Need for landlord's insurance?

[Samsuka]

Hi,

I own a victorian house that has been split into two flats. I live in the top one and rent out the bottom one which is done up to a reasonable spec with a bit of furniture (leather sofa, sideboard, table). I have contents for our flat and buildings insurance covering both but not sure if i need bother with landlord insurance or not.

How much would it be for this 2-bed garden flat in North London and what does it cover. Is it right that things like the kitchen, washing machine and fridge are covered under buildings insurance?

Thanks

Sam

[P.Pilcher]

Remember the universal law of insurance companies: Heads we win, Tails you loose! If I were you I would contact your insurance company and ask them directly.

There are plenty of advertisers on this site who will provide the cover you require and Google will find you plenty more! It pays to ring around to get the best value quotation. Notice I said "best value" not "cheapest".

P.P.

[Poppy]

If you have not already done so, you should look through your yellow pages for local insurance brokers. Once you have explained the property and its location the broker will do the legwork finding appropriate quotations from insurance companies. As a landlord it's what I do every single year.

I doubt whether anyone here can answer what items specifically will be covered by buildings insurance or contents insurance. You need to determine that from the insurance company before you eventually buy cover from them.

[marky]

You certainly need to tell your insurers. If you have arranged your cover under a traditionally household policy and not told your insurers of the way your property is arranged and let there is a high probability they will refuse a claim.

Even if you have told them a standard household policy is extremely unlikely to pay:

1. Loss of rent following a claim on the property.
or
2. Any liability claims arizing out of the flat being let.

The difference in premium to arrange this correctly is neglible compared to the potential cost if you not insured properly.

If the tenant were to fall over and injure themselves and it was due to a lose carpet or you were seen as negligent at law not only would you have the expense of defending the claim you would have to pay compensation. OK it may never happen to you but it will to happen to someone and as the lootery say it coluld be you.

Finally the premium is tax deductable.

Call me if you need further help.

Mark Weedon

[Paul]

Sam,

As already advised, you need to rearrange your present insurances.

If you wish to talk it through, please phone me.

Paul
C & R Insurance
01275 876714

Hi,

I own a victorian house that has been split into two flats. I live in the top one and rent out the bottom one which is done up to a reasonable spec with a bit of furniture (leather sofa, sideboard, table). I have contents for our flat and buildings insurance covering both but not sure if i need bother with landlord insurance or not.

How much would it be for this 2-bed garden flat in North London and what does it cover. Is it right that things like the kitchen, washing machine and fridge are covered under buildings insurance?

Thanks

Sam

[dommorton]

Sorry if this is covered in an FAQ or similar somewhere but I couldn't find anything on it.

I'm renting out an owned property on a 12 month tenancy agreement with 6 months rent in advance with the next 6 months being paid as a lump sum thereafter.

I want cover for the property and limited contents (renting unfurnished) but I'm sure I've read that normal buildings cover is void if the house is let? :confused:

Do I need Landlord cover? What are my potential exposures as a landlord I need to cover?

I don't want to under insure myself but being a bit green to it all I don't want to overcover either.

Any help appriciated

[Jonboy]

you are right, your normal cover will probably not include renting out.

you need a policy that does cover you for renting our, for that you probably best to try one of the specialist brokers, i use landlord insurance direct, very friendly and helpful.

the main reason for the difference is the different risk a tenant poses than you yourself living there, a higher risk basically, so the insurance cover may be more expensive than you havbe already (not always) the insurance will also give you 'landlord liability' cover (incase the tenant falls over and hurts themselves and it's your fault)

how you get your rent does not change anything unless you were looking to insure that also. probably a bit late now anyway if the tenancy has started and not really neccesary if you are going to get all the rent as lump sums

hope that helps

[hjwd]

I'm going to let out a 3 bed semi house and need Landlords insurance.
My current insurer won't do landlords insurance. This will be the first time I have let out a property.

Can anyone recommend the best/cheapest Landlord insurance companies?

I am presuming I wont need contants insurance as it will be let either unfurnished or part-furnished. Will that make much difference to the price?

Thanks!

