Cooke and Co Estate and Letting Agents 8 Point insurance checklist for landlords
We have been managing properties for 30 years and are ARLA , Safe Agent , OEA and NALS members making sure that your letting is handled in a professional manner. Below Here is a two minute read giving some advice for landlords on getting the best value for money and making sure their rented property is fully covered
Read through the Current policy
An insurance policy is a legal contract between the insurance company (the insurer) and the person(s), business, or entity being insured (the insured). Reading your policy helps you verify that the policy meets your needs and that you understand your and the insurance company's responsibilities if a loss occurs.
Leave yourself time to shop around for insurance
Put a note in your diary or on your planner when your policy is due to expire and leave yourself enough time to shop around. You won’t get the best deal if you’re in a last-minute panic.
Check what the premiums actually cover
Look at what the premium covers. Is there a gaping omission that could leave you exposed? If it’s an existing policy, has your coverage been reduced?
Be aware that some policies only allow certain types of tenant
Some policies only cover certain types of tenants – for example, professionals – who are viewed as low risk. It may pay to include other tenant groups, such as students, in your policy to give you more flexibility.
Check the standard excess amount
Check the standard excess (excess rates have been creeping up). The policy premium might be appealingly low, but if the excess is high, you could wind up paying more in the long run. Be aware that some types of claims have higher excess. For example, escape of water (which covers leaks and burst pipes) has a higher excess as it’s a more common occurrence.
Be aware that some claims have a higher excess
Be aware that some types of claims have higher excess. For example, escape of water (which covers leaks and burst pipes) has a higher excess as it’s a more common occurrence.
Make sure the policy gives you some leeway on void periods
Check the rules around vacancy as some policies become void if the property is empty. As there could be a rise in tenant turnover when furlough ends later this year, ensure your policy gives you a bit of leeway on vacancy periods.
Know your properties claim history and have all the paperwork to hand
Have your paperwork to hand when talking to insurers. They’ll want to know (and see proof of) the age of the property, state of repair, and claims history.
For any more information please feel free to call Cooke & Co Estate and letting agents on 01843 234771, . We would love to help
(c) 2021 Cooke & Co Estate and letting Agents
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