Insurance premiums – you can pay a price for risk

December 20, 2011

CIA Let Property Blog

Do you wonder why you may be getting a higher quote for insurance than usual? Have you recently brought a new property in a new area? You may be in a risk area, below are a few reasons why your premium may be slightly higher than normal.

Property location 

Every insurer uses your postcode to assess the risk. If you live in an area notorious for weather damage (on a flood plain for instance) or the area has a high crime rate, your premium will be higher.

Sum Insured

If your property is part of a block, a listed building or in a conservation area the re-building cost will be higher than usual.

The type of tenant you let your property out to

If you are letting your property to students ( in HMO multiple housing) or people who are on housing benefit, this is a higher risk than a general tenant making your premium higher.

Property age

If your property is very old, has been made with older building materials and using old construction methods, this is deemed high risk to insurers.

Already claimed before

If you already have quite a high claim rate and/or have already had multiple claims, this will go against you when you look for premiums.

If you have a commercial property 

You may be affected by what type of business you have and what separate risks they can produce.

All of these are considered high risk, but CIA Insurance will give you a quote that is hard to beat.


Source – LandlordZone

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