The hidden fees of landlord insurance brokers

When you are shopping for landlord insurance, you are always going to be looking to find an offer than gives you the most for your money. However, you should be aware that the price of your policy could very well be affected by a number of hidden fees that you need to be aware of. So what are the hidden fees introduced by landlord insurance broker?

If you are using a landlord insurance broker this means that they will search and negotiate terms with insurance companies on your behalf. As a result, you will most likely incur extra charges for the service that they are providing.

As soon as you begin looking for a new insurance policy, and landlord insurance brokers will charge you a fee. You will be paying them to begin searching for and comparing insurance offers. For example, you would pay the landlord insurance brokers £20 to begin arranging new policies or collecting quotes.

Setting up a direct debit and making monthly payments through the landlord insurance broker will also come with fees. These are usually charged at a small percentage of your total premium. Also bear in mind that late payments will come with interest charges at the bank’s current rate. Any unpaid direct debits also come with a fee.

If you are making your insurance payments through a credit card, landlord insurance brokers may take a small percentage of the transaction you are paying. You should also be aware that insurance companies will be paying the insurance brokers commission. This could result in the cost of your premiums increasing as a result of the insurance company having to pay commission.

Although using an landlord insurance broker gives you help from somebody with expertise, it will inevitably increase the cost of your insurance. Decide whether you can find a policy on your own or if you need help and then assess the situation accordingly.