Before talking about who I think offers the best buy to let insurance I should to say that I am not a broker for insurance companies in any way. The reason why I have decided to write this blog is for a point of reference, as I get asked regularly from clients and friends who I use to insure my buy-to-let properties.
Granted it’s not the most exciting dinner table topic, but for any portfolio landlord, insurance is a bit of an evil necessity, so further on down the blog, I will share with you the companies myself and my colleagues use when it comes to buy-to-let insurance.
What To Look For In Your Insurance Policies
Like most insurance, at the beginning it seems like a waste of money until you actually need to use it… and property insurance is no different.
However the difference with choosing the best buy to let insurance product when you’re talking about a portfolio of properties could cost you literally thousands of pounds, and I don’t just mean with the cost of the policy.
You see, when it comes to insurance for buy to lets there is more to consider than the normal items like initial cost and excess.
With rental properties, you have other factors to take into account, and this is why choosing the best insurance product and company is crucial.
Since I started buying property in 2005 I have only used two insurance companies.
My main criteria for my first policy was the price, the price and the price.
Not having owned rental properties before I didn’t fully know what parts I needed cover for. However, I found out pretty quickly (when one of my first tenants decided to do a number on the property), that what insurance policy you had… really does matter!
I realised then that my first policy was seriously lacking, so since then, I made a point to make sure that any future policy I had would not only be specialist insurance for buy to let properties but also that it would cover three main items.
> Suitable cover for the re-build cost of the property
> Cover for malicious damage by tenants and their guests
> Empty property cover for 3 months
There are many other aspects to specialist landlord cover, but the reason I have highlighted these is that since I have been investing in property, whenever I or any landlord I know has ever had a problem with their property or insurance, it has generally come down to these three things.
So making sure your policy not only covers them but offers great all-round cover is very important.
The Best Buy To Let Insurance Brokers
Again I would like to point out I don’t get any commission or kickback from these companies for mentioning them, and they probably don’t even know I have listed them here.
But from personal experience and that of other landlords I have spoken to, these two brokers seem to come up head and shoulders above the rest, which is why I am happy to mention them.
It’s worth noting as well, although I look for great cover, I still want to make sure the price is good, and these companies are also pretty competitive on that side too.
So the company I personally use at the moment and have been for the last couple of years is called Hamilton Fraser.
When my renewal comes up every year it has always remained competitive and the level of cover is pretty strong too, so I’m happy to stay with them… but if anything changes I’ll be sure to update this blog 🙂
The other company that I will mention is Insurance Desk. This isn’t a company that I have used myself yet, but I know a number of landlords that use and recommend them, and whenever I have looked at their policies they have been pretty comprehensive, so I wouldn’t hesitate to use them if the need arose
As a final note it’s also worth a mention that often you can get discounted insurance premiums by being a member of landlords associations like the NLA (National Landlords Association).
Apart from discounted insurance, it’s also well worth joining an association like this, as they also provide a free landlord advice service on the phone, and this has helped me out no end of times when I’ve had tricky tenants
I hope these recommendations have been useful, and please let me know which insurance broker or company that you use in the comments at the bottom of the page…
I’m always open to new ideas and happy to see if another company can provide the best buy to let insurance 🙂