Making a landlord insurance comparison

Making a landlord insurance comparison is likely to involve similar choices to those you make when comparing other forms of insurance, namely:

  • do the policies you are comparing offer the cover you need at a competitive rate;
  • do they include every aspect of landlords protection you might need, yet also exclude elements you are unlikely to need (and therefore have no reason to pay for);
  • your landlord insurance comparison might also take into account those elements of any given policy that are included as standard features;
  • if there is cover you need to buy as an additional option, of course, this might increase the overall cost of your insurance;
  • an example might be compensation offered by an insurer for loss of rental income following an insured event which leaves your property unable to be let for a while. Some policies – but by no means all – provide a degree of compensation (up to prescribed limits) for such loss of rental income;
  • perhaps more important – and a potentially more serious and costly risk – relates to the building insurance on your property and the peril of subsidence. Some landlord insurance policies (just as some home buildings and contents insurance policies for private residences) specifically exclude this risk and you may need to buy it as an add-on. Some landlord policies, however, include it as a standard item of cover;
  • if you own buy to let property – or, indeed, if you are an owner-occupier – there may be occasions when the premises are left empty and unoccupied. Your tenants may have vacated, for example, and you face a delay of more than 30 days (45 days in some cases) in agreeing a new tenancy. In that case you may also be looking for an unoccupied insurance quote to ensure that adequate cover remains on your property during the time that it is empty;
  • as a landlord, you may face the risk of tenants causing malicious damage to your property or the contents which you own. Some buy to let insurance policies include protection against such risks as a standard feature, whilst others may offer it as an additional option (at additional cost);
  • if price is a consideration in making your landlord insurance comparison, you might wish to choose a policy which offers a wide range of options with respect to any voluntary excess you may care to bear. Typically, the higher the excess you take on, then in some cases, the lower the premiums you have to pay.