Aspects to consider while seeking cover for your property

Posted under Advice by Michael

All buy-to-let investors often ignore the importance of seeking cover for their property. Here are some suggestions as how they can go about the task:

Thoroughly evaluate your property insurance plan. Carefully consider the add-ons required when seeking cover for your property. For example, check whether accidental damage cover is really required.
By skipping accidental damage cover, you can significantly cut down on premium outgo. Instead ask your tenant to greater precautions for avoiding fire hazards. Things like not smoking in bed and not leaving half-burnt cigarettes around can avoid such mishaps.

Do not claim unless you really have to! Avoid claims for routine issues which you bear on your own. The fewer the claims made, the greater your ‘no claims’ discount, so think twice before making an unnecessary claim.

Look out for subsidence (It is a rather common problem that affects the property, but usually covered as part of your building insurance policy.)

Get proactive on safety aspects. Be part of a neighbourhood safety or watch campaign that would help in bringing down your premium. The insurance firm will take note of it, and grant you some concession on your premium outgo.

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