There is no doubt that you need landlord insurance for a property that you will rent out. Your property has numerous risks when you hand it over to tenants. Insurance is necessary to protect the property from any accidental damages and provide you peace of mind. However, you may wonder how much it takes to ensure your property. There are a number of factors that affect the cost of insurance, and by keeping them in mind, you can get cheap landlord insurance. First, let's look at the factors that affect insurance premiums.
The Condition Of Property
Insurance providers look at the condition, age and structure of the property while calculating the cost of landlord insurance UK. If there is anything unusual, the property will be declared as non-standard, and it isn't easy to get cover for such property.
Who Your Tenants Are
Your tenants can make a difference to the insurance premium. For example, if you are letting out your property to students, then the cost of insurance will increase.
Level Of Cover
Generally, there are three types of landlord insurance building content or combined insurance. First, you must take time to select a cover for your property. If you choose a cover that is not necessary for your property, you have to pay extra money. For example, you do not need content insurance if you are letting out an unfurnished property.
Location of property
The location of your property can make a huge difference to insurance costs. For example, if the crime rate in your area is high, there is more risk of burglary or vandalism, and you have to pay more for landlord insurance.
Optional Extras
With landlord insurance policies, you are offered a number of optional extras such as cover from theft, fire or water damage. The more extras you add, the more cost you have to pay.
Excess
Your insurance cost depends on how much excess you want to pay. If you're going to pay low excess, your insurance premium will be high and vice versa.
All the factors affecting insurance premiums may not be in your control, such as your tenant's income. However, you can keep your property well maintained, select a necessary cover and pay high excess in order to get cheap landlord insurance UK.
