If you are looking for buildings insurance for landlords, it can be difficult to know what parts of the cover are essential, and what may not be so essential. Choosing the insurance for landlords policy that most suits your needs typically comes down to two things: the cover and the price.

Buy to let cover

Regarding the structure of the building, most insurers typically cover all or some of the following risks, though do note that policy features and benefits can vary depending on the let property insurance provider:

• damage from storms;
• fire;
• damage from vandalism; and
• flood damage.

Some insurers may also cover other risks, like accidental damage and damage caused by tenants (malicious or otherwise). If these benefits are offered by the insurer then these risks can sometimes be covered as optional extras, for which an additional charge can be made.

Loss of rental income due to an insured risk

Should the worst happen and you find that your property is damaged by an insured risk, you might also suffer from a loss of rent. For instance, if your buy to let property is partially destroyed due to a fire, your tenants will have to find alternative accommodation and you will lose your income from the property.
In these circumstances some buy to let home insurance policies may typically cover this lost rent, up to set limits.

On the other hand, loss of rent arising from tenants’ default or disappearing without notice will rarely be included in buildings insurance for landlords.

The price

When you have gathered some quotes, is there a way to reduce the price of the policies that insurers have offered you? It is always worth asking if an insurer offers the following:

• no claims discount related to previous policies;
• a competitive price for combining together the insurance for your other buy to let properties into a single portfolio policy;
• a discount for fitting the latest security features like window locks and burglar alarms; or
• a lower price for having a higher excess (the excess is the first part of a claim that you are liable for)..

If the prices and the cover offered by several buildings insurance for landlords policies are more or less the same, differentiate on the basis of the level of service an insurer offers. Are they easily contactable via the telephone, for example? Remember that professionalism and efficiency may be worth a lot when you need to ring an insurer in a crisis!