Top tips for landlord house insurance

April 6, 2012

Landlords Insurance

If you are relatively new to the business of being a landlord and the subject of landlord house insurance, you may find the following tips to be of use:

  • be cautious with street wisdoms – in spite of what some people may try to tell you, you typically cannot get away with using owner-occupier insurance for property you are letting out.  You may find that claims are rejected and you may possibly leave yourself open to further legal action for making false insurance decorations;
  • don’t accidentally invalidate your cover – make sure that you comply with the terms and conditions of your policy.  For example, if your property sits unoccupied for more than a specified period of time, your standard landlord insurance policy may no longer be valid and you may need unoccupied property insurance cover;
  • compare quotations carefully – although the cheapest buy to let insurance quote may instinctively appeal to you, what may prove to be cheap for someone else may end up not being so for you.  It is advisable to be sure that you are happy with the cover being provided and the associated terms and conditions;
  • check your policy for subsidence cover – not a pleasant subject to think about but subsidence is a potentially major problem that might not today be automatically covered by all landlord buildings policies;
  • think about your market segments – not all policies necessarily offer all tenant cover and some may exclude certain tenant categories, possibly including groups such as DSS recipients and students;
  • comply with the law and local regulations – some policies may become invalid if you fail to comply with appropriate legal regulations governing things such as gas safety inspections etc;
  • avoid getting stuck in a rut – the landlord house insurance marketplace changes fairly rapidly and you may find that your current policy, though once a great fit for your situation, may have been superseded by more cost-effective and modern policies.  It therefore may make sense to periodically review your buy to let house insurance against other options on the market, even if you are currently satisfied with it.
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