[welshgold]

I have found Let plan to be excellent, dont know there web address as all arranged through broker but e.mail - enquiries@letplan.co.uk

[mart]

Hi hjwd,

I found UK insurance Net to be the lowest cost, take a look at their web site.

Hope it helps,

mart

[Jonboy]

i have found that landlord insurance direct are the cheapest and the easiest to deal with.

www.landlordinsurancedirect.co.uk - tel: 08700 67 2227

[Poppy]

Have you properly assessed the contents of your house? Let me give you some food for thought. As a professional landlord you should buy contents insurance and tell the insurer that the place is rented. The purpose of the contents insurance is to cover your white goods, your flooring, your décor, your bathroom furniture, your kitchen furniture, your radiators, your boiler. Or doesn't your property have these things?

[Jax]

I found HOMLET useful

http://www.homelet.co.uk

[Tracy]

I would recommend becoming a member of the National Landlords Association, not only are they very good for giving advice on all aspects of being a Landord but some Insurance companies that specialise in let properties give a really good discount if you are a member. Try AXA Insurance

[Markonee1]

I would recommend becoming a member of the National Landlords Association, not only are they very good for giving advice on all aspects of being a Landord but some Insurance companies that specialise in let properties give a really good discount if you are a member. Try AXA Insurance
__________________
Tracy Brash

Hi Tracy what kind of discount are you talking about % wise. Specifically with AXA. Do you have a price for loss of rent?
I have a similar problem as you with the freeholder taking money for his reasonable costs in a sale and going silent for a year.
Regards
Mark

[Smiler]

Have you properly assessed the contents of your house? Let me give you some food for thought. As a professional landlord you should buy contents insurance and tell the insurer that the place is rented. The purpose of the contents insurance is to cover your white goods, your flooring, your décor, your bathroom furniture, your kitchen furniture, your radiators, your boiler. Or doesn't your property have these things?

Have you properly assessed what contents insurance actually covers?

White Goods - Contents
Flooring (Tiled) - Buildings
Flooring (other) - Contents
Decor - Buildings
Bathroom Suite - Buildings
Bathroom furniture - Contents
Kitchen Units - Buildings
Other Kitchen Furniture - Contents
Radiators - Buildings
Boiler - Buildings

So it's not that straightforward.

I'm insured with Alan Boswell and have very limited contents insurance. Helps if you join a Landlords association as it will mean an extra discount.

[moll42]

Hi,

I'm in the process of buying a house for the purpose of letting out. My question is, do I need Landlord insurance or would a residential policy be sufficient ?

thanks in advance for any responses.....

[Baldfacedfrodo]

Greetings,

You will need to have a buy to let insurance policy as this would cover things such as Property Owners Liability, protecting you against tenants if they injure themselves and try to blame you for it. Most buy to let policies also cover carpets, curtains, fixtures and fittings and white goods. These I think are generally what unfurnished properties have in them before being let.

www.abib.co.uk are experts in this area of insurance and their web site is very informative.

Send me an email at p.barber@abib.co.uk on Monday and I'll give you a call, or you can get a quote from our web site.

Cheers.

[moll42]

Thanks for your reply.

You mention a buy to let policy. I have seen these advertised alongside Landlord insurance on some websites. Do they differ from a Landlord policy ?

[Baldfacedfrodo]

They are one and the same.

Landlord Insurance
Buy to Let Insurance
Property Owners Insurance

[Surrey]

I used Paragon Advance, they seemed to be ok.

[specialist]

Hi,

I'm in the process of buying a house for the purpose of letting out. My question is, do I need Landlord insurance or would a residential policy be sufficient ?

thanks in advance for any responses.....

Being honest I am a broker too but call me on 02083162341 I not only insurer let property but I am a landlord too so may be able toffer additional help other than just the quote
Kind regards
Neil

[Pete Matthews]

Hi,

Try UKinsuranceNET on 0845 3451236. or visit

www.landlords-building-insurance.co.uk

You can get a quote and purchase online for Landlords insurance underwritten by Zurich, one europe's largest insurers. The cover is comprehensive and premiums very competitive.

Regards,

Chris McLean
UKinsuranceNET.

