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LandlordLee
05-12-2008, 19:26 PM
Hi all.

I have six properties, four of which are HMO's as the tenants have separate AST's (three 4 bed and one 5 bed and licensed). Does anyone have know any good companies who would insure my portfolio?

I am currently with NU and they have been very good but are not interested in the 5 bed licensed property.

All help would be much appreciated.

Mr G
06-12-2008, 17:45 PM
Hi Landlordlee

Hamilton Frazer insurance brokers give very good cover at great rates.

mind the gap
06-12-2008, 21:38 PM
Hi all.

I have six properties, four of which are HMO's as the tenants have separate AST's (three 4 bed and one 5 bed and licensed). Does anyone have know any good companies who would insure my portfolio?

I am currently with NU and they have been very good but are not interested in the 5 bed licensed property.

All help would be much appreciated.

Check out Endsleigh - they were by far the best value for our 6 bed HMOs.

LandlordLee
07-12-2008, 00:48 AM
Thanks guys.

What sort of price are you paying if you dont mind me asking?

mind the gap
07-12-2008, 08:56 AM
Thanks guys.

What sort of price are you paying if you dont mind me asking?

For a solidly built 6 bed semi let to students, situated on busy road in 'desirable' but burglary-prone-ridden area of Newcastle, we recently paid £340 to cover all risks, including total rebuilding and the house being empty for up to 120 days p.a. (This is sometimes the case whith students). We got a 'discount' because it's non-smoking and because there's an intruder alarm - the usual stuff. We have a couple of other houses elswhere which are covered with the mortgage provider's insuracne company, (can't remember what they are called off the top of my head) which is less competitive, although they were very efficient when one of the houses was broken into. When we renew those policies, I expect it will make sense to try to get them covered with Endsleigh too but we need to check that.

ndes79
08-12-2008, 11:21 AM
Hi guys,

I am a landlord of a 1 bed flat in a purpose built block.

Just wondering if anyone can help - I have been purchasing my buildings insurance for the last 4 years through the freeholder. It has come to the point whether the premium has gone sky high (not sure why) - this time they want £220 for the year! I have found policies of similar status at half the price!

I would like to know, can I arrange my own buildings insurance or do I have to buy through the freeholder?

Kind regards,

NDES :)

jeffrey
08-12-2008, 11:37 AM
Hi guys,

I am a landlord of a 1 bed flat in a purpose built block.

Just wondering if anyone can help - I have been purchasing my buildings insurance for the last 4 years through the freeholder. It has come to the point whether the premium has gone sky high (not sure why) - this time they want £220 for the year! I have found policies of similar status at half the price!

I would like to know, can I arrange my own buildings insurance or do I have to buy through the freeholder?

Kind regards,

NDES :)
Although you state that you are a landlord, you own a leasehold interest only.
For flats, there MUST be a single block policy- so, no, you can't insure just your flat.
BUT
Why not get together with the other lessees (who are in the same position) and:
a. use RTM, to wrest management powers- inc. block insurance- from freeholder; or
b. use RTE, to acquire f/r entirely (purchasing in all four names or in that of lessees' new company limited by guarantee)?

darrenr0
09-03-2009, 21:01 PM
Hi All

I hope you guys don't mind me posting here but I'm after some Builings insurance advise and hoped someone could help me!

OK here's the situation. I've owned the freehold on a 1st floor maisionette since 2003 and recently moved so I've just started renting it out. Downstairs lives a couple who have their own mortgage but are leashold. I'm suppose to collect £10 ground rent from them every Jan 1st but don't bother, it makes me feel like a Scrooge straight after Christmas!

As the freeholder I understand it's my obligation to arrange insurance so for the last 6 years I've had my buildings insurance with Select & Protect and the downstairs couple were paying me half towards it.

However with me becoming a landlord recently I had to change my building insurance to a 'let' type so I renuwed today with Direct Line 'Landlords' Buildings insurance.

So here my question...am I legally responsible for rehousing the downstairs couple if the worst came to the worst and the whole house burt down (it was converted into two maisionettes in the 50's). I know that I would have to rehouse my upstairs tennants as they are paying me rent but what about the downstairs couple? They dont pay me any 'living' rent as they have their own mortgage but I have to arrange the building insurance on their behalf as I'm the freeholder.

Currently my new policy only covers me for £10,000 if I need to rehouse my upstairs tennant. However if it transpires I also need to rehouse the downstairs couple I seriously need to up the limit amount on my new policy.

I'm confused.com!?

Can anyone help me with this, thanks in advance!

Darren

PS Is it also up to me how much I wish to charge the downstairs couple in terms of their contribution towards this Building Insurance or am legally binded to charge them 50%?

ashburnham
10-03-2009, 09:00 AM
Hi All
So here my question...am I legally responsible for rehousing the downstairs couple if the worst came to the worst and the whole house burt down (it was converted into two maisionettes in the 50's). I know that I would have to rehouse my upstairs tennants as they are paying me rent but what about the downstairs couple? They dont pay me any 'living' rent as they have their own mortgage but I have to arrange the building insurance on their behalf as I'm the freeholder.

Currently my new policy only covers me for £10,000 if I need to rehouse my upstairs tennant. However if it transpires I also need to rehouse the downstairs couple I seriously need to up the limit amount on my new policy.

Darren


Hi Darren,

Not all landlord insurers take on properties where part of it is owner occupied so first off you've done well to find such an insurer. Secondly, if they are accepting this scenario then you should be covered for alternative accommodation.

I cannot speak for your current insurer but some of the landlord insurers we deal with allow the half let, half owner occupied situation and the policy itself includes alternative accommodation cover upto 20% of the building sum insured. This cover applies to both the tenant and the occupier in the other flat.

If your insurer works on the same basis as this then, whether you are legally responsible or not, you are covered which is the main thing.

darrenr0
11-03-2009, 10:20 AM
Thanks Steve

I know I'm covered for re-housing but it's only £10,000 cover for a maximum of 12 months. This amounts to £833 a month which is enough to rehouse my renting tenant upstairs but not enough to rehouse the downstairs tenants as well!

I'm estimating it would take at least 12 months to rebuild a property in the event of a fire so I doubt very much that £10,000 is enough.