Questions relating to your cheapest buy to let insurance quote
Article by Eliot Blundell
If you have obtained a quotation for landlords insurance that you consider to be the cheapest buy to let insurance quote around, then you may feel relatively satisfied.
Yet before committing to the insurance and purchasing it, you may wish to ask a few questions of that cheapest buy to let insurance quote:
• subsidence – does the policy cover this risk? With some providers it is now no longer standard. However, given that the financial affects upon you if your property starts to be affected by this potentially serious condition, it may it may be sensible to pay attention to this element of cover;
• malicious damage by tenants – hopefully a relatively uncommon event but even so, potentially very expensive if it happens and you do not have appropriate insurance cover;
• unoccupied property insurance – a typical landlords insurance policy may be unlikely to provide this cover, as standard .However, some insurance providers may be able to offer you an unoccupied property insurance quote to ensure that your cover is continued in circumstances where your property is standing unoccupied;
• landlords liability cover – some policies may offer up to £5m to protect you against the risks of large court awards should you be successfully sued by someone who believes they have suffered injuries or property damage as a result of your property;
• all tenants – some insurers may see certain categories of tenants (perhaps including students and DSS tenants) as being higher risk than others and they may refuse to cover them, fortunately, other policies may not make any distinction and will allow you to let your property to whoever you choose;
• multi property cover – if you have more than one property you may be eligible for property portfolio insurance and that is something which may prove to be particularly cost-effective (if your insurance provider is able to provide it);
• landlords loss of rental income – in some situations, following an event covered as an insured risk, you may be required to ask your tenants to vacate your property while repairs are undertake. In such circumstances, some policies may offer a contribution towards your loss of rental income, something you may find to be of significant value and which may cause you to question whether you wish to take the cheapest buy to let insurance quote if it does not offer this and some of the above forms of cover!
Eliot Blundell is Director at specialist landlord insurance provider, CIA who provide a wide range of let property insurance solutions including cover for all tenant types, unoccupied property insurance and landlords rent guarantee insurance