Five mistakes to avoid when finding insurance for let property

When taking out insurance for let property, there are some common mistakes that you should avoid. It’s important that you’re careful when taking out your insurance policy, as you could end up with the wrong policy at the wrong price.

The first common mistake is a bad property choice. The property will obviously be one of the main selling points for your tenants, as well as your insurer. A poorly maintained property at purchase or a building in a dangerous area will be avoided by both insurers and potential tenants alike. Hence, when it comes to looking for insurance for let property, make sure that you have the right property for it first. Otherwise, you could find yourself paying over the odds.

Another common mistake is not carrying out the appropriate tenant checks. It’s down to your tenants to pay rent on time every month, and so, without performing credit checks, you are increasing your risk of financial instability in the future.

Another mistake during your process of renewing or finding insurance for let property is simply finding any policy deal that’s cheap, and going with it. Just because a deal is inexpensive does not mean that it’s the best option. You might find yourself without contents insurance, even if you’ve provided the contents. Any damage in the future, hence, will be an expensive ordeal.

Furthermore, you must also avoid going with the first insurer you find. Often insurers will provide you with exactly the same deal, but some with a better price. You might find yourself trusting one particular agency and taking their offer first, without looking at other agencies which can provide you with a better price.

Finally, choose a reputable agency. Without a good insurer, you can’t be sure that you’ll get the payouts you need in time.

Insurance for let properties – What a policy summary will include

When you take out insurance for let properties, you probably know that you need to ensure that you are covered for every instance that you can foresee, and for everything that is relevant to your specific tenancy agreement. You should know this before you take out the policy, as important aspects will be outlined and explained even before you actually take out the agreement.

After you have taken out the insurance policy, however, you will be provided with a policy summary. Of course, policy agreements are available before you take out a policy, but are useful to use once you’ve taken out the policy agreement. A policy summary outlines everything that you are currently covered with; allowing you to decide whether or not you will be able to claim within a given instance. A policy summary provides concise information about everything relevant to you and your policy.

The first thing that will be outlined on your policy summary will be the cover. For instance, it might outline whether your policy is available on an ‘all risks’ basis, and whether or not subsidence is available as an option in most cases.

The policy summary will then consider whether extensions are included as standard within the agreement.

After this, the conditions of the agreement will be outlined in full, in regards to index linking, designation, flat roof condition and reinstatement of sum insured following a loss. Of course, all conditions will be relevant to your own policy and agreement.

Finally, you will be provided with a concise list of exclusions of the policy, which might include property more specifically insured, damage to glass and sanitary ware, or even a wide range of exclusions to a vacant or disused property that is currently insured.

Insurance for landlords: Information you should have to hand when making your application

Insurance for landlords is really accessible. It makes no sense to go without it, and if you wish to remain a responsible landlord, you will take the time to obtain the insurance. Not only will it benefit your tenants, but it can mean that you do not have to make expensive payments every time something goes wrong with your property.

When you’re making your application, there are a number of things that you must have at hand in order to make your application correctly. Whether you’re applying online or within a shop, you must ensure that you have the following things at hand so that the application can proceed.

First of all, you must know when the property was purchased and built. You will probably be asked whether the property is Grade 2 listed as well. In reference to the construction type, you must know whether you have non-combustible walls, timber supports, a thatched roof or a non-combustible roof. This will determine the differences in cost of your insurance, but not wholly. 

You’ll also be asked if any parts of the ground floor are occupied, and whether or not there are any trees within a specific distance of the building.

Then you’ll be asked about policy details, and this will cover whether you want Day One Cover for your buildings. Furthermore, you will be asked what you want the policy to include – including accidental damage cover for the building, heave, subsidence and landslip cover, and landlord’s contents cover. Finally, you will be asked about rental income cover and whether there are any interested parties in the particular property.

Once you have been asked these questions, and you have provided the correct and relevant information, you will be on your way to receiving the policy that you require. It’s easy!

The criteria when finding insurance for landlords UK

When you’re looking for insurance for landlords, there are simple criteria you should stick to in order to ensure that you get the best deal. There are many companies out there that claim to offer you the best of insurance for landlords UK, but who can you trust?

The first criterion is that you find an insurer that is trustworthy and reliable. Out of the thousands of potential insurance agents, you must ensure that the one you choose will deliver when you need it to. How can you do this? It’s simple. Just try and stick with the big brands. The ones that are advertised on television, and are generally known for their professional service will usually be the ones that payout when you need them to. Equally, they’ll stick to their word in order to preserve their good reputation.

Secondly, you need to find the right price. When you’re looking for insurance, you don’t want to be paying over the odds. Make sure you shop around to find the best price available. This can be done through your own research, but is often done online with the use of comparison websites. Comparison websites will compare the most reliable and reputable companies out there, and decide which one can offer you the lowest price.

Finally, you must ensure that you get the right policy. Getting the right price might be all well and good, but it’s no use having insurance if it doesn’t cover the things you need it to cover. You might have a cheap insurance, but in the end, you may have to pay excessive amounts of cash to cover a simply trivial problem within your building.

Stay informed and well-read when it comes to your insurance. You don’t want to be ripped off!

Insurance for landlord: Is public liability insurance required?

When you’re taking out insurance for landlord, it’s always important to consider what you do and don’t need. Given that all tenancy agreements will be different, some things might be more important than others, whilst some kind of insurance might not actually be required. So is public liability insurance required, and is it important?

It’s safe to say that public liability, in literally most cases, is required. Renting out property is a great way to make money, but as a landlord, you must remain responsible for repairing fixtures and dealing with relevant matters to a high level, within the properties that you let. Failure to do so can mean that you are taken to court if you fail to pay for, or deal with repairs within an effective period of time.

Public liability insurance, hence, can cover these kinds of costs. Whether it’s damage to the building, or a leaky tap that must be fixed by a plumber, you will be required to pay for things that need fixing if you intend to remain in business. Public liability insurance is a great insurance for landlord, in that it allows you to claim for these kinds of costs.

For as long as you are letting property, you will have to cover these costs. Furthermore, you’ll have to continue being a communicative landlord. Public liability insurance means that you would have no reason not to stay within easy reach of your tenants, as any problems would be an easy fix. Simply claim on your insurance, and pay the right people to deal with the problem.

Of course, if the tenancy agreement that you have reached means that the tenant is required to deal with particular potential issues with the building, then public liability insurance would not be required. However, in most instances this is not the case, and this kind of insurance is a good purchase.