Landlord's insurance

karenj

This may have already been asked, but does anyone know of any good landlord's insurance that give reasonable rates? I have tried a few and the agency's insurance seems to be quite high. What is the minimum we should be insuring for? There will be limited furniture (i.e washer/dryer that still has guarantee and dining table and 6 chairs). I have been told that the cost of building insurance is not based on how much your property is worth, but what it would cost to rebuild it, which can be a quite significant difference. So why should I take buildings insurance to rebuild at £500,000, when the cost to rebuild would actually be around £95,000??? If anyone can help, I would be grateful. Not that savvy with insurance - seems to be an easy money market!!!

simon_lse

Not that great on this myself, but we have just moved in to a rented property, so I hope I can help a little.

My understanding is that you are not required to insure the building. The landlord will already have his own policy to cover this. You may be required however to cover any of their contents inside e.g. washing machine e.t.c. We were told that we had to have a policy with £10,000 cover with accidental damage. Romans offered to cover us at a cost of £110 for the year which we paid because I did not have the time to look around, however Barclays have informed me that they do exactly the same cover for only £5 per month. Did not ask any further, but £60 for the year seems a lot more reasonable than what we paid.

karenj

Sorry, maybe I didn't exlplain myself properly. I am renting my property and wanted to know the best and most cost effective insurance policy. I have to insure buildings and contents as standard and wondered if anyone had contact details for a reasonable cost. Thanks.

587dan

I use Lumley Letsure, they are reasonable compared to some. Have not tried to claim so can't comment on claim dealings. They bumped their prices up a few years ago with a huge leap but I am still with them after about 5 years.

Dumbledore55

I use Zurich for mine - its for buildings only but includes fixtures and fittings in the kitchen such as fridge/freezer - carpets and laminate floors, bath fittings toilets etc, blinds - it wasn't dirt cheap but covered much more than others £240 for the year. I will be looking around to see if there's anything cheaper and I'll post on here if I find anything.

DD

Dumbledore55

Just did an online quote with Lumleys - its nearly double that of Zurich!!