Landlord Insurance – essential and affordable cover

If you are a buy-to-let property owner, then the insurance risks are considered higher than owner occupied properties. This is because you are not living in the property yourself, or it is more likely to be left unoccupied. There are also increased risks of theft, and property damage, which is why insurance providers charge a higher premium to cover them.

You firstly need to consider a Landlord Insurance policy which has been specifically designed to cover these additional risks. As mentioned, some insurers may charge more, but do not be deterred by the price because as with most things, if you shop you will find a great deal without compromising your level of cover.

There are other measures too which can help you find an affordable Landlord Insurance policy. Here are a few:

• Contact your existing home insurance provider and try and negotiate a discount because you are already a customer and chances are they will give you some financial incentive to take out multiple policies with them.
• Think about increasing the amount of excess on your policy because insurance providers will deem you as a lower risk when it comes to making a claim.
• Invest in security measures for your home, like installing burglar and smoke alarms. Insurance suppliers look at security conscious home owners more favorably and this will be reflected in your premium.
• Shop around for the best deals, because these days there are hundreds of insurance providers with different discounts and other incentives for landlords.
• Finally, remember to consider the type of cover on offer too. A great price may not necessarily mean sufficient cover for your requirements. For instance, a good Landlord Insurance policy will extend cover to include sheds, garages, loss of rent, legal expenses and personal property from risks like fire, floods, vandalism and theft.