Whether you own one buy-to-let property or have an impressive portfolio of rental properties to your name, protecting your investment with the right landlord insurance should be a priority. But how do you get the cover you need and save money at the same time?

Landlords must buy specialist insurance for buy-to-let properties - regular home insurance for residential properties will not cover you when your property is being used to make an income through letting. Fortunately for the modern landlord, there are a variety of covers designed specifically for rental properties – and several websites that can help you make light work of comparing policies and prices.

Click to compare quotes and buy landlord insurance in minutes

Keep your property priorities in mind

When looking for an insurance policy, have in mind your requirements for the type of property you own. Every landlord has different priorities and so it is important to find cover with a reputable insurance company that offers cost-effective insurance and which can efficiently deal with any claims. When you know you have the right cover, you’ll have peace of mind in that if anything upsets the running of your property, whether it’s a fire, flood damage or defaulting tenants, you won’t lose out on your investment.

Shop around for the best deals

In order to find the right landlord insurance and save money, it is important to compare policies from several different insurance companies. The most convenient way to do this is to visit a comparison site where you can not only view the costs of the available policies but also view the documentation. Simply Business, for example, not only lets you compare live quotes but you can view the policy documents and buy your chosen cover online in just minutes. Their UK based contact centre staff can also talk you through the quotes to help you make the most informed decision.

When looking at different covers and the cost of policies, it helps to know what factors will affect your landlord insurance. Some of the major factors that are taken into consideration when calculating your premiums include:

• The location of the property (postcode)

• The cost of re-building the property

• The type of tenants in the property

• A history of claims

• The age of the property

• The type of property (flat, detached, terraced etc)

Protect your investment – get the right landlord insurance cover

Here are some top tips to get the best quotes for your landlord insurance cover:

Make sure you state the correct Buildings Sum

To ensure you are paying the correct premium, make sure that the ‘Buildings Sum Insured’ amount you state on the form reflects an accurate cost for the rebuilding of your property if it is completely destroyed. This is not the same thing as the market value of your property – the re-build cost is generally lower. Remember, the higher the re-build cost the higher your premiums will be.

The best way to find out is to get a professional survey of the property, or if you haven’t had one recently visit the Association of British Insurers who will assist you in calculating the correct figure.

One policy to cover them all

Whether you have one property or ten, you should be able to buy one policy which covers them all. This is convenient as you have just one common renewal date and it can save you money without compromising on the level cover you will receive. If you currently have a different policy for your each of your properties, you can start the policy with the next one which comes up for renewal and then simply add further properties to the policy as and when their insurance becomes due for renewal.

Try to get tenants with a professional occupation

Professional tenants in full time employment can make you some remarkable savings on your landlord insurance premiums as you will have a wider choice of insurers to choose from. If your property is let to an individual on income support, an asylum seeker, a student, or if your property is let to a Housing Association or Local Council it may affect your choice of insurer and therefore increase your premiums. If the property is to remain unoccupied for any length of time this may also affect your policy.

Make sure your property is adequately protected

Did you know that it’s possible to save up to 10% on your premium if you have an alarm fitted into your property? Although it sounds like common sense, you’d be surprised at the number of people who overlook adding security to their rental properties. You should also be vigilant about other measures such as security of general access points, and the quality of window and door locks.

Other factors

The price of your landlord insurance may also be affected by other factors such as the type of property. For example, if you own a flat on a leasehold basis you may not need to pay buildings insurance as this is sometimes covered by the freeholder. Some other properties are regarded as higher risk, such as bed-sits.

Landlords should also watch out for exclusions in the policy. Purchasing cheaper insurance can sometimes mean that you are not covered for all the eventualities you require. A service such as Simply Business will allow you to view the policy documents for each quote, which clearly state whether there are exclusions you should know about.

In summary, to save money and also get the right cover for your buy-to-let, it is important to have as much accurate information about your property as possible and to shop around for the best quotes.

Click to compare low-cost landlord insurance quotes

This article was first published on Simply Business