Landlord insurance is a must if you intend to rent a property out to paying tenants. This is because a landlord insurance policy covers a variety of eventualities that a normal household insurance policy doesn't. Plus it may very well be a requirement of your buy to let mortgage that you have such a policy.
Luckily a growing number of insurance providers are now breaking into the landlord insurance market, and so the number of different options available is steadily growing. In one respect this is great news for you as a landlord, but it also means you need to closely compare the various options to find which is best for your particular needs.
But how exactly do you compare landlord insurance policies?
Well the first thing to consider must be the extent of the cover each policy offers. Of course there will be different levels of cover but even the most basic level should still include cover for accidental damage to the property or contents caused by tenants, liability cover for injuries that occur as a result of accidents within your property e.g. a collapsed ceiling that causes some injury to a tenant, and cover that pays to temporarily rehouse your tenants in the event of an insured accident.
On top of these basics you will almost always be able add additional types of cover though and this is where your main comparison should focus.Think about what types of additional cover you would benefit from and see which landlord insurance policies offersuch cover€¦and then compare how much each insurer charges on top of their basic premium. There will be quite a wide difference in prices but as with any type of insurance, cheaper is not necessarily better.
Also you might want to make sure you can add the extras you want without having to buy a complete package, or opt for a higher level of cover. The insurers that you should look at primarily are the ones that allow you to pick and choose what you want to cover and what you don't so make a point of watching for them.
Next, you'll want to compare the premiums charged for the basic cover by each landlord insurance provider. Keep in mind that some will take into account the type of tenant group you're targeting with your property before quoting a price whereas others will just quote based on the common information. So for example, if you intend to market your property to students you may pay more for landlord insurance than if you market to professionals; simply because students pose more of a risk in terms of accidental damage etc.
If you are intending to target students or benefit claimants make sure you search for a landlord insurance policy that quotes a flat rate and doesn't take your tenant's circumstances into consideration. It may be that you pay a little bit more in other areas but some insurers add hundreds of pounds to their policies when they hear the words €student accommodation'.
Lastly, if you have several properties that are rental properties it is worth looking for landlord insurance policies that cover your entire portfolio. These always work out cheaper than buying individual policies and you know exactly where you are and what is covered should you ever need to claim. Again you'll need to compare what is included and what isn't, but a bit of research can easily save you a decent amount over the course of a year.
Luckily a growing number of insurance providers are now breaking into the landlord insurance market, and so the number of different options available is steadily growing. In one respect this is great news for you as a landlord, but it also means you need to closely compare the various options to find which is best for your particular needs.
But how exactly do you compare landlord insurance policies?
Well the first thing to consider must be the extent of the cover each policy offers. Of course there will be different levels of cover but even the most basic level should still include cover for accidental damage to the property or contents caused by tenants, liability cover for injuries that occur as a result of accidents within your property e.g. a collapsed ceiling that causes some injury to a tenant, and cover that pays to temporarily rehouse your tenants in the event of an insured accident.
On top of these basics you will almost always be able add additional types of cover though and this is where your main comparison should focus.Think about what types of additional cover you would benefit from and see which landlord insurance policies offersuch cover€¦and then compare how much each insurer charges on top of their basic premium. There will be quite a wide difference in prices but as with any type of insurance, cheaper is not necessarily better.
Also you might want to make sure you can add the extras you want without having to buy a complete package, or opt for a higher level of cover. The insurers that you should look at primarily are the ones that allow you to pick and choose what you want to cover and what you don't so make a point of watching for them.
Next, you'll want to compare the premiums charged for the basic cover by each landlord insurance provider. Keep in mind that some will take into account the type of tenant group you're targeting with your property before quoting a price whereas others will just quote based on the common information. So for example, if you intend to market your property to students you may pay more for landlord insurance than if you market to professionals; simply because students pose more of a risk in terms of accidental damage etc.
If you are intending to target students or benefit claimants make sure you search for a landlord insurance policy that quotes a flat rate and doesn't take your tenant's circumstances into consideration. It may be that you pay a little bit more in other areas but some insurers add hundreds of pounds to their policies when they hear the words €student accommodation'.
Lastly, if you have several properties that are rental properties it is worth looking for landlord insurance policies that cover your entire portfolio. These always work out cheaper than buying individual policies and you know exactly where you are and what is covered should you ever need to claim. Again you'll need to compare what is included and what isn't, but a bit of research can easily save you a decent amount over the course of a year.
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