Question regarding insurance

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    Question regarding insurance

    Hello!
    I would like to ask if you have any experiance with Direct Line insurance for landlords? I am thinking of buing their insurance (building, legal expenses, rent guarantee).
    Is it worth recommending? What is your experiance regarding handling claims etc?

    I will appriciate your opinion. Thanks.


    #2
    I have that firm for home, motor & landlord insurance. You should only buy this if you are fairly certain you won't need to claim. I've had one home & one motor claim with them years ago. The motor claim was okay. For the home one, I had to threaten to sue.

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      #3
      I had that firm before. One massive issue for me was they did not insure "students". When one of my tenants age 53 became a postgraduate PhD student it precipitated a crisis where my insurance became invalid mid-term.

      One problem with insurance these days is that there is no thinking or assessing - it is all based on algorithms and simplistic answers to questions that deals with the 75% in the middle. This company would represent an example of that approach.

      Never rely on rent guarantee insurance anyway - if you really need that you probably need better tenant selection.

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        #4
        I got a quote from Direct Line, but they have always been more expensive.

        The best way to compare insurance companies, is to download their policy documents. Compare the cover side by side. In particular pay attention to what they don't cover. Don't waste time, by comparing prices, because that is no indication of quality. Does it cover malicious damage by the tenant? Have a look at the Defaqto rating (not always accurate indicator).

        Make sure you take on extras such as legal cover.


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