How to identify the best landlords insurance quote

December 17, 2011

Landlords Insurance

Chasing the best landlords insurance quote is perhaps a very natural tendency – but the question is, how will you know when you have found it?

 

The following points may give some ideas:

 

  • a good starting point is to try to disregard the price being advertised, at least while you perform a first-pass evaluation, as even a very low-cost policy may not prove to be attractive to you in the longer term, if it has achieved its low-cost at the expense of the insurance cover it provides;

 

  • remember that landlords insurance may need to provide you with financial protection in the areas of property, your contents and your third party liability – each of these areas needs to be evaluated in terms of their ability to meet your minimum requirements for protection;

 

  • some policies may offer interesting opportunities to reduce the overall cost of your insurance through various forms of discount and by looking closely at these and thinking about them in the context of your property, you may be able to find that a policy that did not appear to be initially cost-attractive, actually turns out to be far more so once the discounts have been taken into consideration;

 

  • although landlords typically share advice and tips between them, if you are looking for the best landlords insurance quote for you, remember that you may not necessarily find it in the same place as another landlord, should their requirements have been different to yours;

 

  • it might also be worthwhile considering insurers that offer special forms of cover that may be more suitable to your total needs – for example, some offer property portfolio insurance, which may be a far more cost-effective way of insuring a number of properties than simply searching for the best cover on a property by property basis;

 

  • finally, remember that the best landlords insurance quote for you may prove to be one that offers ancillary benefits that are less commonplace elsewhere – some policies may offer cover for things such as malicious damage by tenants, a contribution towards a loss of rental income in the event of insured risk and all risks cover, these are all things that may be worth having.
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