Top 5 tips on what to look for in your let property cover

October 14, 2012

CIA Insurance

Selecting appropriate insurance for landlords isn’t always easy.

There are certainly lots of policies out there and here at CIA Insurance, our service aims to highlight to you just how these may differ one from the other.  Here are a few classic points that you may wish to look for, when you are considering an individual policy:

  1. subsidence.  Some landlords are occasionally surprised to hear that not all buildings policies cover this, as standard.  You are probably very well aware of the potential costs and risks associated with subsidence problems, so having it covered might only be sensible. In passing, this is nothing to do with whether you have cheap insurance for landlords or not. It is simply an aspect of a policy’s cover;
  2. malicious damage by tenants.  Hopefully this is not something you will ever experience but if you do, you may find that your policy may not cover it – unless you have sourced one that explicitly does;
  3. loss of rental income.  If an insured risk means that you need to ask your tenants to move out while repairs are undertaken, some policies may offer you a contribution towards your loss of rental income or help you find alternative accommodation for them – this may typically be based on a percentage of the value that you have insured your property for;
  4. some selected policies might also include domestic employers’ liability cover. Be cautious before dismissing this as irrelevant, as the law may interpret, in some cases, even casual unpaid people helping you out to be your employees should an accident happen;
  5. longer durations of unoccupied property cover.  Some policies may only cover your property, while unoccupied, for a period of up to 30 consecutive days.  Others may increase that to 45 consecutive days – though after that you will need to consider unoccupied property insurance if your cover is to remain valid.

These are just some of the ways in which policies may differ in the cover they provide.

It is important that you take the time to look closely at your policy, in the above and other areas, before making a decision whether or not to purchase it.

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