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Being cautious with cheap landlords buildings insurance

January 9, 2013

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It is important to say at the outset that there may be absolutely nothing wrong with a low-cost landlords’ policy.

Yet it is necessary to be a little cautious and avoid becoming entirely focused on the apparently low-cost of any policy:

  1. in the case of any insurance, be it an expensive or cheap landlords buildings insurance policy, it is important to be clear as to the cover it is providing and whether or not it is likely to be suitable for your requirements. What might decide your ultimate satisfaction with a policy is not how much you are paying for it but how well it protects your interests in the event of a problem and subsequent claim;
  2. the buildings cover provided by landlords’ policies is by no means identical between providers or even individual policies.  For example, subsidence is a major and potentially very expensive problem if you are unfortunate enough to experience it.  Yet not all policies provide cover for it as standard;
  3. the concept of, as standard cover, is important to understand.  Some policies may, at face value, appear to be more expensive but they offer a far greater degree of as standard cover than other lower-cost policies.  While it might be possible to pay extra in the latter case to increase the cover provided by a policy, the final result might be a less cost-effective policy overall;
  4. the actual price of a policy may also be significantly influenced by the opportunities it offers to obtain discounts on the premium.  In the case of some, it might be possible to obtain substantial discounts in return for things such as taking a higher voluntary excess.  By the time these possible savings are factored into your calculations, it might significantly change your view as to which policy is the most cost-effective solution for you.

There is inevitably a balance to be struck between looking at the cover provided by a policy, its premium and any opportunities it offers for obtaining discounts.

Some simple mathematics, plus perhaps some advice from an experienced provider of landlords insurance, such as us at CIA Insurance, might enable you to reach an informed decision as to which policy is the one for you.

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

October 14, 2012

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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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Landlords Legal Expenses Insurance

March 5, 2012

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Problems with non-payment of rent or disputes with tenants are unfortunately all too common for property owners. When things go wrong with tenants it often ends in court with the landlord footing a legal bill, which can result in lost profit and a great deal of lost time. This is where landlords legal expenses insurance steps in to assist.

CIA Landlords Legal Expenses Cover

Court expenses can be heavy but by taking out legal expenses cover for landlords, you are covered up to £10,000 in the event of a dispute with your tenant. This cover can be increased to up to £50,000 if required – talk to one of our specialist advisers to discuss your needs.

The landlords legal expenses cover is designed to work in tandem with landlords rent guarantee insurance, designed to help ease the worry and stress involved in renting your property.

Get a Landlords Legal Expenses Quote

Whatever the risk and whatever your needs for let property insurance, CIA Insurance can cover all your needs at competitive rates.

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