Unless you shop around before you purchase, you may never know if the buy to let property insurance you opt for is actually the best landlord insurance for your own particular set of circumstances.
Here are a number of points that you may wish to consider when deciding on an appropriate policy for you:
• you may find when shopping around that there are a whole host of factors, which may influence your opinion about what constitutes the best landlord insurance;
• no two buy to let property insurance policies will be identical and some may be more appropriate for you and your property portfolio than others;
• the first point you may wish to bear in mind is that, while price may be a very important consideration, particularly in tight economic times, on its own it may not be a particularly reliable indicator of the level of cover offered by a policy;
• you may benefit from matching your requirements against what is on offer from a number of providers to ensure that you know exactly what is or is not covered;
• there are some policies, for example, which may offer you compensation for a loss of rental income or alternative accommodation expenses for your tenants, if they have to move out while you are carrying out repairs to your property if it has been damaged by an insured event (limits may apply);
• if you have a number of properties then you may wish to look out for providers who may offer discounts if you insure all of your properties with them;
• some let property insurance providers may offer this type of property portfolio insurance if you have three or more properties, while in some circumstances, others may only require that you have two;
• this may make things considerably easier for you if you only have to deal with one insurance provider for all of your property insurance needs;
• buy to let property insurance may typically include cover for the building, the fixtures and fittings plus public liability (which provides you with financial protection if a member of the public sues you for damages that they received though what they may believe to be some negligence on your part) - you may need to satisfy yourself that the levels of cover provided are sufficient to your needs;
• you may wish to note that not all landlord insurance may provide cover for subsidence as standard - some policies do though and you may consider these to be the best landlord insurance;
• remember though, that what one landlord may consider to be the best landlord insurance may vary considerably to what you may consider to be most suitable for your situation - so read the policy detail carefully to ensure that you find the solution that is suitable for you.
By: Eliot Blundell
http://www.cia-landlords.co.uk/
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