Always shop around
Your managing agent may offer you landlord insurance when you sign up with them, but it may not be the cheapest way to buy cover.
Comparing a range of landlord policies can help you find the cover you need at the best price. Use our comparison to search for the landlord insurance that is right for you.
This is the company responsible for managing your rental property. They usually perform a range of services, including collecting rent, inspecting the property and arranging repairs.
Look at package options
Combining your insurances in one policy will save you money and most packages include:
Building insurance
Contents insurance
Property owner's liability
Home emergency and boiler breakdown cover
Loss of rent
You may need to add rent guarantee insurance separately, which is around £100 a year.
If you have more than one property, think about taking out a portfolio landlord policy. This lets you cover several properties on one policy and usually gets you a discount.
Here is more information about how landlord insurance works.
Look at specialist cover
You may need specialist cover if you rent to tenants who are:
Claiming benefits
Asylum seekers
Students
Pet owners
Using a broker to find insurance could save you money because they will be able to find insurers who charge less and apply lower excesses when you claim.
Avoid unnecessary cover
It is easy to include extra cover you do not need when getting quotes. Checking you only pay for the cover you need could save you money.
Building cover
This covers the cost of rebuilding your property if it were completely destroyed, for example in a fire.
It is important to give your insurer an accurate figure, as overestimating could leave you paying more than you need to for your insurance.
Contents cover
If your property is let unfurnished, you may only need a small amount of cover for contents.
Your tenants are responsible for their own contents cover, so you only need to insure items in the property that belong to you, like carpets or light fixtures.
Choose a higher excess
Picking a higher excess for your landlord insurance could make your policy cheaper, although it will cost you more if you claim.
Try to choose an excess that best suits the section of cover it applies to:
Building claims tend to be larger, so you may want to choose a higher excess
Contents claims are often smaller, so it makes sense to pick a lower excess
You can find out how to claim on your landlord insurance here.
Pay in full
Paying in full for your policy will save you money because insurers charge an interest rate if you pay monthly. You could pay up front by:
Cheque or bank transfer
Using a 0% credit card
If you are unable to pay in full, some insurers charge less for paying in lump sums. Speak to your insurer about their payment options and pick the one that saves you the most money.
Install extra security
These extra security measures could save you money on your insurance:
Working burglar alarm
Security lights
Monitored CCTV
Asking tenants to join a Neighbourhood Watch scheme
You must have working locks on all doors and windows as a minimum.
Speak to your insurer about other discounts they offer for extra security measures.
Minimise vacant periods
If your property remains empty for long periods, usually more than 30 days, your cover may be restricted or cost more.
Using a managing agent could help you advertise your property and get new tenants more quickly. The Association of Residential Managing Agents (ARMA) has a list of authorised managing agents near you.
If your property is going to be empty for a long time, you could save money by getting a specialist unoccupied insurance policy.
Avoid small claims
If you can pay for the cost of property damage or repairs yourself, it could save you money in the long run.
Making lots of small claims may cause your premium to go up at renewal and you might have to pay a higher excess. You may also struggle to find alternative cover elsewhere.
