In a muddle about landlord insurance.

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    In a muddle about landlord insurance.

    Property is in Scotland and it’s a flat I used to live in.

    When I was living there I had my buildings and contents insurance through Aviva. When I moved out and got a tenant in I contacted Aviva who know the property is let, this is confirmed on policy documentation from Aviva, and they are still insuring my buildings and contents (fully furnished let).

    Here comes the stupid question…do I still need some kind of landlord insurance? Does landlord insurance insure you for more than just building and contents such as public liability? I have a horrible feeling I have cocked up.

    #2
    No, you don't.

    Some would advocate rent guarantee insurance, but based on what has been said before I think most here wouldn't.
    There is a fine line between irony and stupidity. If I say something absurd please assume that I am being facetious.

    Comment


      #3
      Originally posted by doobrey View Post
      No, you don't.

      Some would advocate rent guarantee insurance, but based on what has been said before I think most here wouldn't.
      Thank you doobrey. I can afford to cover the mortgage etc if the tenant doesn't pay so it would seem better to put money aside to cover non-payment of rent (just in case) rather than paying for extra insurance.

      Comment


        #4
        There are no legally compulsory insurance policies you require as a landlord. Contractually, a mortgage agreement or your lease agreement with the tenant may insist the property has buildings insurance but other than that you are free to insure whatever you want.

        Most landlords will have buildings insurance as a minimum and will then consider adding extras such as contents insurance, legal protection and rent guarantee but this is all personal choice.

        Also, check your building insurance meets your requirements. Cover for accidental and malicious damage by the tenant are key types of cover where some landlord buildings insurance policies fall short but once again you are free to choose what you want.
        Steve Smith - Company Director at a leading Landlord Insurance broker with 20+ years experience in the industry
        LandlordZONE Verified Poster and Topic Expert for Landlords Insurance since 2009
        See my profile for contact details

        Comment


          #5
          And public liability?
          I am legally unqualified: If you need to rely on advice check it with a suitable authority - eg a solicitor specialising in landlord/tenant law...

          Comment


            #6
            Building insurance on a flat??

            Which parts of the building are you insuring?

            Comment


              #7
              Originally posted by AndrewDod View Post
              Building insurance on a flat??

              Which parts of the building are you insuring?
              Yes, as I said in my opening post the property is in Scotland. I am legally responsible for insuring my own flat up to its reinstatement value. I insure the parts I own.

              Comment


                #8
                Originally posted by theartfullodger View Post
                And public liability?
                Is that something I need or should have? I'll need to check my Aviva policy.

                Comment


                  #9
                  Originally posted by DoricPixie View Post
                  Is that something I need or should have? I'll need to check my Aviva policy.
                  Yes, just check your existing policy as your buildings insurance will more than likely have property owners liability included.
                  Steve Smith - Company Director at a leading Landlord Insurance broker with 20+ years experience in the industry
                  LandlordZONE Verified Poster and Topic Expert for Landlords Insurance since 2009
                  See my profile for contact details

                  Comment


                    #10
                    Originally posted by ashburnham View Post

                    Yes, just check your existing policy as your buildings insurance will more than likely have property owners liability included.
                    Thanks. I’ll check.

                    Comment


                      #11
                      Yes - my policy includes public liability. Thanks for the help everyone.

                      Comment


                        #12
                        You need building cover. If there is a fire, they should cover the re-housing cost or loss of rent.
                        You need contents cover (limited) - had a water leak from flat above, they would not cover the carpet. Usually they say "landlord's contents". I relaly don't care about the furniture etc... but carpets are expensive.

                        You need legal cover - it is a must.
                        malicious damage cover

                        You need to read the small print. Don't go for the cheapest quote. Read the policy.

                        Comment

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