Agreeing on the cheapest buy to let insurance quote

February 6, 2012

Landlords Insurance

The headline price on an advert for landlords insurance may be the first thing to catch your eye. It may, however, not provide you with all the information that you may need to find the cheapest buy to let insurance quote.

For a start, you may find it difficult to find two landlords who agree on what is the best buy to let insurance. Each may have their own ideas about what is required based on their own experiences and of course on the property or properties they have.

What is best or cheapest for one may be totally unacceptable to the other.

While it may not universally be the case, you may wish to satisfy yourself that the cheap price proclaimed by a particular landlords insurance policy is not provided at the expense of the level of cover offered.  Looking at the detail of each policy may be the only way you might realistically find the cheapest buy to let insurance quote.

You may wish to study your landlord insurance quote to determine its position on features of cover including:

  • subsidence – not all policies may offer this as standard and it may be something that you would prefer to have rather than not;
  • if you have had problem tenants in the past then a policy which provides cover for malicious damage may appeal to you;
  • public or third party liability cover may vary considerably from policy to policy, however, up to £5m may be available from some providers, which given the potential level of some court awards for damages, may not be a bad idea;
  • if you have a number of buy to let properties then combining your insurance into a multi-property policy may provide you with some significant savings in time and administration – not to mention possible  money savings too.

You may also find that opportunities may exist for being able to reduce premiums through the availability of discounts. For example:

  • you may be able to accept a higher voluntary excess on your policy, meaning that you are prepared to pay more towards the cost of any future claim;
  • fitting approved alarms, locks and bolts etc  may help improve the security of your property and so reduce risk;
  • preserving your no claims discount  by being prepared not to make small and perhaps insignificant claims on your let property insurance  policy  may also help.

At the end of the day, the decision about what is the cheapest buy to let insurance quote may be yours and yours alone. You may need to ensure that you base your choice on knowledge and not just guesswork.

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