If you are looking for cheap landlord insurance, then all you need to do is find the policy with the lowest price, right? Superficially, this would seem to be the most sensible way to get buy to let house insurance that offers the most value for money.

While cheap buy to let insurance is what we all want from our cover, ensuring that the policy gives you an adequate level of protection is more important. So, cheap may not always be the best. The good news is that affordable landlord insurance is available, that doesn’t compromise on the level of cover given.

How much do you really pay?

A general buy to let insurance quote is one thing, but then giving the exact details of your property may sometimes affect the price you pay to an insurer. For instance, if your property has a postcode that is in a low crime area, you may enjoy a cheaper premium than someone with an identical house in identical circumstances as you, except in a higher risk crime area. Likewise, if you have fitted up to date security devices, you might benefit from a discount.

What does cheap landlord insurance cover?

Casting your eye over the policy details is worthwhile if you want to gauge how the cover offered by various providers compares. So check the list of risks that the policy extends to, and see whether a provider insures against damage caused by malicious acts of third parties (many do not) in addition to the standard fire and weather related structural risks.

Furthermore, does your preferred provider offer any loss or rent cover due to an insured risk happening? If your tenants are unable to rent your property due to it becoming damaged by fire, as an example, without this type of cover you will not be able to recoup any of the lost rent during your property’s repair.

What about the excess?

Finding out what the excess is on a cheap landlord insurance policy is important. The level of the excess is an important detail because this is the amount that you will be liable for in the event of claim. A lower excess typically means a higher premium. Sometimes an insurer might let you raise the excess to get a slightly cheaper policy so ask whether this is a possibility.

How can you pay?

If you need to spread the cost of your cheap buy to let insurance policy then look for a provider who permits monthly instalments, or will permit payment by credit card.

Have you got a portfolio of properties?

If you have a portfolio of buy to let properties, you may find that it could be cheaper to insure them under one umbrella policy, because insurers may offer a discount as a reward for getting all of your business. This method also reduces the insurer’s administration costs, as there is only one cheap landlord insurance policy to deal with.