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Your landlord insurance premium explained

Find out how we work out the cost of your insurance

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How your details affect your price

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The postcode of your property

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

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 such as the number of tenants living in the property.

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The type of building you own

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.

How outside influences affect your price

Government initiatives

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.

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a man in a blue boiler suit using a wrench to fix a washing machine which is leaking

Repair and labour costs are going up

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

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.

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A red and blue house with torrential rain pouring down and a set of red and blue terrace houses with snow on top

Severe weather

Long periods of cold weather or rain can cause damage to let properties, especially as it's unlikely your tenants will be carrying out regular maintenance for you. 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.

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