A GOOD way to save money on your landlords insurance is by making sure you have the right amount of buildings and/or contents cover in place. Many people over insure thinking it is clever, but the fact is they are paying for insurance cover they don’t need.
If the rebuild value of the property is £100,000 then that is all you need. You can get this value from your mortgage arrangement or commission a survey if you want the exact value. If you bought the house five years ago, check the mortgage rebuild value at the time of purchase and add for inflation in the last five years to come to your rebuild total.
Don’t be fooled by promises of £1 million cover by other providers. You don’t need it. It’s a bit like ordering a six course meal for a mid-morning snack, you’ll pay for it and not use it all.
The same is true of landlords contents cover. Many landlords rent unfurnished, so this is not necessarily required, However, if you do want to cover valuables left in the property, then only go for what you need. The more items you have insured, the higher the risk and the more you will pay for your policy.
So the key way to keep the cost of landlord insurance down is to buy the right amount of cover you need.
You can buy good policies online instantly. Good providers such as www.smartlandlord.co.uk will be happy to talk to you about the level of cover you need and go through a quote with you over the phone if you prefer.