IF you own a property that you rent out to tenants then you do not want to be ripped off and scammed for your landlords insurance Â and this short article tells you how to do that.
Insurers will always try to maximise profit from any revenue stream and rental property is no different. In fact as a landlord with property investments they are likely to consider that you have money in your pocket and you are a target for profit taking. To avoid paying too much follow these tips:
1: Give yourself time to get the right let property insurance. If you rush it then chances are you will end up paying over the odds.
2: Know what you need to be insured. Buildings are the main risk for landlords with any contents next. If you have professional tenants fully credit referenced then ask yourself do you really need the rent guarantee scheme at Â£200 per year. That could equate to 10% of your annual profit wasted on a scheme that you are most likely never going to need. LetÂs face it, if they pass referencing and are working chances are they are not going to default Â thatÂs why the guarantee scheme will insure you, the odds are stacked in their favour.
3: DonÂt insure the tenants contents Â they donÂt belong to you.
4: DonÂt just accept the renewal notice Â it may be more or less the same as the year before but it will pay you to shop around and make sure it is competitive.
5: Get at least two quotes before you decide where to buy your policy. Keep excess and sum insured the same throughout and make sure you are comparing like for like. Check the small print on the quotes Â some insurers will change key details such as excess to try and make their policies appear more competitive. ItÂs naughty and not nice but unless you look the first time you will find out is in a claim and that could be financially crippling.
6: Make sure you know the void or unoccupied period covered in your policy. If you ever run over this then you will know to make alternative insurance arrangements rather than being at risk.
7: Buy the cheapest policy that meets your needs and read the documents when they come through to make sure all is correct.
Do that and chances are you will not be scammed on your landlords insurance. Give The Property Insurer a chance to quote, it offers excellent rates and competition for your policy with brokers fighting to win your business.
The Property Insurer