Landlord insurance quotes are easy to collect and hard to compare, because the number on each one is produced by a different set of assumptions about the same property. Two quotes within a few pounds of each other can differ on the unoccupancy allowance, on whether tenant damage is covered at all, and on how long loss of rent runs for. Lining those up first turns a price comparison into a real one.
The six terms to line up
The unoccupancy allowance in days. Whether accidental damage by tenants is included, optional or absent. Whether malicious damage by tenants is included. The loss of rent period or percentage. The property owners liability limit. And the excess, per claim and per section. Put those six in a row for each quote and the cheapest one usually stops being the cheapest sensible one.
What to have ready before asking
The rebuild cost, not the market value. The tenant type, accurately: professional, student, housing benefit, HMO, company let, holiday let. Whether furnished, part furnished or unfurnished. The construction and approximate age, and any flat roof, thatch or listed status. Claims in the last few years. Whether the property has ever flooded or had subsidence. That is a landlord proposal form.
Why the cheapest quote is often for a different property
Comparison forms have a limited set of boxes, and a property that does not fit one gets assigned to the nearest. A flat above a shop entered as a flat, a house let to five sharers entered as a family let, or a property empty for two months entered as occupied will all produce an attractive quote for something you do not own. The premium difference is always smaller than the claim.
Where a broker earns the fee
On a single, ordinary house let to professionals, rarely. On a portfolio, on anything mixed use, on non standard construction, on a property with a claims history or a flood risk, and on anything let to tenants an online form has no box for, almost always. Those are the risks where insurers' appetites differ most and where an online quote is least likely to be the market's best answer.
Questions people ask about landlord insurance quotes
How many quotes should I get?
Three is usually enough if they are genuinely comparable on the six terms above. More quotes on different assumptions is not more information.
Why are the quotes so different?
Mostly because they are quoting different cover: different unoccupancy allowances, different treatment of tenant damage, different loss of rent periods. Line those up before comparing the premium.
Does a claim push the premium up a lot?
It depends on the claim. Escape of water and subsidence history move the price most; a small liability claim usually moves it least.
Should I just renew with my existing insurer?
Check the renewal against the market, but weigh continuity too. A long claims free relationship with one insurer has value that a first year discount elsewhere does not.