It is important to remember that a landlord insurance policy is completely different to a regular home owners insurance policy. By not understanding the differences between the two types of covers could be a costly mistake if you had taken out the wrong type of policy for your rented property and had to make a claim. Know lets have a look at the differences between a landlords let property insurance and a standard house insurance policy.

Where you own a home and permanently reside in it, then a standard home insurance policy is what you need. You can have buildings insurance or a combination of both buildings and contents insurance on this type of policy.

Where you have a property that is rented out to tenants you require a landlords insurance policy to cover your property for risks such as fire, damage, storm, flood and property owners liability etc. Various different options are available on most landlords insurance policies which can be explained by your advisor at the quote stages.

The type of tenants that you have in your rented house has a big impact on the premiums you are likely to pay for your landlords insurance. For example DSS tenants attract a higher premium than professional working type tenants. Also the location of the property has a major cost factor on a landlords insurance policy as well as the rebuild value of the property.

In order to obtain a cheap landlord insurance policy make sure that you compare landlords insurance quotes with at least two or three providers. Also check the level of cover you are getting with each quote as these can differ considerably from one insurer to the next.