How much does landlord insurance cost?

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How much does landlord insurance cost?

Whenever you are buying insurance, you are likely to take into account a number of different aspects, including the cost of the premiums.

Rather than the bare price of those premiums, you also probably want to take into account the extent to which the insurance meets your particular needs and circumstances and whether, in doing so, it represents good value for money.

The insurance required to safeguard the building and business interests of a buy to let enterprise is likely to differ from one landlord to another, with the type – and cost – of the individual’s cover also to vary accordingly.

The cost of not arranging landlord insurance

Not only are you likely to be looking for value for money in any insurance you buy, but you might also want to take into account the cost of either not having the insurance or of being inadequately insured.

This point is especially well made by the website Moneystepper, which offers a fully costed case study of a let property’s purchase price, rental income and overall return on investment. It then suggests how these costs may be completely thrown by the need to make repairs following a major accident and the loss of rental income this likely to entail. In the words of the article’s author, can you afford not to have landlord’s insurance?

Taking advantage of specialist providers

If you are concerned about getting good value from your purchase of landlord’s insurance, there may be a very good case for buying it from a specialist provider – such as those of us here at UKinsurancenet.

Specialist providers may be in a position to offer you help in respect of two critical considerations:

  • Identifying exactly what cover you need – experts with experience in this particular niche of the insurance market are naturally accustomed to dealing with landlords of many different types and are familiar with the individual needs of particular types of landlord;
  • Knowing the market – specialist providers might not only be in a better position than you even to identify the particular insurance you need, but might also have the expert knowledge of the insurance market to identify the most appropriate policies available – at the most competitive price.

You might want to try out the relevance of this type of argument by visiting our free, no obligation quote and buy service.

Levels of insurance

When assessing the cost of landlord insurance, the price is also determined of course by the levels of cover you are seeking – the particular sums insured.

Once again, this is likely to depend on the particular needs and circumstances of your own buy to let property. Once again, too, however, a specialist insurer may be in a good position to offer advice on recommended total sums insured for:

  • the building or buildings;
  • the contents;
  • loss of rental income; and
  • landlord’s liability indemnity.

As you might appreciate, therefore, landlord insurance is unlikely to be solely a question of the cost of the premiums, but the relevance and effectiveness of the cover in meeting your particular needs and requirements as the owner of the let property. Value for money, in other words, is likely to be a more important consideration than the bare price of premiums.