The cost of landlord insurance is usually discussed as a single number, and breaking it into what each section buys makes the decisions obvious. Most of the premium is the buildings section. Most of the value, per pound, is somewhere else.
Where most of the premium goes
Buildings cover, because the sum insured is large and the perils are broad. That is unavoidable if you own the structure, and it is the section where reducing the figure to save money is the one change that makes the cover worse rather than smaller.
Where the value per pound is highest
Property owners liability, which costs very little and answers the largest possible claim. Then legal expenses, which is cheap and funds the most likely large unbudgeted cost a landlord faces. Both are usually a small fraction of the premium and both are where a landlord would most regret economising.
Where the discretionary money sits
Rent guarantee, home emergency and malicious damage. Each is a real cost and each is a judgement about your own circumstances. A landlord trimming a premium should start here, deliberately, rather than by reducing a sum insured or dropping liability to a default.
Questions people ask about cost landlord insurance
What is the largest part of the premium?
Buildings cover, because the sum insured is large and the perils broad. It is also the part that should never be trimmed by lowering the figure.
What is the best value section?
Property owners liability, which costs little and answers the largest possible claim, followed by legal expenses.
Where should I cut if I have to?
The discretionary sections: rent guarantee, home emergency, malicious damage. Never the sum insured.