Finding cost-effective landlords insurance might involve a degree of perseverance and a little bit of lateral thinking.
Here are a few thoughts that you may find helpful:
1. you will need to make an effort. Although the marketplace for this type of policy is vibrant and highly competitive and thereby potentially good for you, you won’t be able to take advantage of that unless you look at a number of different options rather than simply renewing your existing annual policy out of habit;
2. at Cover4LetProperty, we will always be only too pleased to offer you help in understanding how you might look for lower cost cover;
3. for example, if you selected a higher level of voluntary excess on your policy (you may have options on some policies for sums between £100 – £1000) then you may be able to obtain up to a 40% discount on your premium;
4. improving your property’s security might also be an option. Some policies may welcome the fitting of things such as deadlocks and / or intruder alarms and offer discounts in return;
5. if you are letting your property on a totally unfurnished basis, you may wish to question whether or not you need to be paying for contents insurance. You may be able to obtain a more financially interesting deal if you are only paying for buildings and third party liability cover;
6. try to think in terms of cost-effectiveness rather than cheap let property insurance alone. It can be very difficult to compare two policies based on their ticket price, unless you have an understanding of the cover provided by the policies concerned. An illustration of this might be given by subsidence insurance, something that might be provided as standard by some policies but not by others.
Few landlords like to contemplate the idea of needing to spend substantial amounts of time thinking about their insurance cover.
Yet treating this subject too lightly might cause you to miss some opportunities for potentially improving your cover whilst at the same time reducing your costs. So, thinking about some of the above points and others like them, might be in your best interests.