Looks like I'm going to get my first rental property. I will be getting a BTL mortgage for a small, very cheap house, possibly with a sitting tenant. What minimum insurance do I need legally; what do you advise on top of that, and who is the best provider of such insurance?
Ensuring Insurance
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None legally, but very very likely the mortgage will require it. Check exact requirements.
And when does the tenant say they 1st moved in (don;t trust vendor, agent or solicitor..)??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...
Latest Activity
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by PaulW23I have a property that my Agents have recommended a company let with a local Charity that supports young people coming out of Care Homes. The charity let the property under a company let agreement and pay all the rent.
The problem I am finding is getting insurance for such a situation. It is not...-
Channel: Insurance Questions
18-05-2022, 09:51 AM -
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by LindenI understand it is a landlords responsibility to insure the house I live in. However, as a tenant, could I choose to take our buildings insurance. If I could, I would then advise my landlord that I have done this, and he has no need to.
Would the insurance in my name my valid?...-
Channel: Insurance Questions
17-05-2022, 07:55 AM -
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Reply to Buildings insce for tenantby ashburnhamThe insurance in your name would be invalid. Only the owner can insure the property. What is the reason for you wanting to do this?
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Channel: Insurance Questions
17-05-2022, 14:48 PM -
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by HooperWhen calculating a reinstatement cost for buildings insurance, is it assumed that it must include a sum for contingencies? And if so what sort of percentage?
The context is that I have been found to be underinsured and proportional remedy applied to the claim. The building reinstatement...-
Channel: Insurance Questions
15-05-2022, 12:09 PM -
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by HooperI've just skimmed the RICS professional standards and guidance, "UK Reinstatement cost assessment of buildings" and there is no mention of contingency sums anywhere in it. It says that each report should make allowances for specific peculiarities of any site but does not mention making allowances...
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Channel: Insurance Questions
16-05-2022, 09:23 AM -
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by ashburnham12% is the current rate of Insurance Premium Tax (IPT). Some documents from insurers/brokers/agents/freeholders may not be great at displaying clear information and could possibly be misread as a charge being made on top of the insurance cost when in fact it is actually tax. Might be worth double c...
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Channel: Insurance Questions
12-05-2022, 10:31 AM -
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by FerndaleCan a greedy freeholder add 12% to each of 8 flats in 2 blocks he owns for renewing or a phone call and admin ? It’s £40 each on top? How is this reasonable?...
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Channel: Insurance Questions
11-05-2022, 19:45 PM -
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by AndrewDodIs this freeholder or an agent for the freeholder.
But no he can't. Unless lease says so. But an agent sort-of can (and then hand part of it back to FH as the usual backhander). Part of the reason the whole legal framework is so messed up....-
Channel: Insurance Questions
12-05-2022, 09:51 AM -
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by leasee123I have been taking out legal expenses insurance for the last few years for my BTL property.
I am wondering what the point of it is really. I would only ever need to use it under the following scenarios:
1) rent arears
2) eviction
3) property damage
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Channel: Insurance Questions
27-04-2022, 10:48 AM -
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Reply to Legal expenses insurance - worth it?by jpucng62Annual premium - possible included, otherwise maybe £25
Excess maybe £250
Payout £20k
Does that prove my point?...-
Channel: Insurance Questions
10-05-2022, 20:41 PM -
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