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How much is landlord insurance?
- The type of property you’re looking to insure
- The location of your property
- The number of tenants in your property
- Any associated risks within the property, the insurer you choose
- The minimum acceptable level of cover and essential services you require
- Any additional levels of cover you require
- The current market for landlord insurance
- Any voluntary excess
- Whether you require insurance for residential properties or commercial properties
- The different types of cover you require
- The insurance providers you choose
Choosing the right landlord insurance
If you manage your properties through a lettings agency, the chances are that your property manager will be able to advise you on the right landlord insurance. However, it’s always a good idea to take a look at the options available to you independently as well, as you may be able to find a more affordable deal that better fits your needs.
Of course, if you manage your property (or properties) yourself, it’s a different story. You’ll need to understand the ins and outs of landlord insurance in order to make sure you’re looking at the best policies to make your investment worthwhile. The best landlord insurance policy will depend entirely on your own personal circumstances, which is why it is so important to compare individual terms of policies and understand policy wording to get the best option for you.
How to make a claim for landlord insurance
The process of making a landlord insurance claim will be slightly different for each insurer, and you must always follow the guidance of your insurer first to make sure your claim is processed correctly and you get paid on time. However, the most common steps are as follows:
1. Contact your insurer – this can be online or by phone using your claims number. This will be on your policy documents.
2. Explain to the claims team what loss or damage you are claiming for, and the situation surrounding your claim if they ask.
3. Ask advice from your insurer to limit damage and follow this advice accurately – this will help make your claim more likely to be successful.
4. You may need to complete a claims form as well as speaking to your insurer directly.
5. Inquire about your excess.
6. Check your policy documents to confirm timing deadlines for payment, or any additional requirements to claim your payment.
7. Send your insurer any paperwork that is required as proof of the claim. This might be photos, quotes from builders and tradespeople, police reports and incident numbers (if your claim is related to theft or vandalism) etc.
8. You may also need to meet with an assessor. They will meet with you in person to review the damage and check it against your claim details.