[premieji]

Dear anyone? I have two properties that are both HMO's let out to students. I have to renew my landlord insurance. Can anyone suggest a good company with reasonable premiums? Thank you... Premieji

[Pete Matthews]

One of the best companies for this type of insurance is
www.landlords-building-insurance.co.uk They offer several schemes from top UK insurers and includes cover for carpets and fixed floorings under the buildings section (http://www.landlords-building-insurance.co.uk). Most of their policies also include cover for malicious damage by tenants, which is a must for student property.

[Jolanta Nowak]

-- and are they any good?

I'd be interested to know whether there's any consensus about this.

[stuco]

I use Zurich for buildings insurance. Costs about £70/year on a 1 bedroom brick and tile house. Have had to claim once off them for damaged flooring due to water leak and they seemed fine. It is specific BTL insurance and the mortgage company is also listed on the insurance certificate.
On another property we are covered under the block insurance policy. It is a purpose built flat and it is in with the service charge.

[jeffrey]

Every block of flats should be insured under its own (communal) property insurance- buildings, not contents- covering not only amenity areas but also the entire structure and everything else for which the reversioner/lessor/mgt. co. of the block is responsible by covenants in the leases. The premium ought to be incorporated in the service charge payable proportionately by each lessee.

[peterdo]

I place my insurance with Endsleigh, cheapest I could find with the cover offered, tend to place with reputable insurers such as Zurich etc

[pete's properties]

Co-op for my house, costs £8 per month which I thought was quite good. Had a few hundred off them after storm damage without any trouble.

Zurich for my flat but like others have said, this comes with the service charge and is not negotiable. Never got an extra bill after flood damage to the building so I assume Zurich paid out!

:)

[LauraB]

You should use HomeLet as in my experience they seem the only Landlords/Tenants Insurer who actually DOES pay out on any claims!!! Cheaper ones seem to wangle out of paying.

call 0845 117 6000
or www.homelet.co.uk

Hope this helps!

[gary7]

I also had someone recomment landlord insurance to me, they charge a fixed £157.50 per year! http://www.credit-check-services.co.uk/landlord-insurance.asp

[Pete Matthews]

One of the best sites to get a quote from or to make an enquiry is www.landlords-building-insurance.co.uk they provide the best comparative quotes for buildings insurance (www.landlords-building-insurance.co.uk)from over 8 insurance companies.

[ashburnham]

My company uses 7 different insurers for residential landlords insurance. These are:


IGI Insurance
Beazley Insurance
AXA Insurance
Fortis Insurance
Prestige Insurance
Amlin Insurance
MMA Insurance


All of these are specialists in the landlords insurance market and are all FSA registered. We can provide a instant online comparitive quote with all 7 of these insurers in a single 30 second form. There is then links to find out the key facts of each insurer.

Take a look at http://www.landlords-quick-insurance-quote.co.uk

[Moony]

Hi

I am becoming a landlord for the first time and need some advice on Landlord insurance cover.

We got a quote of Lloyds TSB for landlord cover (buildings, contents and public liability) - the qoute seemed ok - but "malicious" damage by the tenant was specifically excluded. Is this the norm? What is the situation if the tenant smashes up the place or burns the house to the ground intentionally - can you be covered for this - or is it a risk you take by letting out your property?

Also - what is the situation with utility bills. We have informed our electricity supplier of the last date we will be responsibile for the bills and will provide them with a final meter reading. Our letting agent will then deal with the transfer of the utility bills into the tenants name. The electricity company have advised us to get a pay-as-you-go meter installed in case the tenant doesnt pay their bill. They said that if the bill is not payed - we as the owners of the property are responsible. Is this the case? - surely if the tenant signs up for an account with an energy supplier - the contract is with them as users of the service - rather than a contract on the property. If we are ultimately responsible - is there any way to monitor the situation so we can take action if there seems to be a problem?

Cheers

[Colincbayley]

It is normal for damage by tenants to be excluded, even so, you may be better off using a specalist broker for your Insurance cover, it should be a lot cheaper and give you the best level of cover.

Once the utilities are changed into your tenants name it is no longer your problem. Make sure you take the meter readings for the property before they move in and advise the companies of them.

[Moony]

It is normal for damage by tenants to be excluded, even so, you may be better off using a specalist broker for your Insurance cover, it should be a lot cheaper and give you the best level of cover.

