confused about insurance requirement

[Mina]

I own the leasehold on my unfurnished flat. The flat is completely unfurnished save for carpet and a cooker (oh and some curtains).

It was a term of the leasehold that I do not take out buildings insurance - this is covered by the freeholder. From speaking to a couple of brokers today, they seem to think this will include occupiers liability insurance e.g. if tenant gets a tile blown onto his head.

Re rent cover insurance, i'm told that policies will only cover a small percentage of lost rent in the event of a tenant not paying up. I'm not sure about legal expenses cover either - will this cover every penny of taking a tenant to court for instance subject to the excess on the policy?

As the contents are minimal, I'm wondering what insurance I need exactly. E.g. if there was a fire, surely the buildings insurance policy would cover the cost of redecorating/refitting etc?

Thanks for any help.

[Jonboy]

Re rent cover insurance if you mean loss of rent following an insured incident then it is normally 20% sum insured, you can get 30% but 20% is normally loads!

if you mean rent guarantee and Legal expenses cover you can get that for £99 for a year, the norm for rg is the excess is a months rent and this should be covered by the deposit from the tenant, LE cover does cover the cost of all legal expenses up to £10k, bit more to it than that but that's the jist of it.

'contents only' cover £6.00 per thousand anywhere in the UK. minimum 3K cover i think it is, but i'd have to look it up to be sure.

hope that helps

[Mina]

Really helpful Jonboy, thank you so much.Can you recommend a provider for the rent guarantee and legal expenses cover?

[Jonboy]

yes mina, call Landlord insurance direct. speak to justin or stuart. phone no is 0870 067 1080, you can only get it over the phone it's not available online yet. only open mon-fri 9-5pm if you can't get through email info@landlordinsurancedirect.co.uk



Regards

JonBoy