Is Landlord Insurance Value For Money?

October 25th, 2019

Buying landlord insurance would help in recovering the cost of loss or damage of any kind. Your property is at risk of natural calamities, accidents and possible damages due to the tenant’s pets and children. Thus, it is better to get the building and your belongings insured even if you have the best tenant. It is advisable that you take out a comprehensive cover to guard yourself against any kind of losses or damages. Covering your property and its contents is a must even if you have to pay higher premiums. There is plenty of money saving tips that can help reduce the landlord insurance premiums.

Tips to help reduce your landlord insurance premium:

Club all landlord policies together: There are separate covers for building, contents, accidental damage, rent guarantee, liabilities and more. It is advisable that you combine these covers under one policy. This will make way for single but a little higher premium, which is easy to manage than separate premiums for different covers. Again, some policies may negate the need of separate covers as they give comprehensive assurance. If you have more than one property to let then insuring it via a single provider may get you big discounts.

Pay higher excess: In order to reduce the policy cost, you can pay for a higher excess. Many companies charge excess that is around the £100 mark. If you can pay above this amount then your premium cost would reduce drastically. Another way is to avoid making claims for smaller damages. This will result in smaller premiums. If you keep claiming for little things then it may result in increased levels of premiums. So, if you can afford to manage the small damages then choose to avoid making claims every now and then.

Submit the correct rebuild value: While buying building insurance, you need to give an estimated rebuild value of your property. Make sure you submit the correct value as a higher estimation would result in higher premiums while an underestimation may leave you bust in case of an accidental damage to the building structure.

Bypass contents insurance: If you are providing rental space along with relatively new furniture then it’s good to get those items insured. If you are not giving any contents or giving things of least concern like old carpets and old sofas then its best to bypass contents insurance. This will save you big money and result in smaller premiums.

Keep it secure to save: Insurance providers offer bigger discounts if your property is equipped with security appliances. Burglar alarm, smoke alarm, high quality locks and other safety measures reduces chances of theft and other crime. For this, the insurer offers smaller premiums and so, it makes way for big savings.

Choose the right tenants: It is always good if you get well behaved tenants. Students and DSS tenants may be perceived to be not good tenants and as such are associated with the risk of damaging the property. If they are careless then accidental damage should be estimated. People with pets and children can also leave with damage marks. So, be careful about choosing the tenant. A good tenant will manage the property well and so, you will not need to shell out on correcting damages.

Choose adequate protection: Do not compromise comprehensive protection for a cheaper insurance policy. Temptation for the cheapest policy would compel you to leave the additional features like home emergency cover, rent guarantee insurance and more. This may give a big setback when things go haywire and you need to make a claim for a payout. It’s better to go for a comprehensive policy that gives good payouts rather than choosing the cheapest landlord insurance cover.

Minimize gaps between tenancies: Insurance providers are reluctant in offering cover for property that remains vacant for more than 30 consecutive days. The simple reason is that such a property is at a risk of theft and other unexpected damage. So, the best way is to minimise the gaps between two tenancies. If possible bring in another tenant as soon as the previous ones vacates the place.

Compare and choose: It’s important to compare between the various landlord insurance providers. Shop around and choose a specialist landlord insurer. Find the one that offers you complete cover at affordable prices.

If you find comparison a big headache, check out We specialise in comparing all types of landlord insurance policies. We will suggest to you the provider that gives the highest benefits. For further details, we can be contacted on 02034757476

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