How can you identify the best landlords’ insurance quote for you?

February 26, 2013

Landlords Insurance

It would be perfectly understandable if you were determined to try and make sure that you had the maximum degree of protection available to you and your business.

That might lead you to search for the best landlords’ insurance quote you can find, however, how will you know it when you see it?  Here are a few points you might wish to think about:

  • price.  The most important thing here is to be cautious.  The price of a policy is rarely any significant guide as to its suitability or otherwise for your requirements.  The danger is that you might push on to the back burner, the serious consideration of the cover being provided due to the fact that you have become focused exclusively on what appears to be a low cost;
  • cover.  It might go without saying that it is important to be confident that a policy is going to provide you with the cover you need.  However, it is worth noting that some classic risks, that might once have been considered to be standard in landlords’ policies, are no longer necessarily so. You might, as a result, want to look out closely for whether or not your policy covers things such as subsidence and flooding etc.;
  • tenants.  These might well be your source of income but they also pose a significant potential risk to you.  Some policies might decline to offer cover for certain tenant categories including students and DSS etc. Not all policies might offer cover for malicious damage caused by tenants. It might be prudent to check in particular detail, just what your policy has to say on the subject of tenants and cover;
  • the Ts and Cs. The terms and conditions are important.  They may govern whether or not a future claim is likely to be successful or not.  It is essential that you are sure you are able to comply with any requirements placed upon you by the policy’s Ts and Cs.

In terms of recommendations and hearsay, try to remember that what might have been the best policy solution for another landlord, may not be an optimal solution for you and your unique business situation.

So, make the effort to look at a number of options of your own and to compare them against each other prior to deciding which the right one for you is.

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