IF you are a landlord and rent out a freehold property then you will need Landlord Building Insurance and this is your guide to getting it as cheap as possible.
The property that you own and rent out is a major asset and you need to make sure that it is properly insured. If it is worth £100,000 and it is not insured then you are taking a massive risk with your own money. A fire originating in your property could reduce your asset to worthless or worse, destroy properties around it and not only lose you any value but make you liable for damage caused to them and cost you hundreds of thousands. Insurance is the answer.
Landlord Buildings Insurance is basically just buildings insurance tailor made for landlords. It is very common and there are lots of brokers and insurers fighting for your business.
To get the cheapest price and best cover possible you need to do the following (which assumes you have no landlords contents in the property):
1: Find out the rebuild cost of the property – that is what you need to insure against rather than the price to purchase the property. It is usually less than the purchase or sale price of a property.
2: Go on to Google and search for Landlords Insurance, pick a provider and get a quote. Make sure you know what excess you have to pay as the lower the better in most cases – expect around £250-£500.
3: Once you have your quote, go to The Property Insurer and click on the button for Landlord Insurance. Follow the advice there and get an online quote, making sure the excess is the same or better than the previous quote.
4: You now have two quotes to compare. Choose the one that is cheapest and buy it.
That’s how you get cheap Landlord Building Insurance – very simple and shouldn’t take more than 15-minutes from start to finish.
The Property Insurer