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.