Help with Landlord Insurance

dasachmo

Hi guys, im a landlord looking to get insurance for my flat (which is in a block of flats)
I pay service charges and part of that covers a basic buildings insurance policy, however after reading a bit further into it, it doesn't cover much in my actual flat - it mainly covers communal areas, passageway, stairs etc.
there is no contents cover either which is understandable.


Im looking to try and get some insurance cover which covers

1. Internals in the flat - the boiler, plumbing and carpets
2. Structural issues in the flat - any issues with damp or damage to the walls
3. Some sort of rent protection/guarantee's


The biggest issue I've had is when I call or apply for a policy - particularly direct line - I've been told because I pay service charges (which are compulsory ) and I have a buildings insurance policy - I cant have cover because you cant have 2 buildings insurance polices. I really want cover to protect my property - what should I do?

G_M

Your existing block insurance policy will be Buildings Insurance. It will cover structural issues.

Check however that it is valid if the flat is let. Does your lease allow you to let the flat? If so, the insurance is probably fine.

You need contents insurance. Shop around (google) as each insrance company will have different premiums, but check also what is covered/excluded. In general this will cover anything you own within the flat against theft, fire etc.

It will not cover boiler breakdown though, unless it is addded on as an optional extra (sometimes). You'll need a seperate breakdown policy for boiler, plumbing etc.

Rent protection insurance is different. Again, shop around, but check the small print. Many policies exclude tenants on benefits for example, or require the tenants to be credit checked by the insurance company themselves.

Also read:

New Landlords (information for new or prospective landlords)

dasachmo

thanks for the reply, do I really need contents insurance (as the flat was unfurnished) or will that cover carpets etc. Do you recommend a good company , I'd rather pay a little more for a comprehensive policy where im fully covered then the cheapest one?

dell12

G_M gives good advice. For me it's the tenant's responsibility to pick up contents insurance should they require insurance. They may well have expensive items which would need to be listed individually on the policy.

dasachmo

I think your right dell12, it sounds a little bad but im not too concerned with the contents of the tenant, tbh that's his responsibility, im more concerned with my contents - eg, if I had a leak and the carpets were damaged - would I be covered OR if theres damp and the walls need repair.