Building or Landlord Insurance - Some questions

silvercar

alan boswell. I don't know if you can get a quote online or need to ring them, but they specialise in landlord building insurance.

dimbo61

" simple basic insurance "
Well your starting a new business even if your already a Landlord and need to know all the rules, regs and laws relating to this as ignorance is not ant excuse in the eyes of the Law.
Have you got a EPC and served a copy to your tenant.
Have you received the deposit from the existing landlord and reprotected it with deposit Information and the prescribed information served to the tenant.
Gas Safe Certificate, EICR, PAT testing if you supply white goods.
Your new address for serving notice even if it's care of the Lettings agents.
Landlords Insurance is not that expensive for most normal homes 
I would also have the legal cover and liability insurance, accidental cover and landlord contents 

jumperabv3

dimbo61 said:

" simple basic insurance "
Well your starting a new business even if your already a Landlord and need to know all the rules, regs and laws relating to this as ignorance is not ant excuse in the eyes of the Law.
Have you got a EPC and served a copy to your tenant.
Have you received the deposit from the existing landlord and reprotected it with deposit Information and the prescribed information served to the tenant.
Gas Safe Certificate, EICR, PAT testing if you supply white goods.
Your new address for serving notice even if it's care of the Lettings agents.
Landlords Insurance is not that expensive for most normal homes 
I would also have the legal cover and liability insurance, accidental cover and landlord contents 

Thanks, everything you mentioned is already done, there is no gas in the property so there is no need for a Gas Certificate, and yes, I'm aware of all these, I just have never bought an insurance policy before, but thanks for bringing up these points.

I would also check Alan Boswell, and see what I can get there, thanks silvercar.

From this thread it seems like the best advice is to buy the insurance from a broker, i.e. do it on Monday and not online, as they could potentially offer exactly what I need for a good price.

jumperabv3

Would you say £130/year is a reasonable price for a landlord/building insurance?

silvercar

jumperabv3 said:

Would you say £130/year is a reasonable price for a landlord/building insurance?

Sounds very cheap. But then we don't know the value of the property you are insuring, the area it is in, the rebuild cost.....the insurer's rating, reputation,.....

Hasbeen

jumperabv3 said:

greatcrested said:

Some Landlords policies include, say, £5K of contents cover as standard. Useful if you have white goods, carpets, curtains etc (which all need replacing after a fire). Compare policies.

Rent insurance - read terms carefully. Often exclude, eg the first months rent. Often have 6 month maximum claim. May have other exclusions. Often dependant on category of tenant and/or tenant vetting done by a specific provider. As above, read policies carefully and make sure you're getting the cover you want.

Thanks, I went to CompareTheMarket, they forcing me to take covers I don't want - are there any good websites that let you choose a simple basic building insurance without anything in addition?

Any of the comparison sites will provide quotes. When you pick one you can then refine it to what you want, when on the providers site.

Some such as Direct Line do not appear on comparison sites.

Check on cashback sites as well: https://www.topcashback.co.uk/category/landlord-insurance/

[Deleted User]

On another thread you say you have some all-singing-all-dancing policy with Inspire so why not just get another policy with them? 

jumperabv3

Lover_of_Lycra said:

On another thread you say you have some all-singing-all-dancing policy with Inspire so why not just get another policy with them? 

Correct, they don't provide a building insurance, if they were I'd have done all of it via them.

[Deleted User]

jumperabv3 said:

Lover_of_Lycra said:

On another thread you say you have some all-singing-all-dancing policy with Inspire so why not just get another policy with them? 

Correct, they don't provide a building insurance, if they were I'd have done all of it via them.

Really? Their website seems to include a section on buildings insurance. 

“ Our Residential Building Insurance policy provides cover for the cost to repair damage, as well as the loss of rent you incur whilst the repairs are being undertaken. Events covered against include Fire, Lightning, Earthquake, Explosion, Flood, Storm, Escape of Water or Oil, Theft or Attempted Theft, Riot, Malicious Damage by Tenants, Aircraft, Subsidence, Landslip and Ground Heave.“ 

jumperabv3

Lover_of_Lycra said:

Really? Their website seems to include a section on buildings insurance. 

“ Our Residential Building Insurance policy provides cover for the cost to repair damage, as well as the loss of rent you incur whilst the repairs are being undertaken. Events covered against include Fire, Lightning, Earthquake, Explosion, Flood, Storm, Escape of Water or Oil, Theft or Attempted Theft, Riot, Malicious Damage by Tenants, Aircraft, Subsidence, Landslip and Ground Heave.“ 

Sorry for not explaining myself properly.
They don't provide a building insurance - for the price that I need.
The letting agency provides them for rent insurance (where they also take care of legal issues on your behalf - up to £50,000 with £0 excess from your own end) - their policy by all means is not the cheapest but if I'm planning to be overseas I'd rather spend extra £200 a year and have a peace of mind that if the worst happens (just like one person already posted in a thread here) - then I'm covered.
Once COVID19 is over (hopefully soon but no one knows) then I can re-evaluate it but at the current climate I am not going to try and save on rent insurance.

Now with building (non-rent) insurance it's something else - the difference in the policy they can provide you and Direct Line for instance is over £150 so why waste £150 on building insurance if all you need is cover for the things you mentioned - Fire, Lightning, Earthquakes, Explosions etc. - 

Hope that makes sense.