Buildings Insurance for Landlords

mac123

Hi all!

I am just about to rent out my 2 bedroomed terrace house and wondered where the best place to look for buildings insurance? Can i look at the price comparison websites or are ther specialist insurers for properties where it is let to tenants??

Also, how do i know the rebuild price?? As in, if it burnt, what would it cost to rebuild??!!

Thanks

Mac

naijapower

The rebuild cost is normally stated on your valuation/survey report.
There are a few specialist companies for landlord..good deals available including insurance against void tenancy if you want this add on. Try legal and general

dacouch

Legal & General are good on claims and will either offer you a very competitive price or very expensive price as they have an unusual way of rating Buy to Let Insurance.

I would recommend you speak to a local broker, preferably one that specialises in Property Insurance. Most of the Buy to Let Policies are underwritten by the Big Insurers, my personal recommendation would be to chose one that is undewritten by Norwich Union or Zurich.

Expect to pay around £147 a year for cover of £100000 for rebuilding costs. (Most companies have the same rate give or take on let properties).

Ask the Insurer / Broker what tenants they do not permit as they often exclude Students, Asslyum Seekers and DHSS.

A modern 2 bed terrace is normally circa £85000 to build dependent on area and quality of build, its normally best to over insure. Naidjapowers advice on looking at the valuation is a good way of finding the correct amount to insure for (Make sure you add inflation if its an old valution, inflation on builders costs is circa 6% a year)

Rosie1980

For the last 3 years we have been renting out a property I have used a broker called simplybusiness.co.uk. Their form is easy to complete online and you get the three best quotes straight away. For the last three years Zurich has come up best for us as we have a DSS tenant in our property and a lot of companies won't insure if this is the case.

You can get information about the rebuild value of your house from abi.bcis.co.uk, it's free to register and then you can calculate the re-build value of properties up to 6 times in a 12 month period.