Thinking twice about cheap home insurance for landlords

We’re all vulnerable to suggestions of a bargain and someone talking about cheap home insurance for landlords is likely to catch our ear.

Cheap

Cheap is an emotive and very subjective word – particularly in the world of insurance.

It’s hard but it’s worth trying to focus on suitability rather than cheap when you’re thinking about landlords’ insurance.

There’s perhaps not much point is having exceptionally cheap home insurance for landlords in terms of absolute cost if it also doesn’t provide you with the cover you need.

And what you define as a bargain insurance policy may not be the same for someone else. That being said, there are landlord insurance policies available that offer comprehensive cover at an affordable cost

So, what do you need when looking for cover?

Landlords’ insurance requirements

Let’s think for a moment about the difference between home and your rented property.

If you have a home that is a separate dwelling entirely and exclusively lived in by you and your family, then you’ll typically need owner-occupier home buildings and contents insurance.

However, if your property is rented out then you’ll require buy to let insurance.

Sometimes complexities arise where landlords reside in the same property as their tenants. As a general rule, the property will require landlords’ insurance and you can’t simply extend any existing owner-occupier cover you have.

Holiday homes

Another area that sometimes misleads is that of holiday rentals.

Even if you only let you home out for a week or so here and there for holiday purposes, you are still a landlord and your home is being used for commercial purposes.

Once again, landlords’ insurance would typically be required to protect your interests.

Unoccupied properties

As a landlord, you may have to accept that your property is sometimes going to be unoccupied between rentals. Equally, you may have to keep it so for a period if you’re engaging in re-decoration, refurbishment or significant re-development.

This may also be the case shortly after you’ve purchased a buy-to-let basis and are waiting for various works to complete before you start renting it out.

Typically, buy to let insurance regards any property that has stood unoccupied for more than 30 consecutive days, to be empty.

In such cases, your existing insurance may become invalid. You may need specific unoccupied property insurance if you are to stay protected in such circumstances.

If these situations described have cast a doubt in your mind as to just what sort of cover you need, then we will always be happy to guide you as to what sort of cover would most suitable for your needs. Simply give us a call or drop us and email!

Taking your time

As said above, searching for suitable buy to let insurance may be typically a wiser approach than just looking for cheap home insurance for landlords. It’s an area that may prove critical to you in a crisis so getting it right is important.