Don’t be misled about that landlords insurance quote

April 2, 2012

Landlords Insurance

Some people may occasionally try to tell you that you don’t need a landlords insurance quote because you can get by with owner-occupier cover.

These stories usually have their origins with those individuals who believe that it might be possible to save a relatively modest sum of money by using an inappropriate type of cover for your property.

In fact, it may be extremely difficult to practically try and compare the cost of let property insurance versus owner-occupier home buildings and contents insurance cover.  The reason being that they are written to cover different risks and may be providing different benefits.  It might not, therefore, be meaningful to try and describe one policy type as being cheaper or more expensive than another.

This introduces another fundamental concept relating to your landlords insurance quotation.

Landlords insurance policies are not simply a way of insurance providers finding an excuse to charge higher premiums.  They are written specifically to provide protection in the specific circumstances that landlords may find themselves in when trying to protect their property, contents and indirectly, their business.

This is why is certain specialist policies, such as property portfolio insurance, are available.

Given this, it makes sense to evaluate buy to let insurance based upon the cover it is providing you with and not how much it appears to cost vis-à-vis another inappropriate type of insurance protection.

The insurance reality is typically simple.  If you are obtaining rental income from your property, including perhaps the letting out of a single room within your own house, then typically, ordinary owner-occupier policies will not be valid.

The same individuals that may try to persuade you that landlords cover is unnecessary, may also offer equally dangerous advice along the lines that your insurance providers will never know that you are letting out your property.

That is typically incorrect and not something you may wish to see proven in the context of finding a claim rejected.

So, it may be advisable to be sceptical about such stories and advice.

If you are planning to start letting out your property, then you may need to be thinking at the moment not only about an Easter egg hunt but also a search for a landlords insurance quote!

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