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How To Find The Right Property and Land Insurance?

Published by The Landsite on 5th September 2020 -

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First of all, we have to stress that you absolutely 100% need to get property and land insurance. It’s just common sense. It will protect you from everything and avoid any unexpected payouts. Even if your land is completely vacant, you should have insurance on it. Anything could happen (we’re looking at you Covid-19) and suddenly you might be in a tight spot!

So now that’s clear, we can talk about how you get property and land insurance. There are a couple of different ways, so we’ll explain them all so you can get your project covered for all eventualities.

Get property and land insurance from a comparison website

Everyone’s go-to is the comparison websites. We’ve all been tempted by the Meerkat (and their cinema offers). Plus they’re quick, easy and you can get cover in seconds.

These comparisons are great for seeing policies side-by-side and figuring out the differences. But the thing to remember is that these websites are generic and not good at pointing out the fine print. 

They also assume you have a bit of industry knowledge. What does ULR stand for? What’s the owner liable for and what does the tenant need to pay? What on earth is index linking? Honestly, don’t worry if you don’t know all of these. You’re not meant to … We’re not saying that it’s a trick of these sites that may hurt you later when it comes to payouts, but if you’re taking out a policy with them it’s important to understand all the terminology before you sign.

Get property and land insurance from a local broker

A local specialist insurance broker is a great person to have on your team. They’ll know the area, its risks and the kinds of insurance you’re likely to need so can advise you better than anyone.

Also, it doesn’t cost more to go to them; they get paid on commission when you buy your insurance deal so, initially, you can get access to their expert insurance advice for free!

Your broker will identify all types of insurance available to you, their pros and cons and any additional extras you might need due to specific details about your property. Comparison sites tend to just offer what you ask for, so if you don’t know what you want, it can be a little tricky.

An insurance broker will also handle your claims for you. They’ll talk to the loss adjusters and claims departments so, if you do need to claim, you won’t have to deal with the hassle and stress.

So, we hope we’ve cleared it up for you; a local insurance broker is probably the best way to go as they will help you find the policy that’s right for you and your property.

To find insurance brokers in your area, search through our list of insurance professionals.

 

Read Our Other Articles You May Be Interested in:

Where To Start? The Property Professionals Who Can Help You Invest In Commercial Spaces  

Sourcing Connections To Make Your Build More Sustainable 

How Collaboration Benefits The Property Industry 

 

 

 


Tracey Assal

Online Property Platform Connecting ALL Sectors of the Property Industry

Link to The Landsite business profile

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