IF you are a landlord then you will need to buy specialist Landlord Insurance to protect the property you are letting out. This is your easy three-point guide how to minimise cost with a minimal of effort and time.
Do not fear Landlord Insurance, it is not an expensive form of insurance. It is broadly in line with the same cost as a normal buildings insurance policy for a standard residential home. Do not make the mistake of thinking standard home insurance will cover the property though, it won’t, you need Landlords Insurance.
Here are three tips to help you save money when buying Landlords Insurance:
1: You should price compare at least two or even better, three, different specialist providers of Landlord Insurance.
This is the easiest way to ensure you are not paying too much. There is no big price comparison site that can help you though, they all provide lists of insurers and leave it up to you to choose whom to call. And the top listed names have simply paid the most to be there; they don’t necessarily offer the best rates.
The Property Insurer does help you price compare though. It has a panel of the very best Landlord Insurance providers that you can price compare easily. You fill in a single quick quote form that takes two minutes. Then three of the best UK Landlord Insurance specialists will contact you and fight to provide the best policy at the lowest price.
You can easily compare policies and prices from what they offer you and go for the best one to suit you, which almost always will be the cheapest. You can be confident that the price and policy are the best because you have price compared.
2: Make sure you know the correct rebuild value of the Landlord Insurance needed.
Do not go for £500,000 worth of rebuild value if all you need is £100,000. This is a simple rule and ensures you get the right cover and allows the broker to reduce the risk of pay out and the price of the policy. All common sense.
3: Haggle and it may save you money on Landlord Insurance.
If you do both steps above, then when it comes to buying, you could haggle more of a saving from the broker. Don’t tell lies, but if you have a quote at £106, then tell the broker you’ll buy straight away if they reduce to £100. You’ve got a good chance they will agree to get the business there and then.
Those are your three essential tips to save money on Landlord Insurance.
The Property Insurer