A let property insurance review may sound rather formal and even intimidating, however, it is relatively straightforward and what some may call, plain commonsense.
Landlords insurance and changing circumstances
If you have had your existing landlords insurance for some time, your insurance requirements may have changed considerably since you originally took out the policy.
For example, you may have significantly refurbished and redecorated your property, perhaps enhancing the quality and level of the furnishings provided, as you moved your target clientele towards up-market segments.
This may mean that the total value of your furnishings and contents may be considerably higher than it once was.
The changing insurance marketplace
Things are rarely stable in the insurance markets and new products arrive with great regularity.
It may be that originally your current landlords insurance was a very suitable and cost-effective solution but more modern products that have been developed since may have superseded it.
Perhaps you no longer achieve high occupancy percentages and that may be something that you are relatively relaxed about.
Yet if your property sits unoccupied for a period that exceeds a number of days specified in the policy, you may be in need of an unoccupied insurance quote.
The let property insurance review
This is simply a process that involves you periodically sitting down, reviewing the above factors and measuring how your current policy is performing versus other landlord insurance options that may be available to you in the marketplace.
This may require you to simply re-familiarise yourself with the terms and conditions of your existing buy to let insurance policy then thinking about your current requirements and possibly obtaining a few let property insurance quotes by way of comparison.
This need not be a major overhead but the results may be significant, including potentially obtaining improved cover and at a more cost-attractive price.
Some may regard this exercise as something of a chore they could do without, however, some landlords may see it as an opportunity to validate their current approach or to seek an optimal solution.
If you approach it positively, the let property insurance review may be able to deliver you significant benefits.