The first thing you are likely to consider with is whether it is worth the annual cost. The short answer is yes, it is more than worth the money. It is important to consider just how much money you would spend over 12 months on maintenance and common property problems. Of course, you can always attempt some maintenance yourself, such as redecorating or laying new floor, but for the major issues, landlords would usually bring in contractors to do the work, which can cost a lot of money.
Landlords insurance may not seem like a necessary buy if you are trying to be frugal, but it is more than worthwhile in the long run. Even if you’re not hit with major damage to your property, but your tenant reports a broken washing machine, or shower unit, you must replace it as soon as possible, and with new products setting you back around £300 as a minimum, you can see how small costs can soon mount up.
So, where should you start? The best way to findis the hard way, to search the internet for quotes until you find the ideal price. Cheap insurance is likely to provide adequate cover for your property, and perhaps even match more expensive quotes, but always ensure you read what the policy covers.
As tempting as it might be, never sacrifice the quality of an insurance policy for a cheap annual premium. If you do, and something serious were to happen to your property you would find yourself with a worthless policy. The type of insurance you are looking for should insure the building, and cover in the event of fire and theft, all at an affordable price.
Another way of obtaining cheap landlords insurance is to bulk buy so to speak, purchase yourin a package with your normal homeowner insurance. Insurance companies are usually more than willing to give their loyal customers a good deal, plus it will leave you with just one payment a month to cover everything.