Do I need landlord's insurance if fully managed?

pootleflump

I'm about to complete on a property which I'll be letting fully managed through my estate agent. I have to get buildings insurance in order to complete, but do I only need buildings insurance or should I have landlord's insurance.

I previously had a house I let out for 10 years and only ever had buildings insurance.

fishpond

Your choice.

G_M

It sounds like you have a lot to learn for someone who has been a landlord for 10 years!

Yes - you are a landlord, so...... landlord's insurance.

Now read:



** Tenancies in Eng/Wales: Guides for landlords and tenants This thread is intended to provide information to both landlords and tenants relating to Assured Shorthold Tenancies (ASTs) in England and Wales.

Topics covered:

* Repairing Obligations: the law, common misconceptions, reporting/enforcing, retaliatory eviction & the new tenant protection (2015)

* Deposits: payment, protection and return

* Ending/renewing an AST: what happens when a fixed term ends? How can a LL or tenant end a tenancy? What is a periodic tenancy?

* Rent increases: when & how can rent be increased?

* Repossession: what if a LL's mortgage lender repossesses the property?

* New landlords: advice, information & links

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



(by the way, estate agents don't let out property).

Cakeguts

Depends if there is public liability included.

G_M

It's pointless buying a standard buildings policy. If the property burns down, the insurer won't pay out once tthey realise there was a tenancy.

Though as fishpond says: "Your choice." Maybe you don't care about being able to make a successful claim.

shirlgirl2004

Your buildings insurance should be specific for a BTL in that case you should have the landlord extras added on. Alan Boswell have a good policy and rent guarantee is about £90 a year added on if your tenants qualify.

https://www.alanboswell.com/landlord-insurance/

pootleflump

G_M wrote: »

It sounds like you have a lot to learn for someone who has been a landlord for 10 years!

Yes - you are a landlord, so...... landlord's insurance.

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My previous property was a flat for which I had to pay management fees, and my buildings insurance was covered in this. I had consent to let the flat from the management company, so as far as I was concerned, didn't need landlord's insurance before.

G_M

pootleflump wrote: »

My previous property was a flat for which I had to pay management fees, and my buildings insurance was covered in this. I had consent to let the flat from the management company, so as far as I was concerned, didn't need landlord's insurance before.

Well you did not make that very clear originally.....

Since the insurance was provided by the freeholder, who had granted you CTL, it seeems logical to assume the freeholder had a policy that covered letttings.

I previously had a house I let out for 10 years and only ever had buildings insurance.

pootleflump

G_M wrote: »

Well you did not make that very clear originally.....

I do apologise!

My question was whether I should have landlord's insurance for a property I'm buying... I didn't expect nitpicking on my past history as a landlord or whether I used the correct terminology for the company I'm using to let my property.

theartfullodger

pootle: If you are asking such a question and using such terminology might I 'umbly suggest a bit of education in the business of being a landlord? Both RLA & NLA do courses. Appreciate you've been a landlord before. G_M's links are really worth looking at - for free!

When I started as a landlord I thought I knew it all: Made expensive, painful, long-drawn out mistakes: If you think education is expensive, try ignorance!

Still learning: Still making mistakes!

Good luck in your landlording! Hope you have the financial and emotional reserves to cope with the tenant (or agent..) from hell who pays you no rent whilst you keep paying legal fees to sort things out, mortgage, insurance etc... and repair costs: Repairs? Oh yes, if disrepair, judge will likely side with tenant and let them stay even longer....

pootleflump

theartfullodger wrote: »

pootle: If you are asking such a question and using such terminology might I 'umbly suggest a bit of education in the business of being a landlord? Both RLA & NLA do courses. Appreciate you've been a landlord before.

I don't actually have a problem with the terminology - I just typed the post in a hurry on my break at work and typed estate agent instead of letting agent since they're both in the same company and I've been dealing with the estate agent more whilst purchasing house.

I've no doubt a course would be useful to me and I'll certainly look into it.

However, I'm not out for a career as a landlord - I'm an accidental landlord who, due to my husband's occupation, cannot live in our own home currently. I always pay for fully managed services and haven't had a single problem in 10 years. It is an executive type property and my tenants are always high earners - I know this doesn't guarantee they'll pay - but it has worked for me so far.

I do appreciate your helpful reply, thank you.