Looking for a new landlords insurance quote?

March 27, 2012

Landlords Insurance

Spring is fast approaching and this is the time of year that many landlords traditionally start to get their house in order for the year ahead – both literally and in terms of things such as their insurance.  That is why you may be thinking about a new landlords insurance quote.

It is possible that one of your main drivers will be to see whether your existing insurance is still delivering a cost-effective solution to you.  Yet price may not be the only thing you wish to consider.

For example, perhaps in the months ahead you anticipate a period without tenants if you are planning to renovate and redecorate one of your properties.

If that is the case, it may be worth remembering that typical buy let insurance may not include cover for unoccupied properties.

Just how your policy defines unoccupied may vary but it may not be unusual to see standard landlords policies that will only cover an unoccupied property for a period of between 30 to 45 days.

After that period of time, elements of your let property insurance cover may become invalid – not a thought that may fill you with comfort as you plan your works.

Fortunately, some insurance providers offer additional cover, which they may typically term unoccupied property insurance.

In terms of alternatives, you may also wish to look at things such as whether your existing policy provides cover for all types of tenants and whether or not it provides elements of legal cover in the event you are in dispute with them.

It is difficult to be precise as to those areas that may be worth of checking out.  That may depend upon the cover your current policy is providing, however, it may be worth looking at a number of options side-by-side in order to decide whether or not you may gain some advantages by considering a change of insurance provider.

So, if you are considering looking at a new landlords insurance quote or two, it might pay to resist the temptation to focus exclusively on price.  Economic times may be relatively tough but in the final analysis, it may be the cover provided by a policy that proves to be important to you.

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