First of all make sure you know the rebuild value of the property you want to insure. If it is £100,000 then stick to that value. Don’t think if someone offers you £1million insurance it is better, the fact is it is not. It will only ever pay out the amount needed – in this case £100,000. And you will be either duped by it or paying more for the additional coverage.
Do you have contents in the property that need insurance? If you do then add them up and note any items that need to be specified because of high value – anything over £1000 is a good rule of thumb.
Once you are armed with these values it is time to get busy on the Internet. First step is to go to Google and search for landlord insurance or let property insurance and then simply pick anyone you like from the first couple of pages. They will give you a benchmark quote and that is what you want. Do not buy at this stage.
The next bit is you doing the price comparison for yourself. You have the starter quote but you don’t know how competitive it is, so now you need to find out. It is time to go to The Property Insurer and click on the landlords insurance tab, then Get a Quote.
It will take around two-minutes and you will receive up to three quotes in one go so you can compare prices yourself. That will give you four quotes in total to choose from and the decision then is pretty simple; make sure that the policy delivers the right values and at the right excess you want and then buy the cheapest one you can.
I own a couple of rental properties, more because when I needed to move home for new employment it was easier to rent them than to sell. And I never can forget the November day when riding my motorcycle to work that I had a sudden epiphany that I was a landlord but didn’t have Landlord Insurance for the terrace house I had just left. It was very cold but I was sweating all the way to work and when I got there I would have paid any sum for Landlord Insurance because to be without it is to face financial ruin, it’s that simple. It was not a pleasant morning but I got it sorted tout sweet and got some cheap landlord insurance.
I cannot imagine not having landlord insurance now on my properties. It averages around £150 per property for landlords buildings insurance and while that takes a month’s profit out of the year it also gives incredible peace of mind and I have slept better ever since.
Don’t go through the experience I had – or worse, don’t think you are being smart saving a few pounds by not insuring your rental property – get yourself cheap landlord insurance now.