Once the utilities are changed into your tenants name it is no longer your problem. Make sure you take the meter readings for the property before they move in and advise the companies of them.

Ok - thanks for the info - I am a little surprised by the insurance not covering damage by the tenant but i'm getting quotes from my broker at the moment, so hopefully they will come up with something that has a decent level of cover.

As for the utilities - I suspect there was a little scare mongering going on on behalf of the utility company - perhaps to scare us into getting a pay-as-you-go meter installed as Its safer for them.

[ashburnham]

I agree colin as the answer to your question is to use a specialist broker. All mainstream companies will normally exclude malicious damage by the tenant.

I know I am probably not allowed to advertise myself but it does provide a solution to your query. We deal with 7 companies and 6 of them provide malicious damage by tenant as standard. Our prices are also the same if not lower than most companies and the cover is better.

One of our companies even throws in legal expenses cover for free and I don't know anyone else that does that (and yes they also include MD by tenant as standard).

I've opened myself up for attack from the moderators now but I'm only trying to help the guy. Please take pity on me!!! ;)

[Moony]

Had a quote come back from my broker - covers disaster, fire, escape of water, falling trees, subsidence, civil unrest, accidental and malicious damage by tenant, theft by forcible means + loss of rent and re-letting cost up to 30% of sum insured.

£300k buildings/rebuild cover
£10k contents (carpets, white goods, sanitry ware)
£10m employer liability
£5m public liability

The premium is coming in at ~£55 per month

[Colincbayley]

Had a quote come back from my broker - covers disaster, fire, escape of water, falling trees, subsidence, civil unrest, accidental and malicious damage by tenant, theft by forcible means + loss of rent and re-letting cost up to 30% of sum insured.

£300k buildings/rebuild cover
£10k contents (carpets, white goods, sanitry ware)
£10m employer liability
£5m public liability

The premium is coming in at ~£55 per month

£660 per year seems like a heck of a lot of money to me. I understand that it will depend on the area of the UK you are in and the like, but I would shop about still and get the price down.
In my part of England I would expect to be paying about £300 - £350 for that amount of cover.

[Moony]

Hmm - ok i'll have another look, however we were quoted £206 for buildings only cover by Lloyds TSB. Their policy did not include accidental damage to the building or any type of contents cover. These could be added a extras (not sure how much) - but their policy didnt include malicious damage cover as even an option.

What type of property are you getting quotes of £300-350, I guess the size of the property will also affect the premium.

[Colincbayley]

Hmm - ok i'll have another look, however we were quoted £206 for buildings only cover by Lloyds TSB. Their policy did not include accidental damage to the building or any type of contents cover. These could be added a extras (not sure how much) - but their policy didnt include malicious damage cover as even an option.

What type of property are you getting quotes of £300-350, I guess the size of the property will also affect the premium.

Insurance is based on personal circumstances, so it is very hard to compare one persons to another. The cheapest buildings only rate without A.D cover that I have been quoted this year is 0.86 per % ( Although this is for a fair sized portfolio )

Just shop about until you are sick to death with it or are happy with the price/cover offered.
I can think of better things to do with time, but if you end up saving a few hundred quid then it is worth it.

[johnjw]

I pay about 1% of property value for buildings and contents. Malicious damage is not excluded. I insure for £20K contents (mine) and it's in the AST agreement that the tenant insures their own possessions.
I'm sure that some tenants don't in fact insure their possessions and I'm always a bit concerned about the possibility that tenant possessions are destroyed by some fault attributable to the landlord eg. failure of a joint on the cold water main flooding the house. In such circumstances, does the tenant have any claim against the landlord?
I would definitely avoid installation of pay meters. Most tenants would dislike and avoid these. Apart from their association with bad-payers the cost per unit of gas or electricity is greater when supplied through a prepayment meter.

[Colincbayley]

the cost per unit of gas or electricity is greater when supplied through a prepayment meter.

Not all of them! Some companies charge the same for pre-payment meters as they do for standard meters. Eon being one such supplier.

