Your frequently asked questions on low-cost insurance

May 30, 2012

Landlords Insurance

We are always keen to try and help customers think through some of the issues they may face when trying to protect their business and capital investment.

Here are some of the classic questions we occasionally encounter.

Why shouldn’t I purchase the cheapest landlords insurance?

There may be absolutely no reason why you should not – providing that you are clear that it is suitable for you and providing appropriate cover.

If it is not, you may find yourself in some difficulty in a situation where you need to make a claim.

Of course, the suitability or otherwise of a policy should always be ascertained before you purchase it rather than after a crisis when you’re trying to claim.

How can I tell whether a low-cost policy is the one for me?

The question clearly correctly identifies that what might be cheap for one landlord may not end up being cheap for you.

Ultimately, in order to be sure that the policy is suitable for you, you may need to do two things:

  • to fully understand your own situation and the types of risks you may face;
  • to gain experience by matching those requirements against several candidate policies – that may allow you to see differences between them and to identify those that may be closest to your situation.

Of course, we will be only too pleased to offer our assistance in that process.

Can I get a discount due to the fact I have several properties?

Potentially yes – you may wish to look for property portfolio insurance.

This is a form of cover designed to consolidate the insurance for a number of properties into one package of cover.  There may be both logistical and cost advantages for you in so doing.

What is the relationship between landlords insurance and safety inspections?

That might depend upon an individual policy but in principle, insurance providers may wish to see that you are fully complying with all legal requirements relating to the safety of your property and the tenants in it.

Elements of your cover may be put at risk if you fail to comply with things such as gas safety inspection requirements etc. You may find that these conditions are written into your policy or its supporting documentation

Of course, your compliance with such regulations should be driven by considerations other than concerns over whether or not it might affect your insurance

 

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