If you are one of the UK’s two million people who let out their properties, it is worth considering landlord insurance. No matter how carefully you choose tenants and how careful your tenants are, some unforeseen circumstances can cause damage to your property. By having insurance in place, you can get peace of mind that you have financial protection if something bad happens. However, inform your tenants that this insurance will not protect their belongings, and they have to get tenant insurance.
What Is Landlord Insurance?
Landlord insurance is insurance designed to protect landlords from the risks associated with their rental property. Typically it includes building and content insurance. Different insurance companies offer different levels and types of cover. Other than building and content insurance, it can include landlords liability insurance, rent protection and emergency cover. You can choose a cover that is right for your property. Although it is not a legal requirement to have landlord insurance, you can have financial protection if there is any damage to your building or contents.
How To Get Cheap Landlord Insurance?
When it comes to purchasing insurance policies, landlords are concerned with the cost of insurance. Unfortunately, the price of landlord insurance is increasing day by day, but there are some ways that you can follow to lower your insurance premium.
Maintain Your Property
While calculating insurance premiums, insurers consider the age and condition of your property. If you keep your property well maintained, there will be fewer chances of damage, and insurers can offer you low premiums. For example, you can keep sidewalks free from cracks, keep hallways clear and well lit, eradicate mould and install smoke detectors to make your property attractive for insurance companies.
Combine Landlord Policies
The needs of landlords can be different, including building insurance, content insurance, liability insurance, and rent protection. If you want to get cheap landlord insurance and save some money, we suggest purchasing a combined policy that includes different types of covers.
Increasing deductibles is one of the easiest ways to reduce insurance costs. It is the amount that landlords have to pay from their pockets before the insurance company covers the claim. So the more deductible you pay, the less will be your insurance premium.
Pay Insurance Annually
Another way to reduce insurance premiums is to pay them annually. If you can afford to pay for a year instead of monthly instalments, it can save you money.
Increasing the security of your property, such as by installing fire alarms or burglar alarms, make sure the risks associated with burglary or fire are reduced. When your property is at low risk, the cost of the insurance policy is automatic.
Other than that, if you build no claim bonus, you can get discounts on landlord insurance policy.