Cheapest Landlords Insurance

Cheapest landlord insurance

As anyone who has paid particular attention to a traditional home insurance deal knows, getting the cheapest available deal is often a matter of comparing a fair few policies and making sure that what you end up with actually matches what you need. The same approach can be applied to ensuring you end up with the cheapest landlord insurance, although the least expensive policy is not always necessarily the best.

A landlord cover deal often includes protection for the building itself and may also include contents cover. Contents cover may not be suitable for everybody, although it is potentially useful for those letting out a property which includes some furnishings like carpets, sofas, and tables and chairs. However, if you are renting out a residential home which has minimal contents in it, perhaps only a couple of cheap carpets, you may feel a contents element with a maximum payout amount of £20,000 is unnecessary, and removing this from your policy or seeking another deal which does not have to include this may prove cheaper.

Cost

When it comes to cost the total sum insured is also worth paying attention to. The sum insured is the maximum amount an insurance company would payout on a policy in the event of, for example, the total destruction of a property in a fire. Therefore is important to get the total sum correct, and this involves making an official estimate as to how much the property is worth. A total sum insured which is too small may provide a cheaper policy but could leave you considerably out of pocket in the event of a disaster. At the same time, a sum insured which is far too high can cost you dear on your premium, and some people may choose to get a professional in to value the home.

Although it's not a broad and as well-known as the traditional home insurance market the landlord insurance sector is competitive thanks to an increase in interest in buy to let property in recent years. This means there is more competition for your money out there than you might imagine, so using a specialist broker or shopping around for deals yourself could also see you end up with the cheapest landlord insurance possible. Another way of driving down costs is to try and negotiate a discount on a number of properties which you hold under one portfolio.