How much landlord insurance do I need?
Most of our customers completing our quote form wonder 'how much landlord insurance do I need?' Our quote form asks for the building sum insured and the contents sum insured. Then looking at liability cover, Is £2 million enough? Even for an experience landlord it can be challenging to estimate.
The good news is that, initially, you only need to know the buildings and contents coverage you need . Landlord insurance offer Standard levels of coverage for other components of the policy. For example you can consider how much liability cover, tenant default and legal expenses at a later stage.
How do I estimate the value of buildings and contents for landlords insurance?
This is an important question to ask because you want to ensure that you have the right level of cover. Estimate too high and your insurance premiums will be higher, too low and you may not be covered in the unfortunate scenario that you need to make a claim. The coverage you will be looking for is the value of for like for like replacement of the property and it's contents.
How much landlords buildings insurance do I need?
The buildings insurance amount is not the cost of buying a similar property, but the cost of rebuilding it. The BCIS provide a handy tool to help you calculate the amount you should put in the building value box. After logging in to the BCIS website, you input details such as the external floor area of your house, outbuildings, and a few other criteria. It is quick and easy to estimate the buildings sum insured using this free tool.
How much landlords contents insurance do I need?
Estimating the contents of your property is down to you. The only way to estimate accurately the contents sum insured is to walk around your house and calculate the total. Luckily for landlords letting unfurnished properties this can be quite straightforward. But landlords letting unfurnished property, and considering "how much contents insurance do I need" should be cautious if they think the answer is none. This is because, for example, carpets will fall under contents. Once you start narrowing your quote it is advisable to revisit your contents estimate. This is because you'll want to check coverage specific to your property. For example you may want to confirm whether your hardwood floors are covered by your buildings or contents insurance.
How much liability cover does a landlord need?
After you have completed the form on this website you will be recommended a selection of insurance products. It is at this stage you can start to consider for other aspects of the insurance policy. With quotations in hand, you will be in a better place to see how choosing £3 million liability cover impacts on your monthly fee.
How much landlords insurance you need depends on the level of risks you are willing to take. This is a very personal decision for each proprietor. But with quotations in front of you, you can compare the left levels of coverage, and consider if they give you the peace of mind you require. If you need further information on this please contact us and speak to one of our brokers. They will be able to offer you specialist advice on making this decision in a case by case basis.
If you wanted to fine tune any aspect of your policy quotation, our team is also on hand. We are able to speak to underwriters, and tailor a policy to match your needs..
To find out how much landlords insurance do I need, contact us today to get a quotation starting from just £79 pa.
FREQUENTLY ASKED QUESTIONS
Advice and information about landlords insurance