Finding lower-cost cover might be important to you. Here are a few ideas that might help:
- if you’re letting unfurnished, question whether you might only need landlords buildings insurance. Paying for an integrated policy and contents cover might not make a lot of sense if you have few if any contents onsite to cover;
- shop around for your let property insurance quote. The insurance market remains highly competitive and providers are desperately keen to have your business. Make the effort to compare a number of policies against each other before deciding which is right for you. In passing though be careful not to presume that what’s cheap for someone else might prove to be both cheap and suitable for you. It might not and the only way to be sure is to look carefully at the cover provided by the policy before purchasing it;
- ask about discounts. The providers of landlord insurance might offer you interesting discounts for things such as accepting a higher excess on your policy (the amount you’ll pay towards any future claims) or simply for fitting alarms and other security measures to your property. These discounts might mount up to a respectable total;
- consolidate your cover if you have multiple properties. Some insurers offer what’s called multiple-property insurance and that means you might be able to obtain all your cover in one place and at one time. The savings for you might be very interesting when compared to having lots of individual policies;
- look for good broad general cover that is included in a policy as standard. Very low cost policies may exclude lots of cover elements from their basic proposition and if they do, you might find yourself paying lots of extra sums to implement various elements of cover that you might need;
- avoid high-risk contents if at all possible. You may be targeting up-market tenants but remember that including expensive technology (PCs, Hi-Fi, TVs and gadgets) in your rental might push up your contents cover costs considerably;
- opt for a higher excess. That’s the sum you’ll pay to the insurance provider in the event of a claim as your contribution (sometimes referred to as the first part of a claim). The higher that sum is, the lower your premium may be.
A modicum of effort might result in you achieving some significant savings on your insurance bill.
It has to be worth thinking about!