In response to feedback to our recent blog on landlords’ insurance, we have prepared a brief list of top-tips to consider before insuring your buy-to-let property:
Cheapest isn’t always best
As with most things in life, when it comes to arranging insurance, you often get what you pay for. The extent of the policy cover; financial security of the insurer and quality of their claims service are all important factors which should be considered in addition to the level of premium.
Check the level of cover provided by the policy
Tenants are likely to take less care of the property than you would yourself so you should consider including cover for accidental damage and malicious damage.
“Trace and access” cover often isn’t included as standard but could prove vital to meet the cost of investigating hidden leaks.
What are the policy restrictions in respect of periods of unoccupancy?
Most policies will automatically reduce cover following a period of unoccupancy. The length of time you receive full cover varies from insurer to insurer and you may be required to take additional measures when the property is unoccupied e.g. turning off the water and gas supplies.
Consider insuring all of your properties under one policy
If you own more than one buy-to-let property, it can make sense to arrange a block policy covering all of the properties you own. This increases your buying power with insurers; simplifies administration and also means that you have a consistent policy wording across all of the properties.
Shop around and seek expert advice from a Chartered insurance broker
Whilst there is undoubtedly a place for internet comparison sites, these may not be the best option for insuring your buy-to-let property. A Chartered insurance broker will be able to obtain quotations from a wide panel of insurers and will also be able to offer advice on the risks you face and the most suitable policy for your requirements.
The team at Hine Chartered Insurance Brokers can find the right level of cover for you. Call 0161 438 0000 and put us to the test.
