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    • Smb3088
    • By Smb3088 6th Sep 17, 3:29 PM
    • 211Posts
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    Smb3088
    Landlord Insurance Query
    • #1
    • 6th Sep 17, 3:29 PM
    Landlord Insurance Query 6th Sep 17 at 3:29 PM
    If you are renting out your flat, which is a leasehold and the service fees include your building insurance what type of landlord insurance would be advisable to get? I have not got a mortgage on the flat. It wont be furnished. So Im just trying to work out what insurance I need as a landlord. If buildings is covered in the leasehold fees. Is insurance mandatory as a landlord ? Apart from accidental damage and rent loss cover, what are the other recommendations ?
Page 1
    • dimbo61
    • By dimbo61 6th Sep 17, 3:46 PM
    • 9,550 Posts
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    dimbo61
    • #2
    • 6th Sep 17, 3:46 PM
    • #2
    • 6th Sep 17, 3:46 PM
    Does the Buildings insurance cover for damage done by your tenant?
    What happens if the place caught fire ? Arson by your tenant ???
    • RiversTam
    • By RiversTam 6th Sep 17, 4:22 PM
    • 35 Posts
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    RiversTam
    • #3
    • 6th Sep 17, 4:22 PM
    • #3
    • 6th Sep 17, 4:22 PM
    We are in the same position - we ended up with buildings insurance as it covered the boiler and other bits that our service fee insurance wouldn't.
    The trouble with having an open mind, of course, is that people will insist on coming along and trying to put things in it.
    • dpearson86
    • By dpearson86 6th Sep 17, 4:42 PM
    • 53 Posts
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    dpearson86
    • #4
    • 6th Sep 17, 4:42 PM
    • #4
    • 6th Sep 17, 4:42 PM
    Hi, I work in commercial insurance as a broker which Property Owners insurance falls in to (which as a property owner letting your flat out you fall in to).

    It's not a legal requirement, BUT I'd advise on insurance as a landlord because of your Property Owners Liability. Let's say for example one of the widows was to fall out due to bad weather and fell outwards or inwards and injured someone you'd be responsible (and due to changes in the Ogden Table, you could be seeing a high payout on this), same as if someone was to break in to the flat, your tenants are responsible for their contents but they are not responsible for the cost of the damage done to your property by someone forcing entry to commit a crime.

    Direct Line offer the sort of insurance you'd require off the top of my head (plus more I can deal with direct as a broker but if you want to deal with yourself I'd say look at them).
    • motherofstudents
    • By motherofstudents 6th Sep 17, 4:49 PM
    • 1,297 Posts
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    motherofstudents
    • #5
    • 6th Sep 17, 4:49 PM
    • #5
    • 6th Sep 17, 4:49 PM
    I've used www.justlandlords.co.uk for a few years as they seem to cover most things. I have a flat so dont need buildings cover but they include £5000 of contents, white goods, malicious damage by tenant, etc, etc. May be worth a look.
    • G_M
    • By G_M 6th Sep 17, 5:59 PM
    • 41,917 Posts
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    G_M
    • #6
    • 6th Sep 17, 5:59 PM
    • #6
    • 6th Sep 17, 5:59 PM
    It's not a legal requirement, BUT I'd advise on insurance as a landlord because of your Property Owners Liability. Let's say for example one of the widows was to fall out due to bad weather and fell outwards or inwards and injured someone you'd be responsible (and due to changes in the Ogden Table, you could be seeing a high payout on this), same as if someone was to break in to the flat, your tenants are responsible for their contents but they are not responsible for the cost of the damage done to your property by someone forcing entry to commit a crime.

    .
    Originally posted by dpearson86
    But these examples are not really related to being a landlord. The window could fall out and injure someone if you were an owner-occupier!

    The first things to do are

    1) read your lease - does it even permit you to let the property? And/or do you ned the consent of the freeholder?

    2) read the existing insurance policy. Ask the freeholder for a copy. It may (or may not) cover Property Owners Liability, and likewise it may or may not cover risks associated with occupancy by a tenant.

    No, insrance is not a legal requirement.

    Landlords contents cover may or may not be advisable depending how much contents you have. Carpets? curtains? White goods? Furniture? etc And of course you attitude to risk.

    Rent protection insurance is separate. If you decide on this, read the small print in detail - it usually has conditions on type of tenant, and when/how much it will pay out.

    Have you read:

    * New landlords: advice, information & links

    * Letting agents: how should a landlord select or sack?
    • Smb3088
    • By Smb3088 6th Sep 17, 6:53 PM
    • 211 Posts
    • 23 Thanks
    Smb3088
    • #7
    • 6th Sep 17, 6:53 PM
    • #7
    • 6th Sep 17, 6:53 PM
    Yes I can let it out, I did check and ensure before we completed. I definitely want insurance just checking what types there are and which would be most suitable. I think on this basis, contents for my carpets boilers etc would be wise and property owners.
    Hopefully I can find a company that cover these two.
    • dpearson86
    • By dpearson86 6th Sep 17, 7:50 PM
    • 53 Posts
    • 52 Thanks
    dpearson86
    • #8
    • 6th Sep 17, 7:50 PM
    • #8
    • 6th Sep 17, 7:50 PM
    Yes the examples could relate to anyone who owns a property which is why I put them as I've spoken to landlords who think they will have no responsibility and their tenants insurance will pick these up, it won't.

    A normal homeowners policy provides cover for these situations if you live in the property, but a homeowner policy will not be suitable if you own it and rent the property out.
    • dpearson86
    • By dpearson86 6th Sep 17, 7:51 PM
    • 53 Posts
    • 52 Thanks
    dpearson86
    • #9
    • 6th Sep 17, 7:51 PM
    • #9
    • 6th Sep 17, 7:51 PM
    If you've tried Direct Line already try Towergate too. They used to be good for this type of insurance when I use to deal with it.
    • silvercar
    • By silvercar 6th Sep 17, 7:59 PM
    • 36,046 Posts
    • 152,259 Thanks
    silvercar
    If you've tried Direct Line already try Towergate too. They used to be good for this type of insurance when I use to deal with it.
    Originally posted by dpearson86
    Also alan boswell and simply business. Ive used both
    • Smb3088
    • By Smb3088 6th Sep 17, 8:42 PM
    • 211 Posts
    • 23 Thanks
    Smb3088
    Ive used towergate before. Just had a quote from justforlandlords from a thread above for £120'pa. seems to cover a lot !!
    • G_M
    • By G_M 6th Sep 17, 10:00 PM
    • 41,917 Posts
    • 48,513 Thanks
    G_M
    Yes I can let it out, I did check and ensure before we completed. I definitely want insurance just checking what types there are and which would be most suitable. I think on this basis, contents for my carpets boilers etc would be wise and property owners.
    Hopefully I can find a company that cover these two.
    Originally posted by Smb3088
    I doubt a contents policy will cover the boiler.
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