Choosing your cover wisely

June 20, 2012

Landlords Insurance

Most decisions made these days may involve some degree of choice. The days of plain vanilla ice cream or of statements like, you can have any colour you want as long as it’s black, are long gone.

Today’s consumers are often able to select their preferred product from a wide range of options and this also applies to buy to let insurance.

It may be important to exercise this choice wisely however and not to stop short at just looking at the premiums on offer.

There may be a bit more to insurance for property than how much it costs and that’s why it may typically be sensible to obtain a let property insurance quote for a number of policies, so that you can look at each one and match it to your requirements.

Property portfolio

If you have a number of properties, which in some cases may be just two, you may be able to benefit from a multi-property policy. This might represent a cost-effective solution for you, as well as being more easily managed.

Loss of income

Having tenants move out of your property following damage that has left it uninhabitable will obviously impact on your income. If the damage was caused by an insured event like flooding, fire, smoke etc, then there are policies which may be able to compensate you for this loss.

Damage – accidental or malicious

You may wish to have the protection of knowing that any damage to your property, whether accidental or maliciously caused by tenants, is covered and there are policies that may provide this level of protection.

Being sued for damages

A court case where you, as a landlord, were being sued by damages by someone who claimed that their injury was as the result of your negligence could leave you facing enormous costs. Some policies may be able to provide up to £10m in employers liability and £5m in public liability.

Subsidence cover

It may have been the case in the past that subsidence cover could be found in just about any property insurance as a feature supplied as standard. It still is available today but some policies do cover it as standard, it may also commonly only be included as an optional extra.

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