Finding that elusive cheap buy to let insurance

January 2, 2012

Landlords Insurance

The New Year is upon us and it is a traditional time for making and sometimes breaking, those resolutions.  Given the expense of the holiday season, you may have decided that one of your resolutions for next year is to find cheap buy to let insurance rather than to continue with your existing cover.


There may be absolutely nothing wrong with your inclinations in that respect however, a few things may be worth keeping sight of as you begin your search.


Clarifying your objectives


Unfortunately, the word cheap may mean different things to different people and if you base your search exclusively on trying to find cheap buy to let insurance as measured by the price alone, you may experience some disappointment further down the track.




It should come as no surprise to learn that insurance policies provide different benefits and under different terms and conditions.  This inevitably means that some of these policies may be rather more suitable to your requirements than others.


It may also be typically the case that there is a relationship between the breadth and depth of a landlord insurance policy’s cover and the premium.


Therefore, cheap buy to let insurance for one landlord may not prove to be suitable and as a result cheap for you if it does not offer you the protection you require.


So it may be legitimate to ask yourself whether you are looking for the lowest cost above all else or cover that is likely to enable you to sleep peacefully at night.


Examples of varying cover


If you have multiple properties, although you may believe that you have low cost cover for each of them, in fact, you may find it more effective to look at property portfolio insurance.  This is an integrated cover providing protection for multiple properties in the one place – you may find that this gives you considerable commercial leverage to reduce your costs.


Some landlord insurance may, for example, exclude certain groups of tenant types such as DSS tenants or students – it may be little consolation to you to know that such a policy is lower cost if a significant part of your business is based upon such groups.


As a final illustration, you may find that not all policies automatically cover subsidence risk to your buildings and that may be something that might be of considerable concern to you irrespective of the price of the policy.


The conclusion


Cheap buy to let insurance may be a perfectly sensible aspiration but it may be advisable to see it in the context of making sure that your property continues to have fully appropriate cover. If you have any doubt about what the let property insurance cover entails or any other questions relating to landlords cover, please feel free to get in touch and we will be very happy to help.



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