What is landlord insurance?
A contract issued by insurers, cheap landlord insurance covers the owner of a property for any financial losses that they may incur as a result of damage to their property which they have leased or rented to a tenant. The property can be residential, commercial or industrial. There is a cheap landlord insurance policy to cover just about any form of property that can be rented or leased. What is covered under the insurance policy depends upon the extent of coverage that the landlord has taken out with the insurance company. Cheap landlord insurance policies usually cover such things as fires, theft, water damage - such as floods and storms, malicious damage, or just about any other form of damage that your property can incur. A landlord insurance policy is usually always tailored to the landlord’s property and his or her individual insurance requirements.
Where can I get cheap landlord insurance?
Landlord insurance, like any other form of insurance is highly competitive. Many insurance companies and brokers offer cheap landlord insurance policies, by only covering you for what you really need. For example, if you live in a city, then it is highly unlikely that you would want a landlord insurance policy that covers your property for bushfire damage. By tailoring an insurance policy to your specific needs, it is certainly possible to get cheap landlord insurance.
Can I pay my landlord insurance premium monthly?
Yes you can. Long gone are the days where you had to pay your insurance premiums well in advance, sometimes up to 12 months in advance. Competition in the marketplace has seen insurance companies not only reduce the cost of their premiums, but now also offer their customers more flexible payment options, such as pay by the month for example. Even with the cheapest of policies available, pay by the month premiums are available.
Will a landlord insurance broker save money on my landlord insurance?
If you are after a cheap policy, then it is highly recommended that you consult an insurance broker. As the saying goes ‘shop around’. An insurance broker will have access to many different insurance companies and therefore be able to offer you the most competitive premium. Most brokers and insurance companies also offer quotes online through the internet, which is a great way of finding a policy that will suit your needs.