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QUESTION 3:
How much is tenants insurance going to cost me – and where can I get it?

ANSWER:
The good news is that the right tenant insurance policies needn’t be prohibitively expensive – not least because a mini price war in the market is keeping premiums low. Scores of different brokers or insurance agents will find policies for buy-to-let investors and many of the plans they come up with are from big name insurers like Axa, Norwich Union, Royal and SunAlliance and Zurich. The hope is that you can get cover at a decent price from a company you can trust. All brokers and intermediaries will normally earn commission when they sell policies, and they should declare this to you as part of their terms of business. But because of this their advice to you should be free. So pick one you feel comfortable with and ask it to do some shopping around. You can even compare the results of several broker searches to ensure you’ve really covered the whole market and got the best deal. Finally it’s worth remembering that premiums on tenant insurance are treated as tax deductible expenses. You can add them to all your other allowable costs when you work out how much you owe HM Revenue & Customs each year – a benefit that should make them feel just a little easier to pay.

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