If you let out your property to tenants, or are planning to do so, then you may have decided that you want to invest in the cheapest landlord insurance that you are able to find.
One thing to remember if this is your aim, however, is going with the cheapest policy is not always the most suitable option. This is in addition to the fact that whether it is cheap or not is something that only you are able to decide based upon your own unique circumstances.
By only using price as your guide to which let insurance insurance to purchase:
- you may end up with less-than-adequate cover;
- when you make a claim in the future you may find that you are not insured;
- you may not have the peace of mind in knowing that your investment is protected.
Once you know that it is the level of cover that is the most important factor and not the price of the insurance, here are some potential situations when you may find that having buy to let home insurance turns out to be a useful investment:
- one area where finding the cheapest landlord insurance may be convenient is when you experience damage to your property. If your property is damaged by fire or a storm, you may find that the repair bill is considerable, and insurance may help to cover the costs of the repair;
- you may also find that if your property is significantly damaged you may not be able to let it out to tenants, and as such you may lose an important source of income. Some insurance policies may cover part of your rental income in such a situation (if you already had tenants in there at the time of the event), so this may be another good reason to invest in it;
- if you have contents within your building and they are damaged by tenants, you may find that you face a costly repair bill. However, some let property insurance policies may provide cover for malicious damage to your property by tenants, in which case you may find that you are protected from this;
- another feature which you may want to consider is unoccupied property insurance. Vacant home insurance is not included on a landlord insurance policy, but if you invest a bit more in this separate insurance policy then you may find that you are protected when making a claim if your property has been left unoccupied for a period of 30/45 (depending on the insurer) days or more.
If these potential situations look like things that you may want to get covered, it may be a good idea to start your search for a suitable insurance policy. Finding the cheapest landlord insurance may be tempting, but just remember that this is only worthwhile if the level of cover is suitable for your requirements.