Working as a landlord involves dealing with the occasional less-than-calm phone call in the middle of the night about a broken boiler or toilet. It’s an unpleasant part of the job. But what if you didn’t have to be the person who sorted these emergencies out?
Landlord Home Emergency Cover could be the solution to your problems. This cover will provide emergency assistance to your tenants 24/7, 365 days of the year. Tenants will no longer need to call you about an emergency and can instead contact the company providing the cover directly. This limits the inconvenience for both you and the tenant.
If you think this sounds like the cover for you, it’s wise to shop around before buying. Here are a few things to consider before choosing your landlord home emergency cover policy.
+ Check the company background
Before you choose a Landlord Home Emergency policy, be sure to check the quality and strength of the insurance provider. After all, you need to be sure you can place your trust in the company you choose to protect your property. Things to check when doing your company research include company star rating, call our response time and reviews.
+ Read through the key facts and wording policy documents
Every good Landlord Home Emergency Cover should include documents stating the policy details and restrictions. Therefore, before you buy you should be sure to check the small print on the policy.
The restrictions could include anything from the fabric on your roof or the age of your boiler. It is important to be sure your property is suited to the Landlord Home Emergency Cover policy you choose. Some policies are far more lenient when it comes to the material of your property or age of your boiler, so be sure to choose the right cover!
+ Check the level of cover provided and any excess
A quality Landlord Home Emergency Cover will provide a high level of cover at an affordable price. To ensure you’re getting the most out of your cover, make sure it provides at least £500 of cover per claim with as little restrictions as possible. Emergencies are unexpected and can happen at any time, so a policy with lower excess and higher number of callouts included is the best solution.
Each landlord home emergency cover will provide cover for claims up to the sum you decide on, which could be anything from £500 to £4,000 per repair. This cost covers the parts and the labour included in the repair. Therefore, the question to ask is how much do you really think damage within your property will cost?
A policy with a higher level of cover will naturally charge you a higher premium, so try looking for a policy with a more realistic claim amount. A policy claim amount of around £1000 is perhaps the best way to keep costs down whilst also providing adequate cover.
+ Check boiler & heating restrictions
It is important to check the restrictions on boiler age and type before you purchase Landlord Home Emergency Cover. Some insurers may only provide boiler cover if the boiler within your property is below a certain age and is a certain type.
If you have an older boiler, this can become quite difficult when it comes to choosing a policy. Some polices may only provide cover for gas-powered boilers or just electric boilers, so be sure your cover is suitable for your appliance. This will avoid any nasty-shocks further down the line.
+ Check the home restrictions
Some Landlord Home Emergency Cover policies will only cover properties that are a certain type or build. The roof of the property is the most common area that may cause a problem when it comes to finding cover. If the roof of the property is thatched or flat, you may not be eligible for cover as this presents a higher risk of emergency situations.
It is worthwhile to also check that the material your property is made out of is covered within the policy too. Some less common building materials may not be covered in your chosen policy either.
+ Check the price is suitable
As is the way with most things, price is a determining factor when it comes to choosing Landlord Home Emergency Cover. You don’t want to overspend causing yourself money troubles, and you don’t want to underspend, as this may lead to low-quality cover. Be sure to remember that the lowest price isn’t always the best price.
Be sure to take note of the excess you’ll have to pay per claim, the number of claims per year and the level of coverage when looking at prices. A quality 5-star product is the best quality coverage you can buy. It may cost slightly extra, but for peace of mind and no disgruntled calls at 4 in the morning, it will be worth the money.
Richard Harry is the managing director of Best Price Financial Services.