Top tips for keeping down the cost of your let property insurance

November 3, 2012

Landlords Insurance

At CIA Insurance we are always keen to offer help and advice relating to how you might be able to find more cost-effective cover.

You might find the following points useful:

  1. think about taking a higher voluntary excess on your policy.  The excess is the amount of money that you will contribute towards any future claim costs.  Typically the higher the excess is, the lower your premium may be;
  2. question whether or not you really need contents cover.  If you are letting your property unfurnished then the answer might be relatively obvious.  However, even in situations where your property is partly furnished, you may find that you are prepared to live with the risks of needing to replace your furnishings rather than paying out an annual contents insurance premium;
  3. enhance the security precautions around your property.  Some policy providers might offer discounts if you fit burglar alarms and other related security locks and bolts etc. These may need to be approved devices rather than simply gadgets you have installed yourself;
  4. look for opportunities with safety installations.  Some policies might recognise your installation of things such as smoke detectors and sprinkler systems by offering reduced premiums;
  5. be careful with your population density.  Leaving aside possible legal issues, the more individual accommodation units you break a property up into, the more aspects of your insurance costs might increase;
  6. if you are looking at a new potential property, check carefully the local flood risk situation.  Some insurance providers might significantly increase your premium if your property is located in a known flood risk area;
  7. make efforts to find policies that are as all inclusive as possible.  For example, not all policies necessarily carry subsidence cover as standard.  The more cover you have to pay for separately as optional extras, the higher your total premium might prove to be.

Above all, think laterally about cheap let property insurance.

The advertised price of a policy is only one component of its total cost profile and remember that the cost of a policy might prove to be irrelevant to you in the circumstances of needing to make a claim.  So, think carefully about the cover provided as well as the premium associated with the policy.



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