The cost of landlord insurance can vary significantly based on a range of different influences. Here are some key factors that may affect the total premium you’ll pay:
Location
The location of your rental property can impact the cost of insurance. Properties in areas with higher crime rates or more significant risks of natural disasters may have higher premiums.
Type of property
Different types of rental properties (e.g. houses, apartments, duplexes) may have different insurance costs. The age and condition of the property can also be a factor in determining the cost of landlord insurance.
Level of coverage
The extent and types of coverage you choose will affect the cost. More comprehensive coverage with additional protections will typically have higher premiums.
Claim history
Your personal or property's claim history can also influence how much you’ll have to pay. If you have made frequent claims in the past, it might result in higher premiums.
Excess
The excess you select (the amount you're willing to pay out of pocket when making a claim) can affect the cost of your insurance. Higher deductibles often lead to lower premiums.
Insurer
Different insurance companies offer various policies at different price points. Shopping around and comparing quotes from multiple insurers can help you find a policy that adequately fits your budget.
Discounts
Some insurers offer discounts for bundling multiple insurance policies (e.g. combining landlord insurance with home or car insurance) or for having security measures in place, such as alarms or deadbolts.
Policy inclusions
Consider whether you want to include optional extras in your policy, such as rent default insurance, pet damage coverage, or coverage for specific risks like flooding.
To get an accurate cost estimate for landlord insurance, it may be advantageous to obtain quotes from several insurance providers and compare the coverage and prices they offer. Additionally, speaking with an insurance broker or agent can help you navigate the options and find a policy that meets your specific needs and budget.