‘How much is landlord insurance, roughly?’, we hear you ask. Truth is, there’s no such thing as an average cost for landlord insurance. The amount you pay for your insurance is called your premium, and it’s based on a number of factors.
The covers you choose and the cover levels you need will obviously impact on the cost of your landlord insurance. For buildings, fixtures and fittings and contents insurance, your cover levels are based on the rebuild or replacement value, so you’ll usually pay a higher premium if these amounts are higher. It’s important to estimate the values accurately, as otherwise you may not be covered if you make a claim.
Insurers may also take into account things like the location of the property, the security measures, and the employment status of the tenants when calculating your premium. As with all types of insurance, they’re making a calculation based on the likelihood you’ll make a claim and the possible cost of any claim. When you’re buying your landlord insurance you should answer all questions accurately so that you’re covered if you come to make a claim.
To find out how much your landlord insurance will cost, run a quick quote.