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Buy-to-let insurance is designed to protect landlords from a wide range of ‘insurable risks’, and as such this type of insurance is a very wise investment for buy-to-let property owners.
The best buy-to-let landlord insurance policies will protect landlords against risks ranging from damaging to the building caused by storms, flooding, burglars or vandals, to damage to the landlord’s contents if the property is rented on a furnished basis.
Some of the best buy-to-let landlord insurance policies can even cover landlords against the loss of rental income if the tenant doesn’t pay their rent.
Does buy-to-let insurance cost the same as standard home insurance?
No, most buy-to-let insurance policies will cost more than a standard home insurance policy would cost for the very same property.
The reason for the price difference is that properties that are rented out on a ‘shorthold tenancy’ basis have a different risk profile from those that are occupied by the owner.
So how much does buy-to-let insurance cost?
The amount you’ll pay for buy-to-let landlord insurance will depend on a wide range of different variables, many of which will be unique to you and your property.
For example, your buy-to-let property’s location will influence the premium, since the risk of burglaries, vandalism and squatters can vary dramatically from one area to another.
Similarly, the type of property you’re insuring will affect the cost, as will the value of your property, the value of any contents and the types of tenants you’re renting to.
Finally, your own insurance claims history will be taken into consideration, with landlords that have claimed on their buy-to-let insurance in the past five years likely paying more for their new buy-to-let policy.
How can I reduce the cost of my buy-to-let landlord insurance policy?
Any steps that will minimise your likelihood of suffering an ‘insurable risk’ should in theory help to reduce the cost of your buy-to-let insurance.
For instance, improving the security of your property by installing a burglar alarm and adding key-based locks to the windows could reduce your risk of a burglary, which could in turn lower your premium.
Similarly, screening your tenants by checking references and performing credit checks could reduce the risk of having to claim for loss of rent, which could in turn reduce the cost of your policy.