If you lead a busy life as a landlord, you may be inclined to ask yourself if you have the time to spare to get a let property insurance quote.
You may perhaps feel that the policy you have is adequate for your needs and it may well be. The point is though that unless you occasionally compare what you have with what is available by getting a let property insurance quote, you may be selling yourself short on the financial protection your current policy is providing for your assets.
You may see when you compare a landlords insurance quote that different policy providers may vary a fair bit in the way that they view risk when it comes to buy to let properties
You may find:
- some policies which may be able to offer discounts if you have a number of properties and wish take advantage of their property portfolio cover – this may typically apply for landlords with three or more properties but with some providers, you may qualify for this type of cover with only two;
- your livelihood may be badly hit if your property is damaged by an insured risk like a fire or flooding etc. and your tenants have to move out while you see to repairs - some policies may be able to offer you loss of rental income payments (up to a predefined maximum) to help reduce the financial impact;
- some buy to let landlords insurance may impose restrictions on the types of tenants that you can let your property to, by excluding cover to students or DSS recipients for example – there are policies around though which offer you the freedom to let to whomsoever you choose.
With most forms of home insurance cover, both buy to let and owner-occupier, you may find that there is a requirement to have additional cover in place if your property is standing empty for a prolonged period of time. The exact period may vary by provider and you may find it set at 30, 45 or even 90 days.
If you are in this position then you may benefit from asking for an unoccupied property quote to find the best unoccupied property insurance for you. You may wish to bear in mind that with unoccupied property cover, what is best for another landlord may not be best for you.
Buy to let insurance options may be changing constantly and some of these changes may be directly relevant to your situation. Without occasionally taking the time to review a let property insurance quote, you may never know if your cover is at its optimum level or whether it may make financial sense for you to rethink your situation.