In a world where time is of the essence and we expect everything from our credit to our coffee instantly, is it wrong to expect to buy your landlord insurance in the same way?
We are all aware of sites where, with just a few minutes of typing you can receive a range of quotes instantly. Your insurance is sorted for another twelve months and you can get back to the day job right? Well yes, but as numerous coffee drinkers may testify in the case of instant coffee, instant isn’t necessarily better. When it comes to your insurance, what benefits have you missed out on in the pursuit of instant? And do they really matter?
Are you really covered?
The truth is… no two insurances are the same. So whilst it may be good to get quotes instantly, it is worth noting they all have differing terms and conditions; are provided by different insurers with different approaches and values; offer different levels of support; the list goes on. Therefore, before simply selecting the cheapest option it is worth taking the time to consider:
- What’s excluded? Does the insurance specifically restrict cover for malicious damage by tenants?
- What’s included? Do you simply have what you asked for or does the insurance also include a few other things (legal helplines, cost of re-letting, 24 hr claims service, etc.) that would prove useful?
- If you’re looking to pay by instalments, check the monthly price. The quote that appears the cheapest to begin with may not be so attractive with interest or instalment fees added.
- Look at the excesses – Some insurers offset cheaper premiums by increasing excesses.
By taking the time to review your policy you may also find that there are gaps in your existing policy that cost a minimal amount to insure but could save you thousands of pounds in the result of a claim occurring. It’s a good idea to check whether there is a specialist broker within your industry as this could not only mean substantial savings, but also increased cover.
Whilst an instant approach has its attractions it is important to dedicate some time to make sure you are getting the right cover for your property(s). Whether you choose to seek advice face-to-face or online take the time to review your options to make sure you are getting the right cover. After all the worst time to discover your insurance is inadequate is when you need to make a claim. If you could benefit from some insurance advice please get in touch with Northwood Insurance Services via 01905 887 837 or email firstname.lastname@example.org.
Northwood Insurance Services and Northwood are trading names of Jelf Insurance Brokers Ltd (Reg No. 0837227), which is part of Jelf Group PLC (Reg No. 2975376), and is authorised and regulated by the Financial Conduct Authority (FCA). Registered address: Hillside House, Bowling Hill, Chipping Sodbury, BS37 6JX. (Registered in England and Wales). Not all products and services are regulated by the FCA. JIB332.11.16