Cheap Landlord Insurance: Issues To Consider

Posted: 2nd Jun 2014

Are you looking for cheap landlord insurance? As a landlord, you are no doubt aware of every expense that you have to meet as a property owner. Accordingly, in order to maximise your return on the property you may be looking for the cheapest policy that you can get.

What does “cheap” mean?

This is not a trick question. “Cheap” has different meanings to different people. For some, cheap landlord insurance is just a basic policy without the frills and perceived trappings that others seem to have. For others, “cheap” policies may be ones to be avoided because they are not perceived to offer the most suitable cover.

But when you are looking for let property insurance, perhaps the real issue you may need to consider is whether you are getting the cover you need at a price you find acceptable.

What does “cover” mean?

This is not a trick question either. The cover available from different providers may vary. Basically, if your let property is damaged by an insured risk, in the event of a successful claim, you can expect your insurer to pay for the repairs that are necessary (after you have paid the excess, which is the first part of a claim).

A typical list of perils which are insured may include:

  • storm;
  • explosion;
  • damage caused from objects falling from aircrafts;
  • flood (depending on where the property is located); and
  • fire.

Some insurers may offer a more extensive list of insured risks, and this is an issue that you may wish to check out in detail when you are comparing quotes. For instance, some providers – such as ourselves – may offer malicious damage cover, while others may not offer cover for this at all.

Are there any discounts available?

If you are looking for cheap landlord insurance then price is obviously important. So, you may wish to consider whether any discounts may be available. For instance, there may be discounts if you are insuring a portfolio of properties, as insurers may want to attract as much business as possible from you. But with some providers there may also be a discount available if you have installed extra safety features (on top of those that your policy may oblige you to fit) to prevent theft and deter malicious activities.

So, if you are looking for cheap landlord insurance, do bear all the above pointers in mind. That way you should be able to get suitable let property insurance at a price that suits your budget.