Recomended insurances?

**Ricco E** · 18-11-2012 23:00 PM

I intend to mostly live abroad once my 3 BTL properties are secured.

During the last 5 years, when I've rented my own house, I've paid for a fully managed tenancy. I'm now considering what additional insurances to take out as I mostly won't be here to sort out any potential problems. 3 houses in a fairly rough area; I do expect some problems.

I'll certainly take out rental insurance which, as I understand, covers non-payment of rent while the tenant is still in occupation, providing that the tenant has been adequately vetted. Do I have that right, or could you expand maybe?

I'm interested in taking legal cover too. Would I be correct in assuming that this would cover processing legal action for potential rent debts, including representation in court if necessary? And would this also cover taking legal action to recover losses for damage, if the deposit didn't cover this?

Is there any other insurance you'd take out, if security and peace of mind is your main priority, rather than a few pounds difference in profit?

One final question: Can these insurances be bought 'packaged' with buildings insurance, perhaps at an overall lower rate?

Thanks for your time in reading this, and any replies.

**ashburnham** · 19-11-2012 09:08 AM

Rental Insurance (or Rent Guarantee Insurance) covers, as you say, the non payment of rent by the tenant. These policies normally have many requirements and have lots of weird and wonderful terms and conditions. I would recommend thoroughly reading through any policy you are considering taking out as coverage/terms/requirements vastly differs between each company.

Legal Insurance once again has a whole host of T&Cs. Most legal policies should provide cover for legal disputes with regards rent recovery, eviction, property disputes, attendance expenses, etc. but once again you will need to carefully check the policy wording.

There is no point in saying something is or isn't covered as I could only answer for the insurers we deal with and everyone else out there is likely to be different. Always best to get a variety of quotes and compare the price and cover to get the best option for you.

There are not really any other policies a landlord takes out (other than the obvious building and contents). Some landlords may take out an emergency assistance policy and as you are living abroad this may be worth considering as in the event of a domestic issue (boiler breakdown, burst pipe, etc.) they can provide valuable help.

Most insurers will be able to provide all of these types of cover and more than likely as a single "landlords insurance package" - whether or not this results in a premium saving is down to each individual insurer.

**Ricco E** · 19-11-2012 10:02 AM

Thanks for that, much appreciated, all is now clear. Well as clear as these things can be, you'll understand

**Ricco E** · 19-11-2012 17:35 PM

I explained on another thread that I intend to live mainly overseas when I've sorted my 3 BTL's. And that I want good insurance, for this reason.

As I understand it, from reading other threads, rent insurance has to be taken out before tenants move into a property. I'm buying my places with tenancies already running, so it seems I can't get this insurance. Is that correct?

My other question: does the same rule apply to legal cover?

Thanks.