[DreamLifestyle]

£660 per year seems like a heck of a lot of money to me. I understand that it will depend on the area of the UK you are in and the like, but I would shop about still and get the price down.
In my part of England I would expect to be paying about £300 - £350 for that amount of cover.

What insurance company do you recommend?

[Colincbayley]

What insurance company do you recommend?

The one that offers the best price, cover and service for your personal situation.

I use, Hamilton Frazer ( Via NLA ) and am also looking at Boswells ( Via The Money Centre ) But that's me, the nexts persons situation may well be different.

[TheYoungLandlord]

Hi everyone im the new kid on the block.

I have tried to ask for insurance from 2 insurers.

They both wanted to know as much about my tenant as myself, such as do i know him and any previous convictions etc.

This may be because i went ahead without a letting agent.

When i told the new tenant who was due to move in next week that i would have to do a credit check on him, he said: Just forget it mate as i have rented flats out before and not needed this done.

Whats everyones veiw on this ?:confused:

[mind the gap]

Hi everyone im the new kid on the block.

I have tried to ask for insurance from 2 insurers.

They both wanted to know as much about my tenant as myself, such as do i know him and any previous convictions etc.

This may be because i went ahead without a letting agent.

When i told the new tenant who was due to move in next week that i would have to do a credit check on him, he said: Just forget it mate as i have rented flats out before and not needed this done.

Whats everyones veiw on this ?:confused:

What sort of insurance are you trying to get?

[TheYoungLandlord]

Just basic Landlord Building Insurance

[mind the gap]

They are obviously being cautious - perhaps about your age and inexperience. If your tenant has nothing to hide, he should not be worried about having a credit check done. He will almost certainly have been throught the process if he has rented before, so it's odd that he should say he has not needed it.

Call his bluff - insist on it - if he refuses, don't allow him to move in. Get another tenant who doesn't object to being credit checked. You'll be glad you did, in the long run.

[TheYoungLandlord]

Mind the Gap,

Thanks for your advice, he texted me back just to say: Look mate its okay i will just rent somewhere else, not to worry Thanks...

So when i mentioned a little credit check he basically told me to forget it.

I wonder if the landlord would pay out if there was a fire ? If you didnt do a proper check on the tenant ?

That was a concern of mine...

[TheYoungLandlord]

Sorry i meant to say i wonder if the Insurance company would pay out...

[Wrigglesworth]

If the prospective tenant runs away at the suggestion of a credit check then the process has served it's purpose without you having to fork out a penny - the bloke is clearly a bad'un.

However, I don't believe his creditworthiness has got anything to do with fire risks. Bankruptcy and pyromania are not related conditions.

[mind the gap]

That's true, in fact I was wondering why the insurers were so interested in the tenant(s), when its the building they are insuring. The only thing that might be an issue is how careful the tenants are over fire/theft prevention; we let to students and get a lower premium because we enforce the no-smoking policy, have lots of window locks, etc. However, many insurance policies don't pay out if negligence is established.

Have you shopped round for insurance?

[katrinahale]

Hi

I have never had a problem with insurance I go through landlords insurance.
They are an agent and search for the best deals and as they specialise sevice is good. I had to make a claim and it was fuss free.
Try them landlordbuildinginsurance.co.uk ask for Barry.
Hope this helps.

I would not take on a tenant who refuses a credit check.

[Izzycam]

I have never had to state that my tennts have been through a credit check just to get household insurance....try and go through a landlord insurance broker, they will know the inns and outs and can guide you seing as your new to this, good luck.

[TheYoungLandlord]

THANKS EVERYONE FOR BEING SO HELPFULL


Well tonight i got a call from the "Possible new Tenant" she said Mr X still really wants the property etc and went on to say that Mr X wouldnt pass the credit check as he just went through a divorce etc.

I then went on to ask where he is staying just now, she said in a Pakis house which is black etc.

I asked is it possible for them to give me a reference for him, she said: No they wouldnt do that Pakis she said there place is dirty and they didnt get on.

So i guess its a NO folks ?

No credit check and no reference, Though i know where he works and his sister owns the company round from my flat as i went in there...

What would the rest of you do about this as he has full deposit and 1 months rent waiting?

