That New Year’s resolution and landlord insurance review

February 12, 2012

Landlords Insurance

We are already a few weeks past the New Year and it may be time to start to remember those promises you made yourself to get to grips with a landlord insurance review.

Here are a few ideas as to how you may wish to go about this:

  • think through your objectives – are you simply seeking to achieve more cost-effective insurance or are you looking for what you may consider to be better all round cover (of course, it may be both);
  • check the nature of your business – you may think that you know your business well and have already taken landlord insurance in the past, however, the way you run your business may have changed and this may affect your insurance requirements (e.g., do you need property portfolio insurance now or perhaps an unoccupied property insurance quote might be useful);
  • put aside some realistic time and take the review seriously – trying to rush this may be likely to lead you to disappointing results and increase your risks of making wrong decisions;
  • look around – the insurance market place is competitive and typically always dynamic, you may find that there is no need to take the first offer you come across when conducting your landlord insurance review;
  • get help if needed – if you are unsure as to what your options may be, we will be glad to offer you our assistance (by telephone or internet service) in helping you frame your review;
  • brush up on your terminology – it may be difficult to fully interpret a quotation or associated policy if you are unclear as to the meaning of some basic insurance terms such as premium, excess, exclusions and unoccupied property etc;
  • be prepared to read things carefully – insurance quotations and policies may, even today, sometimes be a little wordy but it might be a serious mistake to disregard those words as being merely red tape, so make the effort to sit down and read things in detail before you end up making a commitment to purchase a policy;
  • finally, don’t be constrained by the calendar – even if you have relatively recently renewed your policy, it may still be possible and even desirable to perform a landlord insurance review – you may find yourself on the receiving end of a very pleasant surprise if you find more suitable cover!
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