What does it mean if you are offered cheap landlord insurance? Have corners been cut, with a lower level of cover, for instance, in order to secure cheaper premiums?
You might not discover just what is meant by cheap insurance until you come to make a claim and find that any settlement is insufficient to make good the damage done or even rejected out of hand by the insurer.
In other words, it might be important to examine any claim of cheap let property insurance very carefully and instead consider whether you are likely to get good value for money by arranging the cover you need, for competitively priced premiums.
Good value for money – rather than any sole concern for cheap insurance – might be gauged by looking at why you need landlord insurance.
Here, for example, are just some of the risks and perils threatening the actual structure and fabric of the building and any contents you may own:
These are all risks which may cause damage that is extremely expensive to repair, so adequate landlord insurance serves to provide the wherewithal to do just that.
In the event that one of these insured risks results in such extensive damage that your let property is temporarily unfit for habitation you stand to lose the relevant rental income. Landlord insurance typically offers compensation for such loss of rental income.
Your liabilities as a landlord may also result in substantial claims alleging your negligence in preventing injury or property damage to your tenants, their visitors or members of the public. Landlord insurance typically offers indemnity against claims of £1 million – and in some cases more.
When buying landlord insurance cover, therefore, of course you need to know what it is going to cost in premiums.
Probably more important, however, is knowing that the cover is going to cover all of the risks to which your buy to let business is exposed – the physical threats of loss or damage to the building and its contents, the possible loss of rental income and the potentially crippling claims you may encounter from those who claim you have been negligent in some way.
At UKinsuranceNET, we are experts in the provision of landlord insurance. It is a subject that may prove more complicated than it first appears – and the cost of getting it wrong might turn cheap insurance into an expensive mistake.
That is why we go out of our way to understand your precise insurance needs and requirements and match them to the appropriate insurance products available – and at a cost-effective price.
LogoPrefer some advice? Call us on 01325 346328 or click the following link and we’ll call you REQUEST A CALLBACK
Get to Know Us