Landlord Insurance Query

Adly812

If you are renting out your flat, which is a leasehold and the service fees include your building insurance what type of landlord insurance would be advisable to get? I have not got a mortgage on the flat. It wont be furnished. So Im just trying to work out what insurance I need as a landlord. If buildings is covered in the leasehold fees. Is insurance mandatory as a landlord ? Apart from accidental damage and rent loss cover, what are the other recommendations ?

dimbo61

Does the Buildings insurance cover for damage done by your tenant?
What happens if the place caught fire ? Arson by your tenant ???

RiversTam

We are in the same position - we ended up with buildings insurance as it covered the boiler and other bits that our service fee insurance wouldn't.

dpearson86

Hi, I work in commercial insurance as a broker which Property Owners insurance falls in to (which as a property owner letting your flat out you fall in to).

It's not a legal requirement, BUT I'd advise on insurance as a landlord because of your Property Owners Liability. Let's say for example one of the widows was to fall out due to bad weather and fell outwards or inwards and injured someone you'd be responsible (and due to changes in the Ogden Table, you could be seeing a high payout on this), same as if someone was to break in to the flat, your tenants are responsible for their contents but they are not responsible for the cost of the damage done to your property by someone forcing entry to commit a crime.

Direct Line offer the sort of insurance you'd require off the top of my head (plus more I can deal with direct as a broker but if you want to deal with yourself I'd say look at them).

motherofstudents

I've used https://www.justlandlords.co.uk for a few years as they seem to cover most things. I have a flat so dont need buildings cover but they include £5000 of contents, white goods, malicious damage by tenant, etc, etc. May be worth a look.

G_M

dpearson86 wrote: »

It's not a legal requirement, BUT I'd advise on insurance as a landlord because of your Property Owners Liability. Let's say for example one of the widows was to fall out due to bad weather and fell outwards or inwards and injured someone you'd be responsible (and due to changes in the Ogden Table, you could be seeing a high payout on this), same as if someone was to break in to the flat, your tenants are responsible for their contents but they are not responsible for the cost of the damage done to your property by someone forcing entry to commit a crime.

.

But these examples are not really related to being a landlord. The window could fall out and injure someone if you were an owner-occupier!

The first things to do are

1) read your lease - does it even permit you to let the property? And/or do you ned the consent of the freeholder?

2) read the existing insurance policy. Ask the freeholder for a copy. It may (or may not) cover Property Owners Liability, and likewise it may or may not cover risks associated with occupancy by a tenant.

No, insrance is not a legal requirement.

Landlords contents cover may or may not be advisable depending how much contents you have. Carpets? curtains? White goods? Furniture? etc And of course you attitude to risk.

Rent protection insurance is separate. If you decide on this, read the small print in detail - it usually has conditions on type of tenant, and when/how much it will pay out.

Have you read:

* New landlords: advice, information & links

* Letting agents: how should a landlord select or sack?

Adly812

Yes I can let it out, I did check and ensure before we completed. I definitely want insurance just checking what types there are and which would be most suitable. I think on this basis, contents for my carpets boilers etc would be wise and property owners.
Hopefully I can find a company that cover these two.

dpearson86

Yes the examples could relate to anyone who owns a property which is why I put them as I've spoken to landlords who think they will have no responsibility and their tenants insurance will pick these up, it won't.

A normal homeowners policy provides cover for these situations if you live in the property, but a homeowner policy will not be suitable if you own it and rent the property out.

dpearson86

If you've tried Direct Line already try Towergate too. They used to be good for this type of insurance when I use to deal with it.

silvercar

dpearson86 wrote: »

If you've tried Direct Line already try Towergate too. They used to be good for this type of insurance when I use to deal with it.

Also alan boswell and simply business. Ive used both

Adly812

Ive used towergate before. Just had a quote from justforlandlords from a thread above for £120'pa. seems to cover a lot !!