In times of recession cheaper deals on landlord costs are essential to maintain profitability. The RICS cost review indicate that building costs have recently fallen by 7% but how about cheaper landlord insurance is this really available?
Well if you drive then car insurance is mandatory but you don’t legally have to buy landlord insurance. But it’s strongly advisable. Can you afford to pay for repairs if your property catches fire? Probably not. Similarly, can you afford to pay over the odds for the same landlord insurance policy available elsewhere because you decide not to shop around? Possibly, but it’s not advisable. The internet has made finding cheap landlord insurance easy and you can compare landlord insurance policies in minutes.
Choosing the right level of landlord insurance for cheaper landlord insurance
Deciding on the right level of landlord insurance cover can save you hundreds or pounds. What precisely is covered will vary from landlord insurance policy to landlord insurance policy. You could choose a comprehensive policy that covers most or all or the risks faced by a landlord. Or you might choose a more limited landlord insurance policy that covers the fabric of your property from disaster.
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In addition to coverage issues, there are of course other factors to consider when choosing landlord insurance. Do you want to pay more and receive full replacement value for anything lost or damaged, or do you just want actual cash value? Also, different landlord insurance policies have different excesses, so all else being equal, you’ll usually pay more for one with a lower excess.
If you rely on the income from your rental property, landlord insurance can provide significant peace of mind for a wide range of risks. As ever compare landlord insurance quotes to make sure you pick the landlord insurance policy that best fits your personal circumstances and budget.
Tags: landlord insurance
