How to Get Cheap Landlord Insurance

Landlord insurance is essential and valuable protection for properties that you want to rent out to tenants. It provides a cover for building, fixtures and furnishings that you have provided and also for your liability and rental income. You can also add extra cover for accidental damage and periods of no occupancy. Although landlord insurance UK is not a legal requirement, it is strongly recommended to get one for anyone who wants to let out his property. This is because standard home insurance policies do not provide the required protection that landlords need. 

A landlord’s insurance costs £217 per year on average. The cost of a landlord insurance policy varies with different factors in which some are not in your control, such as your tenant employment status. However, some factors such as the condition and security of property are in your control. Here are some money-saving tips that you can use to get cheap landlord insurance. 

Keep Your Property in Good Condition

If your property is old and in poor condition, insurers find it riskier, and you may find difficulties getting a cheap insurance quote. It is your responsibility to keep your property in good condition by proper maintenance, especially before renting it out. Insurers are willing to provide insurance for properties that are well maintained. The less the risk associated with your property, the lower will be your insurance premiums. 

Choose a Specialist Landlord Insurance 

Although it is easy to find a suitable cover for your property, finding the best insurance price could be difficult. Many insurance providers are in the market, and many buy to let mortgage companies also want to provide their insurance products, thinking that consumers would not find a better deal anywhere else. However, making a price comparison can help you get an overview of different landlord insurance deals, and you can find a deal that suits your budget. When you choose to work with specialist insurers, they might offer straightforward quotes that make decision making easier. 

Be Accurate In Rebuild Value

When you apply for a landlord insurance UK, the insurer asks you to provide the rebuild value of your property instead of asking for the market value. Rebuild value is the estimated cost that is needed to reconstruct your property from scratch. So calculating the accurate rebuild value is essential. If you underestimate it, you have to pay extra in case any accident happens. And if you overestimate this value, you will end up paying an unnecessary premium.  

Invest In Security  

Insurers favour providing landlord insurance to properties that are fitted with increased security measures. For example, when your property is equipped with alarms and solid locks on windows and doors, there are fewer chances of a burglary that would, in turn, reduce your insurance cost. Moreover, if your property has a neighborhood watch area, it would positively impact insurance premiums. 

Say No To Tenants With Pets

Your insurance premium can get high if your tenants have pets. It is because pets can damage your property, and this damage is not covered by standard home insurance. In addition, some landlords charge pet tax from the tenants to get additional cover in their landlord insurance. However, you can avoid this extra cost if you refuse pets in the first place. 

Avoid Leaving Property Unoccupied

Generally, insurance providers do not favor providing insurance for an unoccupied property for more than thirty years. It is because a vacant property is at higher risk of theft, damage or vandalism. And if you want to get a cover for your unoccupied property for a certain period, you have to pay extra. Therefore, it is best to have occupants whenever possible. 

Choose Right Cover 

Take time to consider which type of cover is best for your property. For example, if you rent out a property furnished with good furniture and carpets, you will need content insurance. However, for a property that is not furnished, there is no need for landlord content insurance. You have to pay more if you add any extra cover to your insurance policy. Tus you can save money by avoiding covers that are not necessary for your property. 

By using the ways mentioned above, you can get cheap landlord insurance. Furthermore, always keep in mind to shop around and compare quotes to get the best cover at a competitive price. 

Ulani Uriah

Umar Nisar was born and raised in the busy city of Abbottabad. As a journalist, Umar Nisar has contributed to many online publications including PAK Today and the Huffing Post. In regards to academics, Umar Nisar earned a degree in business from the Abbottabad UST, Havelian. Umar Nisar follows the money and covers all aspects of emerging tech here at The Hear Up.

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