Landlords content insurance is fantastic. The peace of mind it can get provide is well worth the monthly premiums. Knowing that your investments are safe is a great feeling, especially if you have a family who look to you to provide for them.
This type of insurance, like most types, has its complexities. A wise man once said that nothing worth doing in simple. He was right in the case of landlords content insurance. What follows are three tips that will help you navigate this uncertain landscape.
The duty of disclosure
One of the most important things you must know when taking out landlords content insurance is that you must be totally, one hundred percent honest. You have a duty to disclose any information pertinent to the policy and answer any questions the insurers ask truthfully. Without this disclosure, the insurers will be able to refuse an otherwise legitimate claim.
Not only does this duty refer to the lead-up to you taking out a policy with an insurer, but also the period it is in force. If anything changes you must tell them as soon as reasonably possible. Every day you wait to update them is a day that you are effectively not covered if something happens.
In utmost good faith
Related to the ‘Duty of Disclosure’ above, this means that the relationship between you and your insurer should never be anything but flawlessly fair and honest. No matter how complicated insurance becomes, every contract must be based on this. Any violation can render your policy null and void.
The right to refuse
Insurers are under no obligation to cover you in any circumstances. Even after disclosing everything you can to them, as per the previous two points, they may reject you. Don’t just walk away and forget about it if this happens. It is incredibly important for you to get hold of an explanation, in writing, from the company for future reference. This is because the next company you try to get cover with will want to know what went wrong with the previous one.