When you are comparing insurance policies, you may operate on a type of tick box system where you simply match what the policy provides with what you think you need. The policy which ends up with the most ticks may then seem to be the most appropriate for you.
When you are looking for landlords' insurance though there may be two aspects that you might be wise to consider:
- are all available and suitable policies included in your comparison;
- are you competent enough with the intricacies of insurance provision to know exactly what you need?
At UKinsuranceNET we understand only too well that at times you may need advice and guidance on what is the most appropriate cover for you. We are also aware that at times other providers may try to shoehorn the requirements of a potential client into matching the policies they have on offer.
This might result in a landlord having less than optimum cover and it is a situation that we always do our best to avoid. That's due to the fact that we have a number of policies which we can tailor to match your exact requirements and we are always happy to discuss with you the fine details of our policies so you are able to make a better informed choice of cover.
In general though there are a few points that it may be worth bearing in mind.
An important point to note with insurance cover for landlords is that standard homeowner cover just doesn't offer the right levels of protection. To take just one obvious example, a policy for owner occupiers won't offer you liability protection in the event you are sued for damages by your tenants nor will it provide you with cover for malicious damage they might cause. Only specific landlords' policies will cover those types of exposure.
If you have a property or properties which may be suitable for a number of different types of tenant then you may find that some policies may be overly restrictive - perhaps limiting their cover to employed people.
If your market segment includes retired people, the unemployed or perhaps students then a policy offering cover for all of these categories may be more suitable for you and avoid you having to think insurance every time you had a tenant changeover.
So, don't be too hasty and just select the cheapest policy that seems to provide you with a goodish fit for your requirements. It could turn out to be a false economy in the event of you having to make a claim in the future only to discover that your policy is falling short of your expectations. There may be other policies which are better suited and even if you have to pay slightly more for them, it may be money well spent in the longer term.