5 tips on comparing let property insurance online

September 21, 2012

Landlords Insurance

Your profit margins as a landlord may be quite tight. You may have a buy to let mortgage to pay for example and of course there are a whole host of other costs as well as regular maintenance of your property to consider.

Getting a cost-effective deal on insurance cover may understandably be important but it may involve a bit more effort than just choosing the lowest-cost option you can find:

  1. getting a few landlords insurance quotes so that you can compare what’s on offer is key, as is making sure that you read through these proposals carefully rather than just skimming over the headlines and the price;
  2. there are a number of things that you may wish to look out for, including the fact that some policies may offer more as standard than others – like cover for subsidence or malicious damage by tenants;
  3. not all policies may offer you any kind of financial support should your tenants have to move on because you property has been hit by a fire or storm or other insured event and cannot be lived in until repairs are carried out  – some policies on the other hand may offer loss of rental income up to 30% of the insurance value of your property;
  4. providers of buy let property insurance online may also typically offer a single policy to cover your property portfolio and in addition to the obvious administrative advantages you may also find that it can be a cost–effective option;
  5. your comparison of products may also include checking out the levels of public liability cover on offer – since court awards for damages can be high, you need to be happy that, should someone sue you, your policy will be able to cover any damages and costs awarded against you. At CIA insurance we have policies offering up to £5m in cover.

As a final point, you may prefer the complete freedom and flexibility of those policies which provide cover for students and DSS recipients as standard.

Having to consider whether or not your property insurance automatically covers a new tenant, a student for example, may be a hassle you can well afford to do without.



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