Cheapest is seldom best

Cheapest is seldom best

Cheapest is seldom best

A highly competitive market

In fact, it could be argued that property owners are more at risk than owner-occupiers, because they may not realise that many covers usually available in the domestic' insurance market are not always automatically included within landlords' insurance policies.

If you think about it, it is not necessarily surprising that some insurance companies, eager to attract more business, trim the cover that they offer. Overall, most insurance companies will face roughly the same type of claims and experience similar costs associated with running their policies. To make their insurance appear less expensive they must, therefore, reduce the amount of cover they offer and thus the claims they actually have to pay out.

How can you tell if you have a good property owners' insurance policy?

The reverse that the most expensive insurance is best is by no means the case. What really matters is that you have the range of cover, including such things as property owners' and employers' liability insurance, within the policy and that the range of perils' covered is as close as possible to that available to homeowners. In other words, are such areas as subsidence and loss of rent cover included, or has the insurance been pared down to the minimum in order to make it look attractive?

Help is at hand

Fortunately, a highly respected industry research company, Defaqto which has long researched financial services products in order to give an independent view on which savings, investment and life insurance products offer the best value for money to consumers has more recently started to review general insurance products in the same way.

Using an unique system that scores' a wide range of aspects within each product such as landlords' insurance it awards up to five stars to all available products. The broader the range of cover automatically included, the higher the score. You can then see if you are getting value-for-money, very easily.

If you are looking at a low-cost insurance deal for your property, you could do worse than visiting their website and following the star ratings link, to see how it compares with the best. Or you could simply ask your insurance broker to compare the quote you have with the best on the market; you will find that as with so much in life you get what you pay for.

Getting the right advice

It is important to seek independent professional advice from certified agents such as Alan Boswell Insurance Brokers before making any decision about your property owners' property and liability insurance as well as your financial obligations. You should always ask your insurance advisers what experience they have of dealing with residential and/or commercial rental property insurance.

Nothing contained in the article should be considered as giving individual financial advice. Please note that there may be variations for those living in or letting property located in Scotland and Northern Ireland.

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