Thinking about cheap landlords insurance

February 1, 2012

Landlords Insurance

Cheap landlords insurance may be something that you are keen to have in place and protecting your property assets.

Understandably though, you may be equally keen to ensure that cost concerns do not impact on the cover that your buy to let buildings policy provides you with.

One way that may help you to find an acceptable balance between cheap landlords insurance and the protection offered, may be to compare a number of policies and to select the one you feel offers you a level of cover that you would be happy with.

You may find that what may appear to you to be cheap landlord insurance cover may not appear cheap to another landlord who may have a very different business set up to yours.

There may be no doubt that one of the major elements of any landlords insurance cover may be the premium that you are asked to pay. However important this is though, you may also benefit from looking at other aspects of cover like:

  • are discounts available if you have a number of properties – some providers may offer discounts if you insure just a couple of properties with them under their multi property portfolio cover, so you may save on premiums but also benefit from having just one point of contact for your insurance queries;
  • might discounts be available if you agree to take a higher proportion of the risk by accepting a higher voluntary excess on your policy – meaning you may be required to pay more as your contribution to any claim;
  • what, if any, provision is made for landlords contents insurance –  since not all landlords let properties out on a furnished basis you may find that contents cover may be offered separately and might therefore be an additional cost you may have to factor in to your calculations.

Remember too that you may wish to acquaint yourself with what, if any, are the conditions relating to steps that you may wish to take if your property is standing vacant without tenants.

Your landlords insurance may take into account the fact that your property may be empty from time to time when your tenants are off on holiday etc.  However, if the vacant period is prolonged (typically in excess of 45 days) then you may find that your cover may cease to be valid and you may need to consider unoccupied property insurance.

This may be particularly pertinent, with spring fast approaching, if you are considering carrying out renovation work (which may all too easily overrun) on your property.

When assessing what you may consider to be cheap landlords insurance you may benefit from taking factors like the above into account to help you come to a realistic figure. Alternatively, please feel free to get in touch and we will be more than happy to answer any questions about, and  / or help you get, the most appropriate let property insurance cover.

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