Is Landlord Insurance Expensive?

Is Landlord Insurance Expensive?

Is Landlord Insurance Expensive? - Get The Answer!

A simple answer is yes, it can be, it's generally costlier than a standard home insurance policy, especially if you are a portfolio landlord with multiple properties.

  1. However, it does provide some elements of protection that standard home insurance doesn't, and also caters to the specific needs and risks of letting property.

  2. What's more, if you have one property, a policy is relatively cheap. Starting with buildings insurance, around £120 to £160 every month. That's not, that expensive?

  3. Landlord Insurance is often considered a business expense, meaning your policy premiums are tax-deductible, so, you save there.

You see, one property, cheap, for 10 properties, a bit expensive, (if you see it that way?). But you will get muliple property discounts, and if you receive good rent money, then £15 to £20 a month should not be a big problem.

Who Needs Landlord Insurance

You think about Landlord Insurance if you:

  1. Rent out apartments, house or a flat
  2. Lease your entire home to a third party
  3. Own a duplex and lease/rent one of the units

If you're renting out a single room in your home, you may not need landlord insurance.

Be sure to consult with your landlords' insurance provider about how to cover such risk.

What Type Of Landlord Insurance Is Right For You?

Here are different types of landlord insurance available to cover different risks.

Getting the right cover is vital to protecting your rental property.

Here are a few considerations that might help you choose the right landlord insurance policy:

  • Do you rely on rental income? If you depend on rental income to fulfil your financial commitments, then a rent protection policy is worth considering.

  • Do you own a collection of property investments? If so, then taking out a portfolio insurance policy is more cost-effective than individual policies for each property.

  • Is the property furnished or unfurnished? If it's furnished, contents cover alongside building policy may be necessary.

  • And, even if it's not, you may still have items that you would struggle financially to repair or replace such as fixtures, fittings, garden items, and white goods.

  • Ultimately, the best approach to finding the right cover is to consult an insurance expert.

  • Be sure to shop around when choosing an insurance provider to ensure you find one that fully accommodates your needs without breaking the bank.

  • Also, work out what your cover needs to ensure you're getting the best possible deal.

  • That being said, here's a look at the different types of landlord insurance.

While there are several other things you might want landlord insurance for, the guide you just read can help you get the right cover, also.

Click here, if you would like a free landlords insurance quote.

Or get a landlord insurance quote, here.

Article: Is Landlord Insurance Expensive?


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