risks such as fire and flooding, smoke or storm damage, earthquakes and the like – you may find though that while subsidence is not always included in all such policies as standard, there are policies which do include it;
  • unoccupied property insurance may be required if your property is vacant for extended periods of time with the exact number of days varying from provider to provider but you may typically find between 30 and 45 days used as the cut off period;
  • you may wish to note that unoccupied property cover may impose terms and conditions different to those typically found in a standard policy – you may consider the best unoccupied property insurance to be that where these conditions were not too restrictive or too demanding (what may be best for you may not be best for another landlord);
  • if your property has been vacant since you took out your landlords cover though, you may find that some policies may provide cover for up to 90 days before unoccupied property cover was needed;
  • policies may differ in the amount of financial cover they may provide in situations where you are sued for damages by a member of the public – some policies may offer the peace of mind of cover of up to £5m;
  • there may be a lot to think about and a let property insurance quote may be the most sensible starting off point in your search for landlord insurance.
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