February 02, 2016
A competitive buy to let insurance policy shouldn’t necessarily be about the cheapest policy you can find but more about the best value policy you can find. For the avoidance of doubt we define “value” as the right cover at the right price.
This is a very competitive market with a lot of companies offering “competitive buy to let insurance” but do you really know what you are buying in other words is the type of cover at the price you are paying really a good policy that will reimburse your financial loss?
One of the important things to consider when buying buy to let insurance is the company you are buying it from. For example, do you have to wait 10 minutes before someone answers the phone, is the person you are talking to short and to the point. Can you overhear 100’s of people in the background “stacking it high and selling it cheap” to name a few. In our opinion things like this demonstrate that you, the customer are just a cog in the machine. How many times have you been transfer to the customer service department? Surely the customer service department should be the first person you speak to. Why because I want a great efficient customer service at point of sale! I don’t want to be transferred to them when i have cause to complain or change a small detail on policy documentation.
The next consideration in our opinion should be knowledge does the person you are speaking to really understand your concerns? For example I have just purchased a property and i am going to modernise it, with a new kitchen and bathroom, before i place it on the market for rental. How long is this likely to take? 4 weeks, 2 months how would you know? What if the contractors let you down? Also are you able to take a policy out whilst it is unoccupied and change it to a let policy in minutes no matter how long the property is unoccupied for? There are to many variables.
Cover is an interesting factor when considering competitive buy to let insurance. I often hear “we will match or beat any premium” provided cover is like for like. Or “we cover a building sum insured (re-build value not market value) up to £500,000″ does this mean I will get £500,000 in the event of a total loss such as fire if my property is worth £120,000 to rebuild? Another great one is “we will pay up to 100% of your sum insured for loss of rent for 12mnoths”. So on my £120,000 rebuild house i could be reimbursed up to £120,000 in loss of rent, wouldn’t that be nice? When really £650 per month is a more realistic figure or £7,800 per annum.
The people at Rigsby believe that we have more than a competitive buy to let insurance product and are confident that we provide the right cover a landlord needs, the right service you should expect as a customer and a very comprehensive and competitive landlord insurance policy with a premium that you would be happy to pay.