To get the best cover for your buy to let property, you need to:
Decide what cover you need
Compare landlord insurance quotes online
Pick a policy that offers what you need for the cheapest price
What cover do you need?
If your property is furnished: You should include contents insurance if you have sofas, white goods or moveable furniture. Most landlord policies include some cover as standard, e.g. £50,000, but make sure this covers replacement costs.
How many properties you own: Most buy to let insurers offer portfolio cover, where you can insure several properties on one policy. This is usually cheaper than taking out separate cover, and you only have one renewal date to remember.
The type of tenants you let to: You may want to include accidental damage cover if you rent to tenants with young children, or students. Some insurers offer this in the price of the policy, but others charge extra to add it.
How much you rely on your rental income: If you use your rent to pay your mortgage or as your main source of income, you should consider rent guarantee. This covers the cost of your rental income if your tenant defaults, and the cost to evict them.
How to compare quotes
Once you have quotes that offer the cover you need, choose the best one by comparing:
The cost of the policy, which can be paid in full or split over monthly payments
The policy excess, which is the amount you have to pay if you claim
Cheap landlord insurance may come with a high excess, which would mean you would pay more in the long run if you had to claim.
Avoid just choosing the cheapest policy, and make sure you can afford the cost of claiming before you take out cover.
How else can you save money?
Buy online: Most insurers offer discounts if you take out cover via their website.
Pick a higher excess: This will save you money on your premium, but make sure you can afford to pay this if you need to claim.
Pay for your policy annually: Monthly direct debit payments are more manageable, but they cost you more in the long run because insurers charge interest.