Why a change to your details could change your premium

Your new property

If you’re a landlord adding another property to your portfolio, then you’ll need to update your landlord insurance, and you’d be right in thinking that the price will go up. Different types of properties like bungalows, semi-detached and detached houses all come with different associated risks and older properties tend to need more TLC, which ultimately means higher insurance costs too. Rest assured though, when you give us your new details, we’ll work out the right price to take care of your property for you.

Location, location, location!

Insurance quotes aren’t just based on property and the people living there, postcodes are important. Even buying a similar property a few streets away, could affect the price.

Some key factors that could affect your premium when you buy a property:

  • Closeness to water sources, and how many homes have been affected by flooding
  • Number of claims made in the area
  • Crime and vandalism

High numbers of claims in your postcode, like flooding for example, may affect your premium. If you buy a property in an area where there are fewer claims made, your landlord insurance could cost less.

Your property improvements

If you’re making your property larger, by adding an extension, this could change the rebuild cost, and it’s important to let us know. You can update the rebuild cost for your property using your AXA Account. If you need help calculating the rebuild cost, use the Association of British Insurers’ rebuilding cost calculator as a guide or contact a qualified surveyor or valuer. Once updated, we’ll then calculate any changes to your premium to make sure you have extra cover for the extra space.

Customer misrepresentation

It’s important to answer questions honestly so we can judge the risks involved, or in other words, underwrite your policy accurately and charge the correct premium. Sadly, some customers answer questions fraudulently, to get insurance for less – for example, how many tenants they have. Giving false information means your policy might be declared void, and we wouldn’t pay out on any claims you make. It also impacts on other customers being charged more to cover costs of investigating invalid policies and paying out on exaggerated claims.


Making a claim won’t affect the price of your insurance straightaway, but you may see an increase when it’s time to renew. As you’d expect, people with fewer or no claims tend to pay less for their landlord insurance.

Our phone lines are open 24-hours a day for you to make a claim – we’re happy to help.