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Quick tips for finding the best landlords insurance policy

Quick tips for finding the best landlords insurance policy
27 March 2014

By UKinsuranceNET In Landlord Advice

The best landlords insurance is something that you may be keen to find to protect your property to let – do note, however, what you consider to the best cover for you is unique to your own circumstances and may not be the same as what another landlord considers is the best insurance.

That is why it is always worth doing your research before you buy, rather than assuming that the cover that your landlord neighbour has, for example, will be adequate enough for you.

So how should you go about finding the most suitable landlord insurance for your needs? Firstly, note that let property insurance is different to standard home insurance, and if you let your property, then traditional home insurance will not be adequate, nor valid.

Look out for the following when considering your insurance. Ask yourself “does it cover….”

  • a range of different tenant types? From tenants on benefits to students to asylum seekers, not all tenant types are automatically covered by a policy. Many companies may only include employed tenants, so this is an important area to consider (note that we have no restrictions on whom you let to);
  • various types of properties, including maisonettes, converted flats, bedsits and more? At UKinsuranceNET, our insurers can cover a range of buildings, whereas some policies only cover conventional houses. If you have a different type of
  • malicious damage to contents by your tenants? Not all policies include this either optionally or as standard;
  • liability for landlords for claims made by tenants or third parties? The amount varies, but is typically around £2 million and can be more;
  • a property that is left empty for a long period of time? Your standard landlords insurance policy will typically protect your property if it is left empty for repair work or in order to find tenants for up to 30-45 consecutive days. After that, specialised unoccupied property insurance may typically be required;
  • subsidence, which can be an expensive problem for property owners?

After deciding upon what you want to be included, you will then need to start your search for a suitable insurer. One of the best places to start could be by using a broker, such as ourselves, which may have a number of benefits:

  • one of the main reasons to use a broker is that they may have a larger range of options to choose from. With many different providers all represented, this could enable to you pick and choose between a range of policies to find the one that is most suited to your needs;
  • another reason you may want to begin your search with a landlord insurance broker is because of the specialist advice they may be able to provide you with. They have lots of experience in the let property insurance sector, so can help you to pinpoint the exact policy you are after, saving you time, effort and money;
  • one of the main benefits is that by comparing a range of , you may be able to find one that is better value. This does not always mean the cheapest policy, but simply one that represents the best value for money in your circumstances.

Searching for an insurance policy for your let property need not be difficult. If you are only just starting to think about getting your property covered, keep the above information in mind and start your search today.

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