Finding the cheapest landlord insurance can often set people into overdrive, where they feel that the offer is too good to resist and sign up immediately. However, being the cheapest insurance doesn’t always mean that it is the most appropriate insurance.
People are very different, and what one person may perceive as cheap another may not. Getting cheap landlords cover doesn’t always mean that you are getting the most suitable buy to let cover.
What this means is that when looking for the best landlord insurance, you would be wise to compare landlord insurance than just the price. Some buy to let insurance companies may offer insurance at what appears to be drastically reduced prices, and its only when you read the policy that you may discover that the reason the price is so cheap is because a lot of benefits are not included in the standard policy (for example, landlords subsidence cover).
What is landlord insurance?
A contract issued by insurers, cheap landlord insurance covers the owner of a property for any financial losses that they may incur as a result of damage to their property which they have leased or rented to a tenant. The property can be residential, commercial or industrial. There is a cheap landlord insurance policy to cover just about any form of property that can be rented or leased. What is covered under the insurance policy depends upon the extent of coverage that the landlord has taken out with the insurance company. Cheap landlord insurance policies usually cover such things as fires, theft, water damage – such as floods and storms, malicious damage, or just about any other form of damage that your property can incur. A landlord insurance policy is usually always tailored to the landlord’s property and his or her individual insurance requirements.
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What do you need to look out for when choosing landlords insurance?
- Some landlord insurance policies do cover loss of rental income, but this is only in cases where the cause of the problem is due to previously insured perils. If a tenant was to leave your property without paying, for example, in many cases this would not be covered;
- Replacement locks as trivial as this issue may seem, it’s a problem that most landlords may face at some point, and it can also be very expensive. Replacement lock cover isn’t always included in the policy, so if it’s something you require it’s always best to check;
- Malicious damage is something which some let property insurance provider’s offer but not all. If you require this level of cover then you would need to shop around and find which companies do offer this type of insurance, as typically it is not included in all standard landlord insurance.
Will a landlord insurance broker save money on my landlord insurance?
If you are after a cheap policy, then it is highly recommended that you consult an insurance broker. As the saying goes ‘shop around’. An insurance broker will have access to many different insurance companies and therefore be able to offer you the most competitive premium. Most brokers and insurance companies also offer quotes online through the internet, which is a great way of finding a policy that will suit your needs.
The main thing to try and remember is that the cheapest landlords insurance may not always necessarily offer the most suitable cover. The most suitable cover may be the policy which fits perfectly with your circumstances and gives you what you feel is value for money.