Have you renewed your home insurance? If not, you need to take into consideration several aspects before renewing your home insurance. It is not necessary that you renew the home insurance from the same insurance company. For, insurance companies offer best deals to new customers while loyal customers are usually charged higher premium, as has been the experience of a few landlords. Therefore, as a landlord, ensure that you have not opted for auto-renewal of your home insurance.
Though home insurance is a standard requirement these days, landlords tend to derive benefits depending on the coverage given. Strawberry Star recommends its customers (landlords) to opt for the best home insurance, as it covers unexpected damages. If you are an owner of a buy-to-let property, then, home insurance is even more helpful. However, exercise caution before selecting a home insurance for your buy-to-let property.
Once you finalise your home insurance, it is advisable to pay the annual premium instead of the monthly premium. Some landlords find annual premium to be on the higher side, but in reality, landlords paying monthly premiums end up paying more than the annual premium. This is because the insurance company divides the premium into monthly installments and the rates are usually higher. It is wise to compare the annual premium with the monthly premiums before finalising the home insurance.
Your insurance adviser or solicitor or estate agents are in a better position to finalise a home insurance product for you. Consult them before taking a decision. For more information on home insurance options, consult our property experts by contacting our London offices.
Therefore, as a landlord, ensure that you have not opted for auto-renewal of your home insurance.