Cheap landlord insurance usually means a policy with a lower premium, but it may offer less cover or higher excesses. A basic policy might protect the rental property against risks such as fire, flood and escape of water, while landlord liability, contents, rent protection and legal expenses may be optional. Check the exclusions, excesses, property type and tenant conditions carefully before buying. Your mortgage lender may require buildings insurance, and an FCA-authorised provider can explain whether a policy suits your circumstances.