Why can’t I find the cheapest landlords insurance?

February 26, 2012

Landlords Insurance

You may be struggling to find what you consider to be the cheapest landlords insurance for any one or more of several reasons:

  • there is something about your location that is unusual – in some cases your premiums may be inflated due to the circumstances of where your house is located. For example, some buildings insurance providers may set higher premiums if your property sits in a known high flood-risk area (some providers may actually decline to cover that risk in such circumstances);
  • you may have a requirement for high-value contents cover – if your property is furnished and equipped to a very high level and you have it insured appropriately, then your total premium may be higher than another landlord who has furnished their property to a less exacting standard;
  • you have a history of claims – the cost of landlord house insurance may be significantly affected by whether or not you have made previous claims and how they may or may not have influenced your no claims discount;
  • you are asking the wrong people – it may be unusual to find two insurance providers with identical risk and pricing structures, so if you are speaking to one who is perhaps not able to offer competitive quotations for your particular requirements, then you may struggle to find a suitable cost-effective deal;
  • the approach is wrong – looking for the cheapest landlords insurance may not be the most sensible approach for your particular situation and requirement set, as what is cheap for one person may not prove to be cheap for another. You may be better advised to look for appropriate landlords cover at a price that strikes you as being value for money;
  • you are missing opportunities – you may be able to find insurance providers who are able to offer specialist policies in certain areas that may benefit you. For example, if you have multiple properties you may be advised to look for the best property portfolio insurance rather than simply the cheapest landlords cover;
  • opportunities for discounts are being lost – you may be able to reduce your premium by adopting certain behaviours that the insurance provider will welcome as indications of a responsible attitude to shared risk – examples might include things such as taking a higher excess on the policy and although these things may not generate the cheapest landlords insurance for you, they may allow you greater confidence that you have some control over your deal.
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