Here is a list of the 5 main things that you will need to get a landlord insurance quote, also known as buy to let insurance or let property insurance:
- Risk Address. What is the full address of the property you want to insure? The most important part is the post code.
- Type of Tenant. Know what type of tenant is in the property, whether it be a working tenant (referred to as Professional), Student, DSS, Asylum Seeker, Retired, etc. Also know how many tenants are in the property (normally a family is considered as one tenant).
- Year Built. What year was your property built?
- Building Sum Insured. This is the re-building cost of the property or re-instatement value. The only accurate way to find this out is from an up-to-date survey. If you don't have one of these, then you can find calculators online, but these will only give an estimate so I would suggest avoiding them. When you are dealing with something of such value, a survey is almost essential.
- Contents Sum Insured. This is the total value of all your contents left in the home. It would not include the tenants' contents as this is their responsibility and not yours. It is purely the value of your contents (i.e. furniture, carpets, curtains, etc).
If you go to the insurance provider with the above information then you should be covering most questions that they will ask. It is recommended that you have copies of any surveys and previous insurance history, and there are other questions that will probably be asked before you get your landlord insurance quote. Every insurance company is different, so just make sure you are well prepared.
When choosing your landlord insurance provider, don't simply go for the cheapest. Ensure that you shop around or find a broker that searches several companies for you. Make sure they provide a comprehensive level of cover so that in the event of an incident, you have the best possible protection. One key type of cover to look out for is "malicious damage by the tenant". This is not standard on most policies, but is a vital section of cover. If it is included, then you can pretty much be sure you've got a good overall level of cover.
In all cases, read the full terms and conditions before you sign up to the cover so you know exactly what you're getting.
Visit Steve Smith's Ashburnham Insurance Services for more information about landlord insurance. You can also obtain a quick landlord insurance quote.