Who should you trust with your landlord insurance?
Landlord insurance exists to help financially protect both your rental property itself and your buy-to-let business as a whole. It’s therefore crucial that you choose a quality insurer who can offer you the appropriate level of cover for your circumstances and type of let. But with a huge number of landlord insurance providers in the market, how do you find the right one?
Here are 5 key things to look for:
- Do they really understand letting? Insuring rental properties and providing cover for landlords is a specialist business, so it makes sense to work with a specialist insurer. Bode Insurance Solutions is part of LRG, one of the largest property services groups in the UK, and we exclusively arrange cover for landlords and tenants. We have also established partnerships with specialist underwriters who understand the nuances of the lettings market.
- Can they tailor your insurance? The right insurance cover for you will depend on the type of property, let and tenants, and also on your own attitude to risk. Working with an insurance broker such as ourselves means you can talk through your requirements and get independent advice on the most appropriate policy – and whether it might be worth taking out additional policies for things like pet insurance and rent guarantee insurance.
And if you have a leasehold property, where buildings insurance is already arranged by the management company, we can make sure you don’t pay more than you need to by excluding buildings cover from your landlord insurance.
- Can they meet your needs as your portfolio grows? ‘Portfolio insurance’ is where multiple properties are insured on the same policy. This means you only have one document and one renewal date for all your rentals, and you should be able to benefit from discounts that bring down the insurance cost per property, saving you money.
We offer Landlord Property Owners Insurance in association with Uinsure, which can accommodate up to 15 properties on a single policy – even if they’re different types of property and occupant - and multi-property discounts are applicable.
- Are they likely to pay out when you need them to? A good insurance provider should have a straightforward claims system and a clear track record of settling valid claims. One of the best indications of this is satisfaction ratings, so check with review sites such as Trustpilot, Google and Defaqto.
For our own landlord insurance, we have teamed up with Unisure, which has been 5-star rated by defaqto since 2014. The company also has 4.6/5 stars on Trustpilot and their service is rated ‘Excellent’.
- Are they transparent? Whether you work with a broker such as Bode or directly with an insurer, they should be straightforward and transparent about policies, terms and conditions, so it’s easy for you to understand your cover options and rights. The best providers will invest in educating and informing their customers through great customer service and accessible online resources to help you make an informed decision on your insurance.
You can search our own property news and advice library here, and all our policy documents can be accessed via links at the bottom of the page.
If you would like to talk through your insurance needs or have a question about any aspect of our service, our experts are here to help. Call the team directly on 01903 890044, fill in our online form or email us at info@bodeinsuranceservices.co.uk.
And if you are a current landlord with any of the agencies in LRG, an insurance quote is ready and waiting for you in your online landlord account. No fuss or forms to fill out!
Bode Insurance Solutions Limited is registered in England (Company no 03101637) Registered Address: Crowthorne House, Nine Mile Ride, Wokingham, Berkshire RG40 3GZ.
Bode Insurance Solutions Limited is authorised and regulated by the Financial Conduct Authority (FCA) under firm reference 313541.
You may check this on the Financial Services Register by visiting the FCA’s website https://register.fca.org.uk or by contacting the FCA on 0800 111 6768
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