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HELP... Landlords insurance varies so much!

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HI
We are currently in the process of buying our first house that due to husband being in the Forces, we will be renting out for a couple of years until we move in.
I have quotes from several landlord insurance companies that are varying immensely. From £170 a year to £393! The more expensive covers malicious damage by tenants and the others don't.
One is CIA landlords insurance - e underwriting.
The other is Intasure
And super expensive one is Letsure using Ageus insurance.
What am I missing out on?

Any top tips please

Comments

  • G_M
    G_M Posts: 51,977 Forumite
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    1st - well done for spoting the 'malicious damage' clause. Many people just go on price.

    Now read the policies again and see what else is different: excess? accidental damage? limitation as to catagory of tenant? etc etc

    Whether you want malicious damage cover in exchange for the higher premium is an individual choice. What is you attitude to risk?

    [FONT=&quot]New Landlords[/FONT][FONT=&quot] (information for new or prospective landlords)[/FONT]

    [FONT=&quot]Letting Agents [/FONT][FONT=&quot](Tips for selecting, and tips for sacking them)[/FONT]
  • Alias_Omega
    Alias_Omega Posts: 7,912 Forumite
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    Direct Line for Business ~ Landlord Insurance.

    http://www.directlineforbusiness.co.uk/

    We go with Buildings Only, including Accidental Cover. The Contents is up to the tenant. The cost will vary from £140~£400 dependant on the tenant (professional/housing benefit etc).

    Other Sites --> I use Landlord Zone, the Forum bit. A bit more specialised.

    AO - Aircraft Techie
  • Mum22
    Mum22 Posts: 57 Forumite
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    Hi
    Because we are having a residential mortgage with permission to let due to my husbands job. We can only let to professional people anyway, so the risk of malicious damage hopefully will be low.
    Two of the insurers only include £2000 contents as this basically covers curtains and lamp shades, as carpets and kitchen units and bathroom units are classed as building insurance as they are fixed to the house.
    Just can't figure out the extreme difference in quotes. They are written by Legal & General, and Royal Sun Alliance so both big companies?
  • G_M
    G_M Posts: 51,977 Forumite
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    Do you drive? Have you ever used a comparison site for car insurance?

    Last time I did this the cheapest quote was £187. The most expensive was £2326. All for same car/same excess.
  • ACG
    ACG Posts: 23,777 Forumite
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    They are underwritten by those companies. The T&Cs are set out by the badge on the front.

    http://www.defaqto.com/star-ratings/ - click on buy to let insurance.
    It gives a star rating, it should be taken with a pinch of salt but it can give you an indication on the better policies. Just remember to look for the company, not the name who underwrites it.

    Alternatively, speak to a broker and let them do the research for you.
    I am a Mortgage Adviser
    You should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
  • PaulBear
    PaulBear Posts: 66 Forumite
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    Just to add my twopeneth [ask your granddad].
    I use discountinsurance co uk [underwritten by Royal & Sun] and have done for last three years, I find them quite reasonable but have not had to make a claim.

    Hope this helps rather than adds to confusion.
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