Landlords love cheap landlord insurance, but is cheap insurance the answer to your problems? This guide can explain what you need in a landlord insurance policy and what’s required for your business.
Is cheap landlords insurance available?
Yes, there are ways of finding cheaper prices for buildings and contents insurance for your let properties and that would be to do your homework and compare deals available to you.
How do I compare deals?
If you know of a good landlord insurance company, then you can go directly to them, get a quote and start your policy. The only money saving problem with that is, you could be leaving money on the table.
What if I have multiple properties?
If you do have multiple properties, then cheap landlord insurance is guaranteed because insurance companies will offer you a discount if you take your policies out with the same insurer.
You could end up with a 10%, or up to a 35% discount for your multiple properties depending on the company you choose.
Do I need buildings insurance for all properties?
Buildings insurance is so important and necessary for small business owners. You should always take a policy out for each building you own.
Do I need contents insurance for each property?
No is the short answer to this, however if you have invested a small fortune on furniture and fittings doing the place up, then is it advisable to take a contents insurance policy our for each property.
If you are leasing out an unfurnished property, then you could get away with not having contents insurance for every property you own. Same for furniture that is second hand which costs hardly anything to replace.
Do I need loss of rent insurance for each property?
Loss of rent insurance is a great lifesaver for landlords, especially buy to let landlords because this cover will pay your mortgage if your property becomes unoccupied or becomes uninhabitable due to fire or flooding.
What about emergencies like broken glass and broken down boilers?
As a landlord, you can take extra cover out that pays for emergency repair work for boilers or if your property need replacement glass. This emergency assistance insurance will also pay for lost keys and damages to front doors due to forced entry.
Does my tenant need insurance?
Tenants can take a contents insurance policy out to cover their own personal belongings, which is totally separate from your landlord insurance policy, again this is optional by the tenant.
What’s the best way to find cheap landlord insurance?
Shop around for deals and offers, and then choose the best priced policy. That is the way to do it and you can do that right here from UK Landlord Insurance.com and for free.
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