Frequently asked questions on cheap landlord house insurance

December 22, 2012

Landlords Insurance

Here are some commonly asked landlords’ questions on the subject of cheap insurance cover.

Is it possible to find cheap landlords’ policies?

It is impossible to answer that question, as to do so one would need to define what cheap means.

Certainly some policies might come with an apparently lower cost than others.

However, before assuming that they constitute cheap landlord house insurance, you may wish to be very sure that you have compared the cover they provide against other policies that might appear to be theoretically more expensive.

What are the best ways of keeping my insurance costs down?

Amongst other things, you might wish to consider:

  • opting for a higher voluntary excess on your policy;
  • asking your insurance provider for details of available discounts that might be available in some cases for things such as additional security precautions taken around your property etc.

Can I reduce my costs by dispensing with contents insurance?

If you are paying for such cover and then decide to cancel it, then you will inevitably reduce your insurance outgoings.

In some cases, such as if you are letting your property unfurnished that might be a feasible option.  In other cases, you might need to think carefully before doing so:

  • what would happen if your contents were stolen or destroyed by fire etc.;
  • if your property is unfurnished, are you sure that all of your fixtures and fittings are regarded as such by your insurance provider and therefore included in your buildings policy?

Do I have to insure my tenants against accidents?

It might be unwise to avoid paying for a healthy degree of third party liability cover.

That would protect you financially in circumstances where your tenants successfully sued you for injuries they had sustained as a result of the poor maintenance of your property.

On the other hand, you are typically under no obligation to insure them for things such as personal accidents they might suffer (which are not your fault) or the loss of their own possessions through natural disaster or burglary etc.

Some landlords make strong recommendations to their tenants that they consider their own insurance for such circumstances.  You might wish to consider doing the same.

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