Seven tips for getting the right landlord insurance quote

Let’s face it, shopping for landlord insurance is boring and time-consuming, but has to be done.

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So here are some hints at how to find the best cover at the cheapest price:

If you are letting out your own home as an accidental landlord, bin your home insurance policy and get quotes for specialist landlord insurance. The insurer won’t pay out if you make a claim and you do not have public liability cover should someone suffer an injury, illness, or even worse, die, as a result of some issue with your buy to let.

  • Make sure you get the sum assured right. Do not over insure your contents – you need some cover for carpets, curtains and white goods in an unfurnished buy to let, but don’t go overboard
  • Make sure you get the rebuild cost right. The rebuild cost is what it says – the cost of demolishing the property, clearing the plot and rebuilding to the same specification. It’s not the same as the market value because the cost of the land the home stands on is not included in the rebuild value.
  • Cut out the add-ons to keep the price down. Legal expense cover, lock replacement, emergency call-outs are all worthwhile for peace of mind if you can afford the extra premiums, but soon add to the cost if you are on a tight budget
  • Shop for value not price. You can opt for the cheapest landlord insurance cover or the right cover at the best price. Experienced landlords will choose the latter and dismiss the first as a false economy.
  • Compare quotes. Different insurers will give you incentives and a better deal, especially if you are bundling a portfolio of properties together on the same policy
  • Save some time by asking a broker to compare quotes and prices for you, after all, they know the market. Make sure the broker is independent, whole of the market adviser so you get the benefit of searching all the available products. Online comparison sites cannot do this for you because not every insurer is represented on every site and some are on none.
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