The advent of the digital age has made life easier than we have ever known it, with simple tasks that may have taken a lump out of your day – shopping, for example – now possible to complete with just a few clicks of a mouse.
A big leap forward has also been made in the commercial world, with the insurance industry particularly benefitting from the growing amount of opportunities made possible via the internet and social networking sites. A popular product line for many brokers is that of landlord insurance, with the need for living space, naturally, always in demand.
So, quite simply, the best place to find the cheapest deals out there is on the net; price comparison sites are very much the forerunners if you are looking for a ‘one stop shop’. You should remember that prices for buy-to-let insurance will fluctuate depending on which underwriter you pay a visit to, and this may be because they deal with the product rarely – so sell it at a higher price – or it may be that they are specialists and do a lot of business from landlord house insurance so therefore can sell a package at a much more affordable and competitive rate.
Most expert advisers in the insurance arena will tell you that these days there is no real point in you picking up the phone and going through the same process a dozen times when you can combine them, and in a much quicker time, if you head online. Yes, once you are happy with a quote you have received you should endeavour to get in touch with your provider to iron out any wrinkles in the small print, but gone are the days when you had to work through an entire phonebook just to get a chink of light at the end of the tunnel.
For your convenience and to make life even easier, we have put together a list of some of the key points that you should follow through before heading on-line. If you do so, all you will have to do is input a few numbers and you’ll get back a dearth of quotes which will looking more relishing than a tin of Mr. Kipling’s finest.
- Can one underwriter look after all your major insurance needs? – Though you should always hold a policy based on the strength of the service provider, sometimes having just the one point of deal could secure you a significant discount. It may be that you could take out your car or business insurance alongside your landlord property insurance, cutting down on your premium by often significant margins.
- How high can you let your excess go? – The higher the figure, the higher the chance that your insurer will reduce premium price as you are offsetting a certain percentage of the risk through you own finances, which is obviously less burdensome to the broker.
- Mitigating your chances of risk – brokers will look to you to show that you have done as much as is within your power to make sure that your property is risk free. Fully working and up to date smoke alarms, alarm system and panel fittings will prove to be deterrents to thieves.
- Are you a smoker? – Fire is one of the most common reasons for house damage, and it is no surprise considering how potent it can be. Thus, as a non-smoker, you could qualify for an additional discount on your landlord insurance policy and it may pay to make sure your tenants follow suit. Healthy for the lungs and the pocket!
- How’s your financial past? – Be sure to answer everything asked of you by an underwriter honestly and openly. White lies could only land you in legal and financial hot water later on, but providing nuggets of information that you may not think necessary could prove crucial in helping you secure an expensive landlord building insurance deal, or a fair priced one.
- Age a factor? – Senior citizens may qualify for a discount, as may those in the armed forces, the teaching profession and the health field.
- Get negotiating! – If you don’t ask, you don’t get! Be smart and savvy and don’t just take everything for gospel. Keep badgering away and you never know, you may stumble down an alley you didn’t know previously existed!
And there you have it, a starting path to not only cheap, but hard working, landlord insurance. Though in no way exhaustive, you should aim to work through the seven points previous as a starter. Treat them as your seven dwarves of prosperity!