Cheap landlord insurance

An old joke runs along the lines that the only cheap insurance is the insurance you decided not to buy. Amusing as that may be, for landlords the thought of ‘doing without’ landlord insurance should be unthinkable. It may be understandable to search for cheap landlord insurance but going without it could cause you financial disaster.

Some landlords are perhaps not fully aware of just how exposed they are to a whole category of risks unique to the nature of property rentals. The owner-occupier does not have to worry about tenants causing damage to their property or stealing their furnishings, fixtures or fittings. They are fortunate enough to be able to remain blissfully unaware of the problems of people disappearing overnight owing large amounts of rent or of third parties launching insurance claims against them following an injury received on their premises. In general, the owner-occupier is also immune to many of the risks that arise when properties are left empty for perhaps lengthy periods of time in between rentals or while undergoing redecoration/repair.

The landlord though does have to worry about all of these things and find insurance cover that can help share some of the burden should something go wrong.

Cheap cover can be found

Such insurance is by definition more complicated than the approximate equivalent cover for a domestic owner-occupied residence. The risks for the Landlords House insurance company are higher and they will understandably wish to charge a higher price (premium) for their policies.

This is no reason though not to continue to look for cheap landlord insurance and shopping around is usually advisable. One of the most important things to be clear on is that you are taking the insurance that’s right for you and not paying for cover you do not need. Being clear what is the best policy for a given situation is not always easy and the specialist landlord insurance providers will be able to help you find the most cost-effective solution to your needs.

Cover is available for property damage, whether occupied or vacant, contents, fixtures and fittings, malicious damage and even a loss of rent due to absconding tenants. This can even include cover for buy-to-let properties under renovation or conversion.

In conclusion, however bargain oriented you are in your search for cheap landlord insurance, don’t slip into the trap of trying to purchase owner-occupier insurance and use that. It may be a little cheaper but it will be totally invalid for any form of commercially rented property. Finding this out when you need to make a claim is an experience that you may well feel you could do without!