Landlord insurance

kimmer

Hi,

I have a buy to let flat in a converted building (there are 2 others) and I share the freehold. We have buildings insurance, which names my flat as being rented out to others. I'm a bit confused as to whether I need any other insurance as a landlord? It seems that a lot of the info around landlord insurance is that most buildings insurance doesn't recognise that you rent out the property. However mine does. So do I need any other kind of separate insurance?

Thanks

propertyrental

Well the first thing to do is read the policy carefully to see what it includes/excludes eg alt accommodation for the tenants (and in what circumstances)? Any contents cover(some LL building policies include £5K contents for basic white goods); Lost rent? Legal? etc

Then decide what cover you want/need? If property is furnished, do you want full contents?

Other potential policy might be rent guarantee policy -your choice.

diystarter7

propertyrental said:

Well the first thing to do is read the policy carefully to see what it includes/excludes eg alt accommodation for the tenants (and in what circumstances)? Any contents cover(some LL building policies include £5K contents for basic white goods); Lost rent? Legal? etc

Then decide what cover you want/need? If property is furnished, do you want full contents?

Other potential policy might be rent guarantee policy -your choice.

Hi OP

As above read the T&C

Check if you need contents/legal/rental cover

Importantly, don't forget liability insurace

All the above ca come part of a pack for LL's insurance but it is up to you to check what is and what is not included, and excess and things like that.

Thnaks

kimmer

Thanks both. As the other 2 flats are owner occupied I can't up their costs with liability insurance (if it's not already covered) so could I just get this separately or only as part of landlords insurance?

DullGreyGuy

kimmer said:

Thanks both. As the other 2 flats are owner occupied I can't up their costs with liability insurance (if it's not already covered) so could I just get this separately or only as part of landlords insurance?

The buildings insurance will have liability insurance in relation to you as the owners of the building. This wouldnt cover you if the contents of the flat injured someone. 

No legal requirement for you to have other classes of insurance and what you may want will depend on if its furnished or unfurnished, how dependent you are on the rent to pay the mortgage etc.

diystarter7

DullGreyGuy said:

kimmer said:

Thanks both. As the other 2 flats are owner occupied I can't up their costs with liability insurance (if it's not already covered) so could I just get this separately or only as part of landlords insurance?

The buildings insurance will have liability insurance in relation to you as the owners of the building. This wouldnt cover you if the contents of the flat injured someone. 

No legal requirement for you to have other classes of insurance and what you may want will depend on if its furnished or unfurnished, how dependent you are on the rent to pay the mortgage etc.

Hi

The highlighted bit. The OP is BTL so renting out,

Are you sure it covers liability for the T's they rent out to?

One of our kids rents out an apartment, our kid has share of the freehold - building and car park managed by letting agents - lease kid pays covers building insurance. However, as the apartment is rented out, we were advised the buildings cover did not inc liability cover for the T's so we took out appropriate  insurance for that

Thnks

dimbo61

Your running a business and Landlord insurance is a tax deductible  expense.
Please take out LL insurance