Using a landlord insurance comparison site will allow you to look at quotes from different providers to see if you can find a plan suitable for your circumstances, as some insurers may not be able to provide tenancies for certain types of building or tenancy types.
There are a lot of quotes on the market, so being able to access some of the latest deals together on a landlord insurance comparison site could save you time and money. Before you apply, however, you should think about the type of cover you need and ask yourself these questions:
- Do I need buildings and contents cover?
- What is the estimated value of the property and its contents?
When trying to get a quote online you will need to fill in an e-form about your lettings so you may need to have some of the following information to hand:
- The address of the property, or addresses if looking for a multi property policy
- The property type e.g. terraced house, semi detached, block of flats
- Type of let e.g. professional or asylum
- The year the property was built
- Whether the property is residential, commercial or mixed
When looking for a policy you should find a level of cover that you are comfortable with, it may be worth increasing your premium to include optional extras to have a more comprehensive level of cover as such. You may find that when you compare different policies that different plans have different features as standard or optional extras.
Cover that you may see featured as standard with a policy or as an optional extra include:
- Liability cover – this policy type could help pay your legal costs and compensation to a claimant if a tenant or visitor made a legal claim against you for a reason such as personal injury
- Emergency cover – If there’s a gas leak or burst pipe, this type of insurance can help you get a skilled tradesperson to the property to make the property safe and secure around the clock. Some policies will give you an emergency helpline your tenants can call if such an event arises.
- Alternative housing cover – if an insured event rendered the property uninhabitable for a period of time this policy would pay for alternative housing for your tenants.