How much is Landlord insurance for a flat?

Whether you are leasing a penthouse or studio, it is essential to know the cost of your investment. Prospective landlords costing a buy to let property, often need to know 'how much is landlord insurance?’.

There is, unfortunately, no precise answer to this question. This is because an underwriter considers so many influencing factors. However you might be surprised at how small this cost can be. Landlord insurance typically starts from £79, and includes cover for the contents of your property.

What factors will affect the cost of insuring a flat when it is rented out?

When searching for a policy for a lettings property, the costs will vary considerably. It can be surprising to see how premiums vary on a property-by-property basis. By looking at the individual factors that contribute to the cost, you are better placed to understand where savings can be made

Initally, the same factors that affect your home buildings and contents insurance, will define the cost of a landlords insurance policy. For example, buildings insurance will be impacted by local crime statisics, postcode. Like other buildings insurance policies home security and outbuildings can also have an impact.

The cost of coverage of your contents will have an impact also. You can read more on how to estimate buildings and contents coverage in our article "How much landlords insurance do I need"

How much landlord insurance do I need for a flat?

But because landlords insurance is a packaged product, there are a considerable number of other factors that can impact the price. Some examples of this include the type of tenant. Insurers may ask, for example, if your tenants are DSS, Professionals or Students.

The level and type of landlord’s insurance coverage for flats can have an impact on your premium. Each policy usually comes with standard levels of coverage for limited liability coverage. Not all of these insurances are compulasury. So it is up to youwhat level of risk you wish to undertake.

However kit is worthwhile taking some time to assess the risks against the cost of your premiums. With increasing reports of malicious damage by tenents, landlords are choosing a greater range of insurances. Obviously this needs to be offset against the levels of coverage you can afford. Click here to read an article who was horrified to find criminal damage was not covered by his insurers.

How can I reduce the cost of my landlord insurance for a buy-to-let flat?

Landlords can also reduce costs by identifying the right insurance policy. We consider this the factor that has the most which has the biggest impact when insuring a flat. Comparing policies from a panel of providers can help to make a difference. This allows flat owners letting out their properties to avoid paying more than necessary. This can be achieved by completing the form on our website. We offer an independent service to do this on your behalf saving you time and money. Many find this a practical way to reduce the cost of insuring a rental flat. If you have large portfolios of flats you may be advised that it is more economical to combine coverage for multiple flats into one single policy.

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