Landlords Insurance
Normal home insurance is not suitable for a buy-to-let property, you will need landlords insurance to cover you against fire, theft, leaks, liability and all the standard perils your mortgage lender will require you to have.
Your insurance premium will depend on the type of property you own, the surrounding areas and the type of tenants living in the property.
Shop Around
When looking for landlord’s insurance make sure you shop around as different companies have different premiums and different policies. Comparing the comprehensiveness of different insurance policies is also important as some policies might not cover all of your requirements.
The easiest way to get the best insurance quote is to go online where you can compare many different policies and find one that best suits your needs. Many companies often offer discounts when purchasing insurance online.
Tips for a better deal
Increase home security- installing home security will reduce the risks of damages to the property which can potentially lower the home insurance premium by up to 20%. Fitting locks to all windows and doors and installing an alarm system can improve the property security.
Higher policy excess- by increasing the excess you pay in the event of a claim you are removing some of the risk to the insurer onto yourself, automatically reducing the insurance policy premium.
Shop around- get as many different quotes as possible from different insurance companies making sure you compare coverage as well as premium.
No claims bonus- policy holders will be rewarded for making no claims and premiums will reduce over time. Therefore you should consider if it is worth making a claim so if it would be better carrying out the repairs yourself.