Thanks

[mind the gap]

THANKS EVERYONE FOR BEING SO HELPFULL


Well tonight i got a call from the "Possible new Tenant" she said Mr X still really wants the property etc and went on to say that Mr X wouldnt pass the credit check as he just went through a divorce etc.

I then went on to ask where he is staying just now, she said in a Pakis house which is black etc.

I asked is it possible for them to give me a reference for him, she said: No they wouldnt do that Pakis she said there place is dirty and they didnt get on.

So i guess its a NO folks ?

No credit check and no reference, Though i know where he works and his sister owns the company round from my flat as i went in there...

What would the rest of you do about this as he has full deposit and 1 months rent waiting?

Thanks

Are you real or a wind-up?

If you are real, you have a lot to learn, not just about letting out property, but about how to refer to other human beings in public forums. (I suspect that you really have no idea how offensive your last post might be to many of the people who read it).

This will sound harsh but it is not meant to offend : you need to engage the services of someone with more education and more idea of how to deal with prospective tenants, than you have.

[TheYoungLandlord]

I understand Mind The Gap, I was only saying what the sister of the tenant said to me tonight on the phone.

It is not a wind up i was afetr advice thats all...

I guess i will just go with the Agency and i have done well in my life so your comments dont affect me.

[Dobermann]

Help -I am struggling to source a company that will do Landlord third party insurance only,most policies come bundled with buildings and contents insurance which I don't need.
Can anyone give me some idea of cost to cover two let properties (1 bed flats)
thanks

[ashburnham]

Hi there,

First and foremost, you say you don't need buildings and contents cover. I therefore assume that there is a policy for this already in place. If there is then it is possible you have Property Owners Liability (POL) already covered and I would first check that policy before taking out separate cover.

Secondly, if that buildings/contents policy is not covering you for POL, why? As far as I am aware most landlords insurance policies (certainly all of our panel) provide POL as standard.

Last of all, if you are still sure you need a separate liability policy, consider this. We also specialise in liability insurance and can offer the policy you require but the insurer in question has a minimum premium of £200. A landlord insurance policy can be half this price and would include the liability insurance automatically.

We have had a few people say the same thing as you and a few do opt for the separate liability still but most will review their current buildings insurance and either see that they are already covered or take out a new buildings policy that does cover them correctly.

[ashburnham]

To answer your 'insurance question'...

Buildings is considered the main insurance taken out by landlords. To this you can add contents insurance so the same one policy covers both. They can be taken out separately but you will normally get a discount for having the two together.

With all the insurers we use, liability insurance is automatically included on the buildings/contents policy but always check with the insurer you are using as I am not sure if this is standard with all companies.

In my experience, most landlords only take out buildings insurance but it all comes down to what you want covered and what you are prepared to risk. Most landlords maybe do not realise how much contents they have in their property (carpets, curtains, furniture, etc. - it all adds up!).

[jeffrey]

'Landlord' might be:
a. freeholder of house; or
b. long-leaseholder of house; or
c. freeholder of whole block of flats (of which this flat is one, not sold on long lease); or
d. long-leaseholder of flat.

So buildings insurance might be by L (cases a and c- and usually case b too) or the block's freehold reversioner etc. (case d).

[GJMSurrey]

Hello,

Does any landlord insurance cover malicious damage/theft by tenants (a) of items in their room, and/or (b) items in communal areas where is is a shared house and they rent a room and share the rest of the property.

Advice appreciated

[SALL]

Hello,

Does any landlord insurance cover malicious damage/theft by tenants (a) of items in their room, and/or (b) items in communal areas where is is a shared house and they rent a room and share the rest of the property.

Advice appreciated

I guess that would depend on the policy you have. Read through your policy and see if malicious damage or theft by tenant or their guests are covered or not.

I have a LL policy for my rental property and it doesn't cover either of the above.

[mind the gap]

Hello,

Does any landlord insurance cover malicious damage/theft by tenants (a) of items in their room, and/or (b) items in communal areas where is is a shared house and they rent a room and share the rest of the property.

Advice appreciated

The cost of such damage is deductable from the tenancy deposit.

