landlords insurance

alijay_3

Hi there

I am an independent Lettings & Property Management Agent and to my knowledge, the only time you need to register with the local authority is if you intend to let your property as an HMO ( house of multiple occupation) That is, if the property is divided into bedsits/rooms with shared facilities. This may depend on your local authority, but as I say, it's news to me!

With regards to insurance, it's important to remember you need buildings AND contents cover - buildings insurance will NOT cover you for a claim resulting from the tenant injuring themselves as a result of (for example) falling down stairs after tripping on loose/damaged carpet.

It's also well worth considering Rent Guarantee Insurance in case your tenants decide not to pay the rent at some point. The company I use for tenant referencing also offer a range of insurance specifically tailored for landlords & they underwrite their own policies.

They're called Rentshield Direct (www.rentshielddirect.com) and are regulated by FSA. Might be worth at least getting a quote for comparison?

Hope this helps!

Alijay:o

easynotec3

alijay wrote: »

With regards to insurance, it's important to remember you need buildings AND contents cover - buildings insurance will NOT cover you for a claim resulting from the tenant injuring themselves as a result of (for example) falling down stairs after tripping on loose/damaged carpet.

Not true, if you rent the property out unfurnished then obviously you don't need contents cover, also most bonafide Landlords or Property Owners Policy's will provide you with Property Owners Liability when insuring the building.

It's also well worth considering Rent Guarantee Insurance in case your tenants decide not to pay the rent at some point.

Norwich Unions's Property Owners policy does give you the option to include tenants default cover, this type of policy is only available with a broker however the premiums aren't always the most competetive