House insurance

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    House insurance

    Hi. I am getting my property ready to rent out (my own place which I have been living in). My house insurance is due for renewal about the same time. Do I just buy normal house insurance for.. Maybe a month then cancel it and buy landlord insurance? Or see if they can upgrade it to landlord insurance? Any tips? Thanks

    #2
    Personally I'd just go straight in with landlord's, you'd probably find that the admin charges etc to upgrade you would be more than the premium anyway. Also bear in mind many insurance providers won't let you simply cancel after a month and will want the full term's value as a cancellation fee.

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      #3
      while the property is still on a residential basis you should obtain normal house insurance, then once you rent it out you should then get a landlord insurance. It would be better to see if the normal house insurance provider also provides landlords insurance as then the process would be much easier to transfer one from the other (but some are difficult as they are separate business units, and their systems don't always line up).

      If the property has a mortgage you should also inform them.

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        #4
        I thought about just going straight for the landlord insurance but it was asking who it was rented to.. What their situation was etc. And I don't know that yet...

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          #5
          I wouldn't, in the unfortuante case you need to make a claim while in the transition period, it may invalid the insurance if they decide to check.

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            #6
            Any recommendations for companies for landlord insurance? While I'm here. And I'll see about getting normal house insurance with them then upgrading it when the time comes. Thanks

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              #7
              Originally posted by LMK View Post
              I thought about just going straight for the landlord insurance but it was asking who it was rented to.. What their situation was etc. And I don't know that yet...
              I told my landlord insurance I was still waiting for people to rent it out. They said that was fine and started the insurance.

              So some follow up questions for the senior members. What do you do during void periods? Cancel the landlord insurance and get residential insurance and then start landlord insurance again once let?

              Also since you will start to provide viewings what is best insurance type if a potential tenant viewing the property was to fall down the stairs?

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                #8
                Originally posted by cuttingman View Post
                I told my landlord insurance I was still waiting for people to rent it out. They said that was fine and started the insurance.
                The situation is different if the property is empty awaiting a tenant or the landlord to be is currently living there.
                Landlord's insurance wont be valid if the landlord is the occupant.

                What do you do during void periods? Cancel the landlord insurance and get residential insurance and then start landlord insurance again once let?
                Only if you plan to move back in during the voids (which would be very unusual).

                Also since you will start to provide viewings what is best insurance type if a potential tenant viewing the property was to fall down the stairs?
                You'd have to be negligent to be liable if that happened, and your insurance should have an element of professional and public liability cover - but may not.

                If you want advice there are brokers who do this who advertise in the directory part of the website.
                Much better, in most cases, than shopping online.
                It's a complex business and most of us don't know what we're doing.

                When I post, I am expressing an opinion - feel free to disagree, I have been wrong before.
                Please don't act on my suggestions without checking with a grown-up (ideally some kind of expert).

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