IF you are a landlord then you will need Landlord Insurance. This is your guide on how to get the right policy coverage at the right price and save yourself some money.
With new tax charges looming in April 2017 thanks to Clause 24, the Tenant Tax, it is in every landlord’s interest to reduce their costs to try and keep their let properties profitable. Make no mistake, the ability to make money from being a landlord is more difficult now that the Government is aiming to tax you on turnover and not allow finance costs to be removed.
Landlord Insurance is one way you can save money. If you constantly renew with your existing supplier, then chances are you are paying way above the odds for your insurance. If you don’t shop around then ditto.
If you have a portfolio of properties and insure them individually then you are missing out on a multi-property discount that applies for three or more properties.
The key to saving money on your Landlord Insurance is to keep checking its price and coverage. That means checking the price against the market every time you have to renew, so it is only once per year.
So, armed with your buildings rebuild value (not the value of the property, but how much it would cost to rebuild from scratch), you need to get busy on the Internet and request quotes. You cannot get a price comparison site with lots of quotes, it simply doesn’t exist, so you will need to get a two or three brokers quoting direct.
We recommend that you use The Home Insurer or The Property Insurer. The Home Insurer has a price beater guarantee for Landlord Insurance. But you can check that against three of the best landlord insurance providers in the UK by using The Property Insurer. You will get three quotes and prices you can then compare and choose from.
Make sure the policy covers the rebuild value of the property and anything else that you need. If you want £1000 of landlord contents insurance, then ask for it. Just be prepared to pay more for it if there is additional requirement. In all cases you can bolt on rent guarantee insurance, emergency cover and legal expenses if needed.
Once you compare the prices and policies you can pick the best one for you at the best price. That’s how you save money on landlord insurance.