We’ve reviewed the landlord insurance from Saga, which offers protection specifically for landlords over the age of 50.
Landlord insurance could protect you if something goes wrong with your rental property. It’s not mandatory to have this type of cover but it could offer you peace of mind that you won’t be out of pocket if the unexpected happens.
Saga claims to offer a 10% discount to landlords with multiple properties. Its specialist cover also includes accidental damage cover, legal expenses cover and alternative accommodation cover as standard. What’s more, you can enhance your policy with optional extras if required. Here’s what else we think you should know about Saga.
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What is Saga?
Saga originally focused on travel for people aged over 50 and then branched out to offer travel, home and motor insurance as well as other financial services for this group in the 1980s.
With 65 years of experience, it has become one of the UK’s leading insurance providers for the over-50s, winning a number of awards for its products and services.
What is covered under my policy?
Saga’s landlord insurance includes a range of features. Some of these features include the following:
- Up to £500,000 buildings sum insured
- Alternative accommodation up to £100,000
- Loss of rent up to £100,000
- Trace and access of a leak up to £5,000
- Fire extinguishers
- Property owner’s liability up to £2 million
- Contents sum insured up to £10,000, £25,000 or £50,000
- Key cover up to £1,000
- Temporary storage of contents
- Garden cover up to £1,000
- Fixtures and fittings cover up to £10,000
Saga offers the following additional protection that you can bolt onto a landlord insurance policy:
- Home emergency cover
- Rent guarantee cover
What is my excess?
Your insurance excess is the amount of money you will need to pay towards a claim. Your insurer won’t pay out for a claim that costs less than this amount. A compulsory excess amount might vary depending on the age of your building.
A voluntary excess is on top of this and is normally set by you when taking out a policy. You’ll have the option of adding or increasing a voluntary excess, which should lower your premium.
You’ll find details about any compulsory or voluntary excesses in your policy document; however, the minimum excess with Saga is £100.
How much is this going to cost me?
The following factors can affect the cost of your Saga landlord insurance premium:
- Your sum insured. The greater the amount you wish to insure your property or contents for, the more you can expect to pay for cover.
- Your property. The age of your property and the materials from which it is constructed can influence its ability to withstand damage.
- Where your property is located. Certain risks, for example, storm and theft, are more prevalent in certain areas, and insurers will take this into consideration when calculating your premiums.
- Security. Security measures such as an alarm system and deadbolts can act as a deterrent to thieves and therefore reduce the cost of your cover.
What is the claims process for Saga?
You will need to refer to your policy document and follow the claims process contained within it.
Depending on the nature of your claim, you will need to provide the following information:
- Your policy details and personal contact details
- The date of the incident
- Details such as the cause of the incident
- The value of any lost or damaged items being claimed for
- Names and address of any other people involved or responsible for the incident, including details of injuries
It’s vital that you let your insurer know about an incident as soon as possible. Failure to do this could result in a rejected claim later on.
Saga pros and cons
- Landlord insurance can cover a wide range of properties and tenant types
- Accidental damage included as standard
- Legal expenses cover up to £100,000 included as standard