UK Landlord Forum / Life

Hi I have a 2 bedroom flat that I bought it is ex local authority.  I have it rented out and the buildings insurance is already covered by the management charge every month.  The tenants have their own furniture.   It is heated by electric storage heaters and immersion heater for the water.  What i would like to know is:

1. Do I need some kind of third party insurance?  If so why would I need it?

also

2. Are they companies out there that specialise in landlord insurance that is not buildings.

Thanks for you help
Mosy

Hi Mosy

did you find an any answers to your above questions?
I am buying a 1 bed flat to let that has buildings ins and I would like ins just for malicious damage etc from any tenants, but it seems very niche to not have buildings or contents and just  tenant damage.
thanks in advance
Lenny

Check the terms of your mortgage - you may need your own insurance (note this will inevitably crate an issue of double cover in the event of a claim but try explaining that to a bank).

You might need Property Owners Liability (Public Liability) insurance.  If one of your tenants has an accident at your property, considers that you are responsible and decides to take legal action against you.  This covers legal defence costs and expenses, in addition to any damages that may be awarded.  In my view such a claim can be a life changing event without coverage and so I’d get that coverage (but that’s paranoid me).

Furthermore do note a potential requirement for Employers’ liability insurance.  If you employ anyone directly under your supervision and control to work at your rental property, such as a cleaner or gardener, Although this would normally involve an employment contract it could extend to anyone that a court determines you have a duty of care towards.

You can Google around to find quote (£60/70) or better still call a broker.  Simples.

If you only rely on the block building insurance then you may have a gap in cover... consider....
Full Accidental Damage cover to Buildings BY A TENANT (is that covered under the terms of your owners insurance?)
Malicious Damage caused by Tenants
Theft or Attempted Theft by Tenants
Landlords Contents Cover (for White Goods, Curtains, Carpets and Blinds)
Trace and Access (to get the ex-tenant)
Loss of Rent / Alternative Accommodation cover
Replacement Locks, Landscaped Gardens, Fire Extinguishers, Emergency Access, Closed Circuit TV, Debris Removal
Etc etc etc etc etc.......

PS always read small print of all insurance policies you hopefully will not be surprised by the headline claim and the actual cover.

Best of luck

Many thanks Lord Vader. research it I will

may the force be with you
Lenny

Check out : https://www.simplybusiness.co.uk for landlord's insurance.

I got a good deal from them for 122.78 per month as I am renovating my flat. Once I am ready to rent, this can be turned into renters' inusurance.