Unlike home owner policies buy to let insurance policies are treated as commercial policies and will list the perils that are covered and will not be ‘All Risks’ policies.
When choosing a buy to let mortgage its the add-on products that really matter. It is important to understand exactly how to protect your investment from risks such as:
Loss of rent cover; alternative accommodation cover; rental default cover; theft cover; malicious or accidental damage caused by tenant cover.
You also need to know what precautions to take during unoccupied periods.
There are many options to be considered when protecting your investment , buying insurance direct is cheaper but engaging the services of a professional means that the right questions can be asked and answered.
When using a professional there is a stronger chance that less mistakes will be made when choosing a cover. Often these mistakes only become evident once a potential claim arises.
Getting an insurance quote via the internet is common practice these days, simple policies are cheap and aggregators help consumers compare prices and choose products. Its vital,however, to read and understand the policies in order to ensure that you are comparing apples with apples.
Using an insurance broker to act as your agent shifts the responsibility to them. They will take time to understand your requirements and the exact nature of the risk that you wish to insure. They will also advise on any risks not already considered by yourself. They will then seek quotes from a variety of insurers who they feel will best understand your risk. They will negotiate on your behalf and eventually recommend the best policy/insurer and handle all the paperwork.
They will , throughout the year be on hand to answer any questions and give advice. They will handle any mid-term amendments required and assist in making sure that all claims are dealt with quickly and efficiently by the insurer.
The broker is remunerated either by commission ( included within the premium) or by a fee separately negotiated between the client and the broker beforehand.
For further information Contact Us
