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Landlord insurance on a BTL
100saving
Posts: 314 Forumite
Hello,
I'm in the process of buying my first BTL, Can anyone on here give me some advice on what I need or should have to cover within my landlord insurance?
I don't want to waste money on extras I don't need and don't want to not cover things I do need.
Thanks in advance
I'm in the process of buying my first BTL, Can anyone on here give me some advice on what I need or should have to cover within my landlord insurance?
I don't want to waste money on extras I don't need and don't want to not cover things I do need.
Thanks in advance
Age: 24 / London/Ireland / Salary €49,000 / 1 London BTL (8% yield) / Total savings pot £12k+
Lloyds Club CA £5,000 @4% / FD Regular Saver £3,600 @6% (12 of 12) / TSB Classic CA £2,000 @5%
Clydesdale Direct CA £1,000 @2% / Santander ISA £700 @0.5% / Premium Bonds - £100
Halifax Reward CA (£5 per month) / Santander 1|2|3 CC (cashback)
Lloyds Club CA £5,000 @4% / FD Regular Saver £3,600 @6% (12 of 12) / TSB Classic CA £2,000 @5%
Clydesdale Direct CA £1,000 @2% / Santander ISA £700 @0.5% / Premium Bonds - £100
Halifax Reward CA (£5 per month) / Santander 1|2|3 CC (cashback)
0
Comments
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The only thing you have to have is Landlords building insurance (assuming you will be the freeholder or are liable for it as a lease holder), never heard of a mortgage requiring rent guarantee.
Anything else such as contents, "home emergency", rent guarantee etc are all optional generally.0 -
It is a 1 bed flat with a 1bed above and a shop below.
I am leasehold with a new 125 year lease. Its has a service charge of £150 a year and ground rent of £10. I don't know yeat if the service charge includes building yet or not.
Do most landlords get "home emergency", rent guarantee etc ?Age: 24 / London/Ireland / Salary €49,000 / 1 London BTL (8% yield) / Total savings pot £12k+
Lloyds Club CA £5,000 @4% / FD Regular Saver £3,600 @6% (12 of 12) / TSB Classic CA £2,000 @5%
Clydesdale Direct CA £1,000 @2% / Santander ISA £700 @0.5% / Premium Bonds - £100
Halifax Reward CA (£5 per month) / Santander 1|2|3 CC (cashback)0 -
Do most landlords get "home emergency", rent guarantee etc ?
No idea on market averages.
A lot depends on what you are paying your letting agents to do for you. If you pay them to fully manage the property it may well include emergency cover and certainly some also offer a rent guarantee. Case of trying to work out which is cheaper if you want either.
Evidently some people have a list of reputable plumbers/ electricians etc they can give their tenants to call in an emergency and have agreements to settle directly with them. Others dont and dont want the pain of pulling this together so also like giving their tenants the 1 number of the insurer who will deal with the boiler dying on Xmas day0
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