Even if this is not the case, it's important that your valuable property asset is protected.
Landlord building insurance providers normally charge higher premiums than standard buildings insurance providers, this to reflect the additional risk of you not living at the property.
Consequently it can seem difficult to find good value cover but if you compare quotes from a wide range of cheap landlord building insurance UK providers you should be able to find a policy that gives you the cover you need for an affordable price.
Ways to save money on your landlords building insurance quotes
Traditional home insurance policies will generally be invalid if you're not living at the property you are insuring. So, it's important that you get specialist landlord cover to make sure you're adequately protected.
When you search for cheap landlords building insurance, there are various ways you can save money:
- Don't over insure your property - specify an accurate figure for the rebuild value of your buy to let property as opposed to the market value. This can help reduce your premium but be careful not to underinsure your property
- Increase your policy excess. All landlord insurance policies have a compulsory excess (the amount of any claim that you pay yourself). By increasing this excess you can reduce your premium but it does mean you have to pay more if you make a claim so make sure it's still affordable
- Buy online - many insurers offer cheap landlords building insurance deals to customers who buy on the internet
Save money on landlord building insurance - compare policies
Shopping around for cheap landlords building insurance is crucial. It's the easiest way of finding a lower premium for your cover, particularly as many insurers offer 'price guarantees' where they will guarantee to beat any other quote.
If you're looking to save money on landlord building insurance compare the cover on offer from as many different landlord insurers as possible and get quotes from those that seem suitable.
While you'll obviously want to compare the cost of cover it's also important to compare the quality of the cover. A cheap buy to let buildings insurance policy might leave you out of pocket if it won't pay out when you make a claim.
So, make sure your chosen policy includes all the cover you need and doesn't charge you the earth for it.
When you make your landlord building insurance comparison remember to check whether it includes accidental damage to buildings. Find out if rent guarantee cover is included (protecting you against your tenant's failure to pay rent)? And decide if the level of buildings insurance cover is suitable for your property.