Very confused about Insurance - Homelet

Anglesey

I am recommended Homelet insurance - specialist landlord policy. It costs £600 a year for a 2 bed house in London and including a legal expenses and rent guarantee, and cover for malicious damage by tenant. I have been talking to another landlord who says he only pays £200 a year with a landlord policy from HSBC for basic cover, and he says that insurers don't care if damage is malicious or not, but will still pay out.
He also says he has a separate rent guarantee warranty with his letting agent at £240. So he is paying about 2/3 of what I do. He says Homelet are overcharging.

Homelet seemed to have a good reputation when I checked them out - has anyone else experience or comments on this please?

nidO

Your policy does sound horridly expensive, but I don't really know what the current price of malicious damage and rent guarantee are, I assume these add a fair bit to the price (along with presumably buildings insurance as well as just contents if you have a house) - I have a standard landlord's contents policy (not building, as the property is a flat) with Homelet with emergency assistance included, and that costs me just under £100 a year.

dacouch

Does your friend also have a BTL property or is it outside of London.

Homelet are not that cheap.

He's wrong about any Insurer paying for Malicious Damage by a Tenant, if the Insurer excludes this type of damage then it's not covered and they're unlikely to pay such a claim

kinger101

(a) get quotes
(b) read polices
(c) buy the appropriate cover