Landlord Insurance

ospre

New to the BTL market and have just purchased a 3 bed detached in Worcestershire. Looking for a company that offers:

Buildings cover, usual perils including accidental tenant damage

Landlord contents (the place is unfurnished but need to cover things like carpets by usual perils and also damage by tenants)

Rent cover for tenants if they don't pay

Public liability

Legal disputes/eviction, Sec 8/21 disagreements etc

Cover for loss of rent if the house in unoccupied due to insured incident and to pay tenants to live elsewhere whilst repairs are effected

I appreciate this will cost me quite a bit but the income/outgoings ratio on the property means I can afford it.

I'm unable to find anyone who will cover most of this, only parts. Can anyone point me in the right direction? Finding cover for rent guarantee appears to be the hardest part.

Thanks to all.

Lisa.

G_M

1) Are you sure you want all these? Not saying you shouldn't, but some are deabatable.....

2) Why are you looking for/expecting a single company to offer them all. Shop around!

ospre wrote: »

Buildings cover, usual perils including accidental tenant damage
Easy - use the usual comparison sites, plus get a coupe of online direct quotes (eg Direct Line aren't on comparison sites.) No single company is always the best. Premiums will vary depending on postcode, type of property, type of tenant etc.

But do compare cover as well as premium. Read each policy document before deciding. Look for 'malicious damage by tenants' in the cover.


Landlord contents (the place is unfurnished but need to cover things like carpets by usual perils and also damage by tenants)
As above, but note that some landlord buildings policies include £5K of contents cover for exactly this - eg enough for carpets, white goods.

Rent cover for tenants if they don't pay
Various companies offer this, but read and understand the policies carefully:
* many require the tenants to be approved by their own vetting service
* many exclude the 1st months rent arrears
* many have a maximum number of months (6?) they will cover
* many restrict the type of tenant

Public liability
Included in all buildings policies I've seen, but read the policy document as advised above

Legal disputes/eviction, Sec 8/21 disagreements etc
Often an add-on to building cover and/or the rent guarantee cover

Cover for loss of rent if the house in unoccupied due to insured incident and to pay tenants to live elsewhere whilst repairs are effected
Usually withing the Buildings cover (as indicated by 'due to insured incident '!). Read the policy document as advised above

....Finding cover for rent guarantee appears to be the hardest part.

.

Not hard umless you insist on getting the whole lot from one source.

Tenancies in Eng/Wales: Guides for landlords and tenants

flashg67

As a fellow new landlord, I have found this site to have a wealth of info, including insurance

http://www.propertyinvestmentproject.co.uk/

theartfullodger

Most "Rent guarantee" insurance only seems to guarantee that the insurer gets the premium: They seem very, very (VERY!!) good at not paying out..

There is no way of protecting against all risks: It';s a business, things go wrong: They key is to carefully select tenants - full credit checks and current AND PREVIOUS landlord references: (Current LL may want shot of them..)

joanneharris

My OH manages a property and he is super cautious on getting everything (i.e. as much as he can) covered. He found a company from a Landlord Forum he was on and he says he has all of you list covered under a buildings & contents policy and a legal protection with rent guarantee policy. Two separate policies but both with the same insurance broker with the same renewal date. They cost less than £300 a year in total for both but I guess that all depends on the house, tenants, claims, etc.