[ashburnham]

Malicious Damage by the tenant cover is different with every insurer. Some will provide it in the standard cover, others will charge an additional premium to have it as an add-on (sometimes as part of adding accidental damage cover) and some insurers will not cover it at all. Be careful not to mistake it with general malicious damage cover in your policy wording which is standard on most policies but obviously excludes damage by tenants.

I don't know of any company that covers theft by anyone lawfully allowed in the property (i.e. tenants, friends visiting the tenants, etc). With any theft claim there has to be signs of violent/forcible entry which would not be the case if someone has a key - obviously this extends to tenants leaving the property insecure (windows/doors left open/unlocked).

As 'mind the gap' says, MD by the tenant should be deductable from the tenants deposit and most people are happy with this option but keep in mind that the damage can easily outweigh the deposit collected in which this cover become invaluable.

[meehr]

Situation: landlord with 2 (furnished) properties let out, both with separate buildings insurance as per mortgage requirements.

Would it be sensible to take out Landlords Insurance? what are the reasons for it and in people's experience, has it been useful? I've had a number of insurers get out of coughing up on minor technicalities (insure&go & laptopcare fyi!)

Thanks!

[mind the gap]

Situation: landlord with 2 (furnished) properties let out, both with separate buildings insurance as per mortgage requirements.

Would it be sensible to take out Landlords Insurance? what are the reasons for it and in people's experience, has it been useful? I've had a number of insurers get out of coughing up on minor technicalities (insure&go & laptopcare fyi!)

Thanks!

Assuming property is let furnished, you may wish to consider having cover for your contents in the event of fire or flood (if not already covered by your buildings policy), and against theft by burglars or people unconnected to your Ts.

Your contents will probably not be covered for malicious or accidental damage by Ts - you have to deduct from their deposit for that.

[ashburnham]

Situation: landlord with 2 (furnished) properties let out, both with separate buildings insurance as per mortgage requirements.

Would it be sensible to take out Landlords Insurance?

I may be reading your post wrong but it sounds like you just have normal household building insurance on your properties instead of landlords building insurance. If this is the case then it would be very sensible to take out landlords building insurance as the normal household building insurance would probably be invalid as this only provides cover if you live in the property yourself.

When you change to landlords building insurance you will find that the cover is almost identical. Things to look out for on a landlords building policy are malicious damage by the tenant and accidental damage by the tenant. Not all landlord insurers provide this cover but it is obviously just a matter of preference if you want this cover really (although I personally would make sure the insurer I used did include it).

[rich1969]

Hi I live and own a flat in a converted house. The freeholder owns the upstairs flat which he rents out. Every year i have the same disagreement with him over the building insurance. As he rents his flat out he always gets a landlords building insurance to cover the whole building which is considerably more expensive than a buildings insurance based on him and i living in our flats and i have quotes from other insurers to prove this. But he insists that i have to pay half of the landlords insurance that he needs to get to cover his flat being rented out. I don't think this is fair but does any one know where i stand within the law and what i can do about it?

[quarterday]

It depends on the precise wording of your lease but the landlord very probably is right that you are obliged to share the cost of insuring the building irrespective of whether or not it is dearer if one or more flats are let.

Do you have common parts/gardens? A landlord's policy will include these. Do the ones for which you have obtained quotes do so? The landlord's policy may well include cover for risks which your competing quotes did not

ie Trace and Access cover

Non invalidation clause

[leaseholdanswers]

Of course if the lease may limit what can be recovered or be very wooly eg" from time to time include any perils which the landlord shall determine to (insure)"

If very much cheaper apply to the LVT or agree to pay part and he pay the extra over.

[jimmytwoburgers]

Hi All,

I am going to rent out my leasehold apartment. The building is covered under "block insurance" and i have asked the management company to send me the documents so i can work out what is covered and what is not covered.

If the buildings covers everything I am worried out ie fire/flood etc, will i need to take out any landlords insurance at all? Just wondered if there is a legal obligation, or what about public liabillity ie if a tennant sues for an accident in the property?

Thanks

[jeffrey]

Also, read your lease before you plunge ahead. Be certain that you are lawfully able to sublet.

[byterider]

Hi people,

Can anyone clear up whether or not I will need to get any extra/different insurance as I am changing my properties to HMOs very soon.

If anyone has any personal recommendations of companies worth checking out I would be very grateful.

