Is Compulsory Insurance Normal

advance

The estate agents I am about to sign with have in their terms that I must take out Insurance for the Landlords property for the fixtures & fittings + contents (landlords stuff not mine)

Is this normal

Also looks like I would have to pay a fee each time they renew my rental contract so if I sign for 6 or 12 months rent I will have to pay a fee to renew for another 6 or 12 months.

Again is this normal

G_M

1) insurance. Many EAs insiston this (as theymake commission). If you refuse, chances are you won't get the tenancy.

Sign up, get the tenancy, then use the 14 day coolingoffperiod tocancel the insurance.

2) When your 6 month fixed term ends, you can move (free) to a SPT (see below)

Ending/Renewing an AST (what happens when the Fixed Term ends?)(What is a Periodic Tenancy?)(How can a LL remove a tenant?)(How can a tenant end a tenancy?)

advance

Are you ok to take out the insurance then cancel, will this affect your tenancy agreement?

I am a bit confused as to why I would be paying to insure the fixtures & fittings I would have thought a landlord would have his own insurance to cover those as it is his property.

G_M

advance wrote: »

are you ok to take out the insurance then cancel,
http://www.adviceguide.org.uk/wales/consumer_w/consumer_professional_and_financial_services_e/consumer_insurance_e/consumer_managing_your_insurance_policy_e/cancelling_an_insurance_policy.htm

will this affect your tenancy agreement?
no.

:t :t

KaAsChEl

With regards to the insurance, you will need to take out contents insurance for your belongings. A normal contents policy will have a section for tenants liability so if you accidentally damage a window or the bath, then you could claim for it through your policy as you would be liable.
The landlord will have insurance buildings insurance as well.
Contents insurance is normally quite cheap depending on the cover it is approx £100 a year, it is a risk you would have to decide if you wanted to take.

Annabee

Check if your contents cover includes tenants liability cover. Maybe you should swap to one that does if necessary. Then just show the agents your policy. Don't feel pressurised into taking out a policy they recommend though, if they are suggesting this, they will be just after the commission.

It is actually quite useful to have. For example, our own washing machine leaked and damaged the landlord's kitchen floor, classed as our fault not the ll's as it was our machine. We made a successful claim and got a new (far better quality actually) flooring put in. So everybody gained.

This was with Endsleigh, BTW. And I don't think it was any more expensive than a bog-standard contents policy.

HappyMJ

KaAsChEl wrote: »

With regards to the insurance, you will need to take out contents insurance for your belongings. A normal contents policy will have a section for tenants liability so if you accidentally damage a window or the bath, then you could claim for it through your policy as you would be liable.
The landlord will have insurance buildings insurance as well.
Contents insurance is normally quite cheap depending on the cover it is approx £100 a year, it is a risk you would have to decide if you wanted to take.

Need?

Insurance is not a need. It's not required. It's an option to limit liabilityin the event the landlords fixtures and fittings get damaged. Normally the deposit should be enough to cover any excess if the house is damaged by the tenant and the landlord has to claim.

Me personally I've accidentally broken windows before and the landlord have replaced free of charge with no insurance in place. Goodwill I suppose.

KaAsChEl

HappyMJ wrote: »

Need?

Insurance is not a need. It's not required. It's an option to limit liabilityin the event the landlords fixtures and fittings get damaged. Normally the deposit should be enough to cover any excess if the house is damaged by the tenant and the landlord has to claim.

Me personally I've accidentally broken windows before and the landlord have replaced free of charge with no insurance in place. Goodwill I suppose.

No insurance is not required. But a lot of people do see it as a need to have insurance.
I wouldn't want to run the risk of not having insurance if there was a major water leak or fire ruining all of my belongings. For sometimes as little as £8 a month I think it is worth having!

Some landlords buildings insurance does not cover damage caused by a tenant, and why should a landlord have to claim for something on their insurance when the tenant is liable. Affecting their future policy premiums.

I think as a tenant contents insurance is a good thing to have and some policies out their are designed just for tenants and have extra cover for tenancy disputes and legal costs etc.

kellyt86

I had on a precious tenancy a compulsion to take out contents insurance but not through the EA, just any contents insurance was adequate.

It might have been because that house was furnished.

Since had an unfurnished one and its not part of tenancy, merely up to tenants discretion, and haven't taken one :eek: probably should of though and kept thinking about it periodically!

Oops oh well! Complete on house purchase in week and half so will definitely have it then!

tim123456789

KaAsChEl wrote: »

No insurance is not required. But a lot of people do see it as a need to have insurance.
I wouldn't want to run the risk of not having insurance if there was a major water leak or fire ruining all of my belongings. For sometimes as little as £8 a month I think it is worth having!

"as little as £8 a month" - just for contents. You haven't been trying hard enough

I've just got contents insurance on my new flat for 37 pounds a year and that was only because I decided that I wanted to use a "know" name.

If I was prepared to use a company no-one has ever heard of, it was under 25

tim

advance

The property I am moving in to is unfurnished, has just a washing machine and Cooker.

Part of my terms is I Have to take out Insurance for the Landlords property for the fixtures & fittings (If I don't I won't get the property)

This is not for my contents.

I have already paid 2 months deposit up front.

If anyone has taken any out before could they recommend anywhere