Cheap landlords insurance buy to let

Cheap landlords insurance buy to let

do you really need to insure your buy to let property?

Cheap landlords insurance for buy to let properties is becoming increasingly hard to find in recent years. Prices of policies have risen quite steeply, so much so in fact that many landlords are considering not taking out insurance cover on their properties. Everyone is entitled to their opinion, however not taking out buy to let property insurance is a very high risk strategy. The potential losses you will experience, if for example, your buy to let property were to burn down, or get flooded would potentially be catastrophic for you buy to let business.

How to get the best deal on landlords insurance

minimize the risk of a claim

Obviously when looking for a property to purchase try and avoid properties in high risk areas that may be liable to floods or forest fires etc. Property insurance companies tend to base premium prices on various factors such as size/value of the house. Another key factor is the zip code or postcode the property is in. Avoid properties in areas with particularly high crime rates as this will most likely lead to more expensive insurance cover.

Once you have purchased a buy to let property, there are also ways to reduce your annual insurance permium. The fist thing to do is to install both burgular and fire alarms. Call up a couple of local insurance companies and ask if there is a minimum standard of alarm that should be fitted. In addition, fitting security locks on windows and dead bolts on doors may also help to keep your premium low, as well as more peace of mind for your tenants.

Research to find the cheapest quaote

then bargain to get it lower

The internet is probably the best place to start looking. Many website offer mortgage comparison services for free - use them. Once you have found what looks like a good deal call up for a quote and see if they will reduce their online price. One tactic is to ask for a bulk discount if you have more than one buy to let property that require policies.

As with all insurance policies it is crucial you read the small print and don't make your decision entirely based on price. Consider other factors such as the size of the excess on the policy, the size of cover and any other add on cover such as maintenance call out charges that may be covered. As with most financial decision make sure you do you research and scour the market and you'll no doubt find cheap landlords insurance for your buy to let.