Why shopping around for landlord insurance quotes might be beneficial

January 18, 2013

Landlord Information

However you might describe insurance, cheap is perhaps not a word that will readily spring to your mind.

In the case of landlord insurance or any other form of cover, typically a significant degree of expenditure is involved and that leads to some obvious conclusions:

  • just as with any other form of purchase, when you are looking for landlord insurance quotes it might make sense to examine your options from a number of different providers.  This is essentially just another way of saying that it is advisable to shop around;
  • there are a number of reasons why that might be the case. Perhaps the first and most obvious one in today’s world is that you might find significant price differences between individual insurance providers – and that might make a big difference to your overall budget;
  • the second and potentially more important issue is that you may find that some policies offer broader-based cover than others.  Significant differences might exist in areas such as subsidence cover, flood damage provisions and exclusions, malicious damage by tenants and your opportunities for making substantial cost-savings by taking a higher voluntary excesses on your policy etc.;
  • the final and occasionally overlooked point is that of a policy’s terms and conditions. Although the inclusion of conditions is perfectly normal for all policies, you may find that some are more restrictive or more difficult to comply with, in your individual circumstances, than others.  Given that the small print of any policy may eventually decide whether or not you are successful in a claim, it is worth taking this area very seriously when comparing policies.

No individual policy is ever likely to be totally perfect for any individual landlord.  Inevitably a degree of pragmatic compromise might be necessary in terms of things such as cover obtained versus the maximum amount you are willing to pay for the policy.

Ultimately, only the individual policyholder can decide how to balance things such as cost against protection provided but at CIA Insurance we would be more than willing to offer you our help and guidance on this important subject.

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