LANDLORD INSURANCE GUIDE
Glossary of terms
Please note these definitions are for guidance only. For full definitions please refer to your policy document.
Top Tips to reduce your let-property insurance premium
No Claims Bonus - The best way to bring down your landlords residential insurance premium is to earn yourself a "No Claims Bonus", even if this means paying out for any minor losses yourself. With maximum No Claims Bonus on your buildings policy you could realistically get up to a 10% discount.
Specified tenants - restricting the occupancy of your rented property to just one professional/working family or students only can help keep your premium down and provide less headaches than handling multiple occupants.
Security - by ensuring your property is as secure as possible can help avoid claims and therefore keep your premium down. Even something simple such as fitting mortise deadlocks and key operated window locks can deter would-be intruders. Smoke alarms are a must!
Sums Insured - by making sure your let property insurance is based on the re-instatement value (i.e. the cost to rebuild your property or replace your contents) and NOT the sale value you can help keep your premium down. If you're not sure what the re-instatement value of your property is you can refer to your last survey.
Voluntary excess - having an extra excess on your policy can save you money but beware; it'll cost you if you have a claim.
What to watch out for
Ask how much the excess is on the policy; don't get a nasty surprise at claim time.
Ask what you get for your money; different insurers may offer different cover for a cheaper premium. Make sure you compare like for like policies against each other and that you are getting value for money.
Are there any special terms you need to be aware of; is there anything you need to do or be aware of in case of a claim or for when you are between tenants and the property is unoccupied.
