SMF - Just Installed!

landlords insurance - needed from day 1?

Started by showrider, April 03, 2018, 01:37:05 PM

Previous topic - Next topic

showrider

Hi all,

our first rental property is almost completed and we think it is going to take a good 6-8 weeks to completely renovate it and get it up to scratch ready to let.
So my question is should we just get a monthly rolling buildings insurance to start with and then look at landlords insurance once we know the sort of tenant we can get in? Or do we have to take it out from the start??

We are newbies to the rental market so it's all overwhelming as to what to do first...  :-\

Thank you

Hippogriff

Whenever you like, chill... but you should have some cover at all times. If you know you're going to get a Tenant in receipt of benefits, or otherwise, then you could start it all now.

I had a comparison quote in from my Broker the other day for a new property... £192 for a professional Tenant, £256 for one in receipt of benefits, like LHA and plenty more. Quite a premium. Just one more reason to try and avoid that type of Tenant.

showrider

Hi Hippogriff,

thank you for your reply.

ok, will see if we can just get some standard cover for now as an empty property until we rent it out. Not sure what tenants the house will demand (ex council so I imagine mostly on benefits) so don't want to pay over the odds until we know otherwise.