Do i need Landlords insurance when letting?

Angel777

Is this a special kind of insurance and is it more expensive? Can anyone reccommend a company?

Can anyone give me any other advice about letting my property?

It will be given unfurnished and the tenants are checked out by the estate agents.

Thanks

chappers

Your regular buildings insurance won't cover you .You need apolicy with a letting clause in it and yes it is more expensive but not over the top.

PasturesNew

As a landlord, you will want to look for insurance that pays you if the house becomes flooded or burns down. To cover the mortgage/rent. If the house floods/burns down, you will suddenly find it is your responsibility to house your tenant elsewhere. e.g. hotel or another home.

tbs624

Join one of the Landlords' Associations and you may get reduced rates on your insurance.Both the NFRLA and the RLA have links to insurance companies. Or tryone of the comparison sites :http://www.moneysupermarket.com/landlord-insurance/

Angel777

thank you so much, i didnt even think of the place burning down!

will look into it now. Thanks for the link.

Also how much will my mortgage change when i inform them that this is now buy to let.

moneysavinmonkey

Sorry to be direct, but from the questions you are asking you sound like you haven't a clue what you are getting yourself into. Is this the first time you have rented out a property?

You are effectively starting a business and if this is new to you I strongly suggest you get professional advice and join a landlords association. There is a lot of things to consider as well as insurance's, permission to let, tax + accountancy matters; relevant laws + statutes, landlords rights + obligations, local regulations, reliable tradespeople etc. etc.

If you've got all this covered then well done!

silvercar

try alanboswell.com and directlineforbusiness.co.uk

Angel777

Thanks.

monkeysavinmonkey - thanks yes it is the 1st time and although i know a little i am asking for advice on things i dont know. I dont think it is fair to say 'you havent got a clue'!

Anyway thanks for the advice.

chappers

Angel777 wrote: »

thank you so much, i didnt even think of the place burning down!

will look into it now. Thanks for the link.

Also how much will my mortgage change when i inform them that this is now buy to let.

It might not there may be a fee for putting a letting clause into your mortgage though all depends on your lender.

moneysavinmonkey

Angel777 wrote: »

Thanks.

monkeysavinmonkey - thanks yes it is the 1st time and although i know a little i am asking for advice on things i dont know. I dont think it is fair to say 'you havent got a clue'!

Anyway thanks for the advice.

ok - i'm just suggesting that perhaps there are things you don't even know you don't know. It's a serious responsibility to be a landlord and any mistakes can cost you a lot of money. You are letting out a assets worth thousands of pounds which will become someone's home.

I can not strongly recommend enough getting professional advice. There are a lot of good posters on here who can point you in the right direction but sometimes bad advice is given, particularly if all the facts aren't know. If you get professional advice and something goes wrong you have someone to hold accountable!

Angel777

of course i have professional advice aswell.

thanks to those who have helped.