Top tips for getting cheap cover for buy to let property

August 24, 2012

Landlords Insurance

There may be little point in looking around for cheap cover for your buy to let property and concentrating solely on the price of the premium.

Admittedly, you may end up with a policy that may not have cost you very much but you may also find that it does not offer you very much in the way of cover either.

If the first time you discover this situation is when you have a claim rejected, then you may rightly find yourself wondering if your selection criteria should have been a bit wider than just price and whether or not you should actually have given some thought to just what this premium was buying you in terms of cover.

You perhaps need to look at aspects like:

  1. standard cover or optional extras – you may find these days that while financial protection against events such as subsidence or malicious damage by tenants is available, some policies may offer it as a payable extra. At CIA insurance though you may typically find that cover of this nature is included as standard;
  2. opportunities for discounts – discounted premiums may be available if you agree to accept a higher voluntary excess on your policy or if you have a few letting properties and opt for a multi property policy;
  3. the provision for public liability cover – some polices may offer up to £5m to cover court awards in the event that you are sued for damages by a tenant or another third party. Other policies may not be so generous;
  4. what the conditions are in the policy relating to extended periods when your property may be untenanted. This could be due to you carrying out renovations, having problems finding tenants for the property or perhaps there is some legal issue which is preventing your from letting the property out. In any event, if this period extends beyond 30 or 45 days, then you may need to be aware that your policy may not be protecting you at all and that unoccupied property insurance is required.

As with a traditional buy to let policy, finding the cheapest unoccupied property insurance only makes sense when viewed in the context of the cover that it actually provides for you.

We would be happy to help you find suitable cover for all your buy to let insurance needs.

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