Landlords Buildings Insurance
Over the last year the average landlord buildings insurance premium has increased by 13 per cent, according experts.
The average landlord buildings insurance has increased, one of many bills to have increased sharply over the last year, even though property prices have fallen in recent years.
Why if my property is worth less has my landlord buildings insurance risen?
Buildings insurance is calculate by working out the “rebuild” cost of a property, usually ignoring the market value. This cost has increased over the last year, according to the Royal Institution of Chartered Surveyors (RICS), which provides most insurance companies with their building cost information.
Although these costs have started to fall in recent months, however, as the crisis in the construction industry causes building firms to reduce costs many landlord building insurance companies are still reeling from the cost of flood damage caused in 2007
Landlords looking for buildings insurance are urged to compare landlord building insurance premiums and challenge renewal quotes
Cheaper landlord buildings insurance premiums would be one of the few silver linings for landlords, who have been hit by collapsing property values and rising legislative burdens.
Read more about Landlord Liability Insurance
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