How Much Does Landlord Insurance Cost Roughly?

How much does landlord insurance cost roughly is a difficult question to answer and so much depends on your cirumstances. This article will give you some pointers as to how to answer the question of how much does landlord insurance cost roughly.

How Much Does Landlord Insurance Cost Roughly?

In 2018 the average cost of landlord insurance was £217 a year, down from £230 the year before. However, many landlords take a low level of cover and so a good quality policy is likely to be more than that.

Uklandlordinsurance.com estimates the price to be between £120 and £220 per year. It also says cheaper standalone insurance, such as just buildings insurance without any extras, could be as little as £150 per year. But bear in mind that a decent policy, with good coverage and good claims handling, may well be more.

Thankfully that’s not much more than a standard house insurance policy (although there usually is an uplift) and will cover you for the more complex risks associated with let property.

There are a wide variety of factors that will influence your premium such as location, claims history and the nature of the property.

Your types of tenant (students, DSS) and style of property (block of flats, HMO, AirBnB) will also have an impact.

In general though landlord insurance tends to cost a little more than standard home insurance, because the property owners do not live there. If you lived in the insured property yourself instead of letting it out, the premium would likely be a little lower.

Good Value, Important Cover

But it is still important to get specific landlord insurance as standard home insurance is not going to cover you in the event of a claim if you let the property out.

How much does landlord insurance cost roughly also depends on the cover you go for. Landlord contents cover can be useful to cover your own contents in the property – including things like curtains, carpets and appliances. At Emerald Life we provide £5000 of landlord contents cover free, but if you want more than this then you can increase that cover without a problem, but that will increase your premium.

Then there are extras like public liability cover. A good landlord insurance policy should include landlord liability cover anyway, but the level you go for – usually £2 million or £5 million – is likely to change your premium.

That means if someone is injured at the property and sues you then your legal fees can be covered by the policy.

With every add-on you should always check the policy wording and find out exactly what you’re covered for – is it good value protection or just a shiny object that is unlikely to cover much? Don’t be misled into thinking products like landlord rent guarantee insurance will cover you in all circumstances.

Ways To Save

There are a number of ways to reduce how much landlord insurance costs roughly, although note that you need to make sure you are covered appropriately.

You could increase your excesses on the policy. That means in the event of a claim you would contribute more to the upfront cost of the claim. In return, you may get a lower premium which means if you never claimed you would be better off.

Besides the nature of the policy itself, you can get discount landlord insurance by changing the way you actually find and buy a policy.

For instance, some insurers will stay off comparison sites to keep costs down and pass on that saving to you if you go direct.

Then there are cashback sites which will give you money back when you a buy a policy through them.

Don’t assume that any single broker or website gives you a full view of the market. Different providers will have different attitudes to your situation and so to answer the question how much does landlord insurance cost roughly? it is worth comparing as many quotes as you can to get the best deal.

Article: How Much Does Landlord Insurance Cost Roughly?