Being a landlord isn’t always easy, with plenty that can go wrong when you hand over the keys to your property. What’s more, if something does go awry, you’ll normally have to foot the bill – so it’s often a good idea to have landlord’s insurance in place.
As the name suggests, landlord insurance covers a rental property’s owner from a number of common perils. These generally include things such as fire, lightning, flood, the escape of water or oil, subsidence, theft and malicious damage. There is also the option to insure any content that belongs to you inside the property.
Unlike motor insurance and employer’s liability insurance, landlord insurance isn’t compulsory; however, some lenders make it a requirement of taking out a mortgage on a rental property.
All landlord insurance policies differ, so there is no one answer to this question; however, each property that you insure will probably cost you anywhere between £120 and £220.
There are a number of factors that can influence the price of a policy, these include:
In general, the above points are the main factors that will affect the cost of your insurance. However, you may be able to save a little more by:
Getting good value on your landlord insurance is about finding a balance between cost and necessity. The bottom line is, if you really think you need a particular item on your policy, such as contents cover, don’t cut costs – it could end up being more expensive in the long run.
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