Do I need Landlord insurance, confused!

delmonta

Hi

I own a 3 bedroom house outright and have been renting it for a year, it is being managed by a local estate agent. They deal will finding tenants and all communication.

I have buildings insurance and contents insurance left over from when I lived there.

I have been reading a little about Landlord insurance. I am wondering if I actually need it, or am I ok to stick with my current buildings insurance? Because there was subsidence, it was nearly impossible to get insured. I was denied by about 15 different companies! I eventually got it insured with Lloyds, but it was a nightmare. My fear now is changing anything, and the possibility of speaking to someone who is using a computer, them re-doing the quote and the computer saying no! Its happened to me before with car insurance.

I also dont want to pay for anything I dont need to, and I cant see the necessity for landlord insurance, but maybe I am being naive?

The house i barely furnished, just about £200 of furniture, and maybe £800 on kitchen appliances. Is it worth even having contents insurance for this? I am wondering if I should cancel that.

Any advice greatly appreicated

rs65

delmonta wrote: »

I have buildings insurance and contents insurance left over from when I lived there.

When you took that policy out you will have agreed something like you own and occupy the property. That has changed so insurers will need to know. Check your policy and see what changes they need to know about. Check your last renewal notice as it will likely have had statements and a requirement to let them know if anything had changed.

POPPYOSCAR

Yes you should have landlords insurance.In all probability your current policy is now invalid.

You cannot have contents insurance when someone else is living there, that is for the tenant to arrange in their own name.

delmonta

Wow I didnt realise it was that serious and that my Buildings insurance would now be invalid! I guess I have to call them, and hope it all works out!

Thanks

MyOnlyPost

POPPYOSCAR wrote: »

You cannot have contents insurance when someone else is living there, that is for the tenant to arrange in their own name.

What a peculiar thing to think

http://www.simplybusiness.co.uk/landlord-insurance/content-insurance/

If the property is furnished or part furnished of course the landlord can take out contents insurance, it just doesn't cover the tenants possessions

delmonta

Thanks for clearing that up My only Post

So now I'm dubious about the other advice! Can anyone confirm that I actually legally require Landlords insurance, and that my normal Buildings insurance will not cover my house?

I am sure I read somewhere that it is not mandatory but just covers more. But I cant find the page anywhere now! Thanks

dacouch

You don"t legally need it but as others have stated your normal home insurance us invalid. In addition your mortgage will normally require you to carry appropriate insurance to protect their security (Your home)

tom9980

delmonta wrote: »

Thanks for clearing that up My only Post

So now I'm dubious about the other advice! Can anyone confirm that I actually legally require Landlords insurance, and that my normal Buildings insurance will not cover my house?

I am sure I read somewhere that it is not mandatory but just covers more. But I cant find the page anywhere now! Thanks

Stop procrastinating buy landlord insurance! The difference in price is usually less than £100 in most cases. I have no doubt an insurance company will attempt to wiggle out of paying if your tenant accidentally burns the place down. Why are you even contemplating that potential major hassle and expense over a quick phone call and a few quid?

dacouch

tom9980 wrote: »

why are you even contemplating that potential major hassle and expense over a quick phone call and a few quid?

Normally because they do not want to alert their mortgage co that the place will be let out and pay a higher interest rate

delmonta

Hi,

i will make the cal, thank you. I am not procrastinating, I just only found out yesterday that my current insurance may not be good enough, or valid.

Thankyou for all the help

ashburnham

If your current insurer provided the policy on the basis you were living there and you haven't told them you are now letting it out then the policy WILL BE invalid. Phone them to see if they will allow this change of occupancy. As you are theoretically uninsured, you have nothing to lose by asking this. If they cannot cover let properties then you will need to seek a new landlord insurance provider. Yes, having a subsidence history will make it difficult but not impossible. You may have to try several companies but there will be someone that can help.

This cover is not legally compulsory so you do not need to have it. However, if the house burnt to the ground tomorrow and you have no insurance cover, you will have lost everything. In theory you have no cover at the moment so please arrange something ASAP. Sorry to sound harsh but it is the reality of your situation.

You can get landlords buildings and contents insurance. Landlord contents is for general household goods left for the tenant (furniture, carpets, curtains, etc.) but would not cover your personal possessions if any have been left (clothes, jewellery, etc.). It also would not cover the tenant's contents (they can arrange their own cover if they wish but not your problem as such). You can normally get a few thousand pounds of contents cover for an extra £50 so probably worth adding this to your landlords buildings insurance but this is up to you.