Looking for Landlords insurance with liability cover

ANNEGEDDES

Hi,

Im in search of landlords cover (buildings and contents) with liability cover but im being quoted £300+ per annum

Can anyone recommend a broker / insurer for my cover:

Buildings £95000
Contents £20000

I need the cover as part of a mortgage requirement. Can anyone help as £300+ will eat heavily into my expected profit for the property let.

mattymoo

No real recommendations but I did notice Sainsbury's are offering this cover now (when I did my shopping last week).

http://www.sainsburysbank.co.uk/insuring/ins_buytolet_home_skip.shtml

dacouch

£300 plus is a lot for landlords insurance (Assuming you don't live in london or have claims etc).

Do you actually need £20000 of contents as most landlords just leave in contents and curtains in a home so only need a small amount of contents

jodafone

Contact PSP Insurance Solutions on 01249 653461. They do this type of cover. They are a broker and offer excellent options.
Check the level of cover you actually need because you may be paying over the odds for contents when the tenant will have their own contents insurance. Average landlords contents is about £5,000 - £8,000. Also, check the building sum insured. Some people confuse this with the value of the house. It is in fact the re-build cost. This is usually less than the value of the property. Tell them what types of locks you have on the doors and windows too. Also if you have any smoke alarms. It all helps to bring the price down.
There may also be an option to do a free direct debit. This is only if the quote comes through with Royal Sun Alliance, but they can usually price match to Royal Sun Alliance anyway so this is a bonus.
Hope this helps.

ANNEGEDDES

Thanks for the advice i'll try psp with a reduced contents value. i need to get the buildings cover for 95000 as this is a recomendation from the valuation.

Many thanks

whatatwit

jodafone wrote: »

Contact PSP Insurance Solutions on 01249 653461. They do this type of cover. They are a broker and offer excellent options.
Check the level of cover you actually need because you may be paying over the odds for contents when the tenant will have their own contents insurance. Average landlords contents is about £5,000 - £8,000. Also, check the building sum insured. Some people confuse this with the value of the house. It is in fact the re-build cost. This is usually less than the value of the property. Tell them what types of locks you have on the doors and windows too. Also if you have any smoke alarms. It all helps to bring the price down.
There may also be an option to do a free direct debit. This is only if the quote comes through with Royal Sun Alliance, but they can usually price match to Royal Sun Alliance anyway so this is a bonus.
Hope this helps.

Depending upon the area, the rebuild costs can be high, as they have to include costs such as clearing the site.
For the sake of a few pounds, don't underinsure on this as it could to lead to major problems.

ANNEGEDDES

Another problem im facing is that companies will not insure when the property is vacant.
As this is a new purchase i do not have tennants, did not realise this was to be so tricky

jeppy

Try milestoneinsurance.co.uk - 01132 593679. They are genuine and very helpful.

They have great rates and a scheme for unoccupied proerties. The price you is probably high due the the fact the property is unoccupied.

TheHits

ANNEGEDDES wrote: »

Another problem im facing is that companies will not insure when the property is vacant.
As this is a new purchase i do not have tennants, did not realise this was to be so tricky

The reason why they will generally refuse is because unoccupied properties represent a significantly higher risk with respect to malicious damage and suchlike.

If you have a tenant ready and waiting to move in, with a signed contract, then they may give you a little bit of leeway. A broker with a good relationship with a particular insurer might be able to swing it for you as well.

You might also find that the premium varies depending on who your tenants will actually be. Obviously, a property occupied by students will cause an insurer to balk signifcantly more than one occupied by professionals.

silvercar

Try alanboswell.com, they specialise in landlords insurance and the property being empty at the start is not a problem.

Quote

ANNEGEDDES wrote: »

I need the cover as part of a mortgage requirement. Can anyone help as £300+ will eat heavily into my expected profit for the property let.

I'm really confused.

What sort of business venture is it that a £300 overhead is going to eat "heavily" into the profit? Just put the rent up £30 a month. Job done.