Tenant Liability Insurance

BitterAndTwisted

Honestly, with this sort of scam I suspect that you will find there is no colling-off period. Read through every single sentence in every document three times before going ahead.

I refuse to believe that this agent is the only agent you could rent through and I also refuse to accept that this is the only suitable property which will ever become available.

tbs624

BitterAndTwisted wrote: »

Honestly, with this sort of scam I suspect that you will find there is no colling-off period.

I agree that it amounts to a scam - tenant pays a tenancy deposit to LA/LL and LL should have cover under his own policies.

However, that particular policy summary does say that there is the "right to cancel your Policy during a period of 14 days from the day of purchase of the contract or the day on which you receive your Policy documentation, whichever is the later"

Note that if you buy the insurance via the LA then they will know immediately the policy gets cancelled because the insurer won't let them have their referral commission.

There really is no end to LAs' milking of Ts is there?

Whilst there is some renewed pressure for LAs to be regulated this is yet another area that Ts should perhaps raise via their MPs, along with the pressure from LAs to wrongly seek to tie Ts into specific utility providers - again because the LA gets a nice little earner from it.

dr_shez76

bmusty wrote: »

Thanks for the replies.

Unfortunately Ocean Lettings are letting the property I want to rent... In future I would probably avoid any viewings with them in the first instance.

Letsure is the company who do the referencing, and there is a term in Ocean Lettings deposit declaration saying you must have tenant liability insurance covering a minimum of £2500. They also provide a leaflet saying how to get this insurance for £60 from Letsure.

I can only assume Ocean Lettings owns Letsure or that they get a commission.

As I cannot find another insurance provider who provides only tenant liability insurance (rather than it as part of tenants contents insurance which is more expensive), I think I will go for the option of cancelling in the cooling off period after signing the contract.

Thanks again.

hello!!!today i also did the same mistake and OCEAN LETTINGS has also asked me to do so and unfortunately i cannot opt out now....can i ask what u did to deal with this problem????did u do the same what they hv asked for??????
Many thnks.

princeofpounds

The policies are valueless anyway. A tenant has no insurable interest in their landlord's property.

It's a scam.

sjmuk01

I came across this thread when Googling tenant's liability insurance as we're renting after selling our house. Struck me as yet another attempt to squeeze cash out of the unwary, but something we're required to prove we have to rent our property. My moneysaving alarm bells ring when I come across something like this.

A quick check of my existing contents insurance policy told me I have tenant's liability cover already if I live in rented property. Needed to transfer contents to the new place anyway. One quick call to insurer (M&S) and I'm covered for £40k liability AND contents for less than the £2.5k liability-only cover through the letting agents preferred supplier.

Guest101

amy104 wrote: »

On my previous rentals we've always had contents and accidental damage cover with my Husband as the policy holder but cover for him and immediate family.

We are moving and the new LA require proof of cover up to £2,500 for accidental damage to landlords fixtures and fittings for each individual on the tenancy.

Does this mean our existing policy is not good enough (obviously we'd get the address changed). If not can I just get them to add me as a joint policy holder? will this cost more?

They've given us 2 quotes from their insurance people in each of our names. Do we need to pay twice, for a policy for each of us?

Even if you had this, they cant force you to claim on it, ridiculius clause.

wondi5

We have just moved and as part of our Tenancy Agreement we were told by the agent we needed to get Tenants Liability Insurrance with the referencing agency, Letsure. We haven't actually got this yet as feel it's a scam but are worried that it in in the TA and if we don't have proof of it and they ask, we could be breaking the TA and be asked to move out. Is this the case? Should we just get contents insurrance which will cover this and our items? If so who is good to go with and a good price? Any advice would be welcomed!

nish1013

wondi5 wrote: »

We have just moved and as part of our Tenancy Agreement we were told by the agent we needed to get Tenants Liability Insurrance with the referencing agency, Letsure. We haven't actually got this yet as feel it's a scam but are worried that it in in the TA and if we don't have proof of it and they ask, we could be breaking the TA and be asked to move out. Is this the case? Should we just get contents insurrance which will cover this and our items? If so who is good to go with and a good price? Any advice would be welcomed!

I'm in the exactly same situation!!! any advice on this please?

dacouch

nish1013 wrote: »

I'm in the exactly same situation!!! any advice on this please?

They cannot insist you use a specific Insurer.

Most contents policies include Tenants Liability Cover, check the lease to see if there are any specific requirements for the Tenants Liability to cover

footboy

bmusty wrote: »

Thanks for the replies.
Letsure is the company who do the referencing, and there is a term in Ocean Lettings deposit declaration saying you must have tenant liability insurance covering a minimum of £2500. They also provide a leaflet saying how to get this insurance for £60 from Letsure.

Save £26 per year by going elsewhere and get contents cover included...


The estate agent we are dealing with also uses Letsure to collect references etc. They also recommend you take out Tenant's Liability Insurance with.... letsure - tada!

Letsure make a play of going through lots of details that are neither here nor there, quote you £69, then speak to the manager - probably saying 'manager I am speaking to you' or maybe just 'hi' - get back on the phone and quote you the 'manager special' of £60.

I would imagine that includes a commission for the estate agent and a tidy profit for Letsure.

I am told the government are stopping this scam soon as the landlord should have insurance to cover their own property. :T


Saxon £43 covers your contents and accidental damage


Go to Saxon who specialise in Tenant Liability and Student cover. You don't have to be a student.

http://www.saxoninsurance.com/page/tenants-liability-insurance.aspx

Click quote me and select (if not a student):
Tenant, graduate, nurse, key workers or professional living in rented accommodation

Saxon quoted us £43 for up to £5000 Tenant's Liability Insurance and included covering a laptop away from home with £10000 of personal contents including:

Maximum amount:
Collections of CDs, DVDs, other media £500

Personal Money (For theft from your room following forcible entry) £50

Credit/Debit Card Fraud £500

Legal Responsibilities to Third Parties (for injury to others or damage
to their property) £1,000,000

The all important Legal Responsibilities as a Tenant (for theft or damage to landlords property) £5,000

Locks & Keys (replacement locks or keys if they are stolen) £150

Freezer Food (following the mechanical failure of a fridge/freezer) £25
Desktop Computer Equipment (Excludes Laptop computers) £1250


The recommended Letsure covers you for:
just the landlord's property up to £2500

It costs you £26 extra (£69) with none of the extra cover for yourself. A complete rip off!


I don't work for Saxon and there are others you can check out but Saxon was the only one with an online form and we were looking around at 11pm at night.


Check Saxon out if you are a tenant anywhere. Shop around if need be. £43 compares extremely well to full home contents insurance too where you can expect to pay £100 more or so depending on postcode.

In short:
1. Never go with estate agents' recommendations,

2. Saxon (and maybe others) provide contents cover for you and accidental damage to the landlord's property - the Goldilock's factor - just the right amount and

3. Remember to check the legal status of actually needing Tenant liability insurance cover. At the time of writing we were obliged to have it but the government is changing that.


Cheers!
:beer: