Finding cheap landlord insurance
Striking the balance between getting cheap landlord insurance without compromising on the cover is not actually difficult but it may require a bit of your time and attention.
It is important to note that what you consider to the cheapest or best landlord insurance for your circumstances may be different to another landlord’s perception of what is cheap landlord insurance cover or the best let property cover.
The extremes
For some, getting cheap landlord insurance may just be as simple as looking down a list of prices and selecting the lowest.
Hoping for the best that the savings on premiums will more than cover your contribution to the costs of any future claim may be one way of looking at it – but it may not seem like such a good idea further down the line if you actually have to pay up more than you hoped for.
At the other end of the scale, some landlords may just opt for the most expensive and assume that this must be the deal that provides the widest cover.
The reality
The reality of what constitutes cheap landlord insurance may in fact lie somewhere in between and may depend on just what level of cover you’re actually looking for.
There are some basic categories of cover that it may be wise to consider.
Buildings cover
The most basic must have if you are a responsible landlord.
Buildings insurance may typically cover your bricks and mortar from the financial effects of damage from events or perils like:
- storm;
- flood;
- fire;
- earthquake;
- hurricane etc.
This cover can range from the repair costs right up to the rebuild costs of your building if it is destroyed completely.
Buildings cover typically also includes public liability insurance that may help rotect you from claims by the public that they were injured or their property damaged by your building as a direct result of your negligence.
Of course, it is important to note that policy features and benefits can vary and what one provider offers may not automatically offered by another, so it makes sense to ensure you know what the cover entails.
Unoccupied property cover
Even in the most buoyant economic conditions you may struggle to achieve 100% occupancy of your rental property.
There will be times when your property is empty. This could be as a result of something planned like renovations between rentals or just down to not being able to find new tenants.
Whatever the reason, the risks a building faces are different when its empty and specific unoccupied property cover may be a sensible idea.
An empty property is usually one that has been vacant for 30 days or more.
Contents cover
Landlords contents insurance is something that you may well feel you can do without, particularly if your property is let unfurnished. However, if your rental property is rented out fully furnished or part furnished, then you may prefer to spend a bit more and get the added peace of mind offered by contents insurance cover for your belongings.
You could also give some consideration to whether you would be looking for new for old replacement or just market value cover.
Summary
No two insurance policies are exactly alike and the same applies to landlords and rental properties. Taking a little time to understand the differences in cover provided can help ensure that your so-called cheap landlord insurance is at a realistic price without having to compromise on the protection offered.
Tags: Cheap landlord insurance