When you take out insurance for let properties, you probably know that you need to ensure that you are covered for every instance that you can foresee, and for everything that is relevant to your specific tenancy agreement. You should know this before you take out the policy, as important aspects will be outlined and explained even before you actually take out the agreement.
After you have taken out the insurance policy, however, you will be provided with a policy summary. Of course, policy agreements are available before you take out a policy, but are useful to use once you’ve taken out the policy agreement. A policy summary outlines everything that you are currently covered with; allowing you to decide whether or not you will be able to claim within a given instance. A policy summary provides concise information about everything relevant to you and your policy.
The first thing that will be outlined on your policy summary will be the cover. For instance, it might outline whether your policy is available on an ‘all risks’ basis, and whether or not subsidence is available as an option in most cases.
The policy summary will then consider whether extensions are included as standard within the agreement.
After this, the conditions of the agreement will be outlined in full, in regards to index linking, designation, flat roof condition and reinstatement of sum insured following a loss. Of course, all conditions will be relevant to your own policy and agreement.
Finally, you will be provided with a concise list of exclusions of the policy, which might include property more specifically insured, damage to glass and sanitary ware, or even a wide range of exclusions to a vacant or disused property that is currently insured.