Kitchen blurred background

Your landlord insurance premium explained

Find out how we work out the cost of landlord insurance

The postcode of your property

icon of a map with a marker on it

Where your let property is located has a bearing on the cost of your landlord insurance. Typically, if your property is in a high crime rate area, you may be more likely to make a claim for damage or theft following a burglary. This will be reflected in your insurance price.

The same applies if your property is in an area prone to flooding  you will normally have to pay more for your landlord insurance.

The type of tenancy you have

Icon of two documents. One document has the title 6/12 months

We will calculate your price based on information about you and your property.

However, we'll also take into account information relating to the tenancy. 

The type of building you own

Icon of a house, next to the house is a tall building.

When calculating your price, we take into consideration all the details of your property. For example, is it detached? Semi-detached? Terraced? A flat? When was it built?

We also look at the size of your property, as well as the number of bedrooms. Usually, the more rooms in your property, the higher the cost will be to re-build – which means you'll pay more for your cover.

Government initiatives

Icon of a large building. There is a document to the right and a light bulb to the left.

Government changes to tax rules can have an effect on your price. If Insurance Premium Tax (IPT) increases, your annual price goes up too. IPT is a tax on general insurance premiums and has increased incrementally since it was introduced.

Repair and labour costs are going up

Icon of a toll box, with a screwdriver, spanner and piece of paper in view

From kitchen and bathroom suites to lighting and carpets, your property's fixtures and fittings are becoming more and more expensive to repair and replace.

With the cost of manual labour going up too, a claim for a repair can be extremely expensive. This, in turn, can increase the cost of providing landlord insurance and the price you pay.

The number of claims being made

Icon of a large stack of paper and pen

Landlords who make frequent claims on their insurance will typically have to pay more to cover their property.

Also, if, overall, the number of landlord claims goes up – perhaps because of things like increased accidental damage claims or extreme weather events  this could mean the costs to insure your property could go up too.

Severe weather

Icon of a house, tot he left it is snowing and to the right is a lightning and rain cloud.

Long periods of cold weather or rain can cause damage to let properties. Cold weather usually results in an increase in the number of insurance claims for things like burst pipes.

When we calculate your landlord insurance price, we look at the likelihood of severe weather conditions happening in the future and how many of our customers may be affected.