Byte

[sentry1]

Hi All,

Roughly how much is landlords insurance? And what does it cover? I was thinking of getting

- buildings insurance
- enough contents insurance to cover the white goods
- landlords insurance (if necessary)

Is it worth getting the landlords insurance as well?

Thanks!

[ashburnham]

Roughly how much is landlords insurance?
This is an impossible question to answer. It's like me saying "How much is car insurance?". I could have maximum NCB and drive a 20 year old Ford Fiesta that cost £200 or I could be a multiple claims high risk driver behind the wheel of a brand new £100,000 Aston Martin.

Feel free to give some brief details like post code, tenants and what cover you want and I will give you a guideline but in all fairness the best thing is to get out there and start getting quotes and compare them to one another.



And what does it cover?
Landlords insurance is a term used to describe buildings and contents cover for a landlord's let property. As with a normal home insurance policy, you will get cover for fire, flood, storm, theft, malicious damage, subsidence, etc, etc, but you will have a few extras available that may come as standard or you may have to pay an extra premium for such as malicious damage by tenants, legal expenses, rent guarantee, etc.

[mind the gap]

Hi people,

Can anyone clear up whether or not I will need to get any extra/different insurance as I am changing my properties to HMOs very soon.

If anyone has any personal recommendations of companies worth checking out I would be very grateful.

Byte

Whether you need it or not, I cannot say. Ask your present insurer?

Endsleigh do quite a good package - not sure if it's just for student HMOs though.

We also got a good deal through LLoyds TSB/Bank of Scotland.

[Jophus]

Does anyone know of any companies that provide this, I am not able to add it onto the buildings insurance as they are policies for the block. I am not sure if the block policy includes this but even if it does I cant rely on the freeholders including it every time they change insurer and I have three properties all in the same situation so am looking to cover myself for them all.

[quarterday]

The landlord's property owners' policy should include landlord's liability cover, and you will have an insurable interest in that cover. Therefore the cover you seek is almost certainly already in place. You are entitled to obtain a copy of the terms of cover. Write to whomsoever you pay service charge

[theartfullodger]

Landlords insurance is so, so much cheaper than finding you've only got "householders" insurance, there's an 'orrible fire, tenants grandchildren are 'orribly burned, insurers won't pay out, you are bankrupt, the local papers & TV channel feature you heavily & all your mates down the Golf(*) club won;t talk to you any more/.//



(*) replace "Golf" with whatever club is appropriate for you, dear reader

[Gordon999]

Send a written request for a "summary of insured building cover" by "registered post" to confirm date of posting. . There is a legal obligation under the L& T Act to receive a reply within 30 days .
Failure to receive a reply within the 30 days , it becomes a criminal offence which is reportable to the local Magistrates Court. So exercise your right.

[Gordon999]

Get quotes from 3 different brokers . The contents cover may start at 10K minimum. Some companies may quote rates depending on the post code .

[Jophus]

Thank You both for your prompt advice, I will check with the owners.

[ashburnham]

I've had to do a few standalone policies for this sort of thing in the past. Probably only 1 out of 100 people that ask for it actually need it so make sure you check existing policies first otherwise you will be wasting your money. On the subject of wasting money, it is quite common for a policy of this sort to be relatively expensive in comparison to a buildings policy which should include the cover anyway.

[ashburnham]

The announcement that Jeffrey refers to which I wrote some time back now says that if you have a specific PROBLEM then to start a thread. It gives HMO as an example but the key word here is "problem".

We try to avoid people asking for RECOMMENDATIONS as this encourages spam and "recommendations" is what you have asked for.

My first point of call would be your existing insurer but if they cannot help then please use the LandlordZONE Insurance Directory (http://www.landlordzone.co.uk/dir/insurance-directory.htm) to source your insurance requirements. I would imagine that most the insurers there are capable of providing quotes for HMO properties without any problems.

If you are still having trouble getting a quote for a more specific reason then feel free to come back here and ask for help.

[Moderator1]

Several largely similar questions on separate threads have been merged into this thread (hence the repetitive nature of answers).

[balrog92]

For landlords insurance I can recommend Constructaquote.com.

I've used them in the past and have always found them competitive.