How do you find the best landlord insurance?

Posted: 6th Jun 2016

Looking for insurance can be tricky if you are doing it with no help. After all, finding the most suitable policy is an important decision. But if you consult a specialist landlord insurance provider – such as ourselves at Cover4LetProperty – you may be able to find the best landlord insurance policy for your individual needs in minutes.

Do note that where we say the “best” landlord insurance, you must bear in mind that there is no “one-size-fits-all” answer to what the best buy to let insurance policy may look like. After all, what is best for one property owner may not suit the needs of another landlord!

Generally speaking, you may be looking for a policy that:

  • is appropriate for the type of property that you have;
  • offers all the elements of landlord insurance cover that you require; and
  • is at a price that you consider cost-effective.

How much does landlord insurance cost?

Buy to let insurance may be priced using similar considerations to conventional home insurance policies. So the insurer may take into account the age and construction method of your house or flat, and its location when they give you a price for the cover.

You may find that if your property is in a postcode area that is associated with a low risk of crimes and floods, the prices quoted may be lower than for properties in an area that has a history of these things.

Best for your pocket

As a landlord no doubt you may be concerned with the bottom line on what your buy to let insurance policy will cost. But as well as comparing low prices, when searching for the most suitable and affordable landlord insurance policy it may be important that you compare the level and elements of cover too, to ensure that not only does it offer value for money, but the protection you need.

Finally, when getting let property insurance quotes, why not see whether any discounts may be available?

Some insurers may offer lower prices for:

  • that are covered as part of a portfolio – this insurance is called multiple property insurance cover or property portfolio insurance; and
  • any extra security precautions that you may have had fitted (eg. extra locks and alarms over and above what the policy requires as the bare minimum of security).

At Cover4LetProperty, we allow our customers to choose a voluntary excess of £100-£1000, which might result in discounts of up to 40% on the premium – depending upon the level of excess selected.

So, if you are looking for the best landlord insurance, remember that while price is important, having adequate protection in place is probably the key consideration when choosing your cover. After all, a cheap landlord insurance policy may save you pennies, but in the event of a claim, you could find that the insurer will not pay out, potentially leaving you to find what may be substantial replacement/repair costs yourself.