Question about landlord insurance

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    Question about landlord insurance

    Hi all,

    I am a new landlord who will have my first investment property rent on the market. I have a question regarding landlord insurance.

    I have done some initial search on the internet and found out there are landlord building insurance and landlord content insurance available. I am confused about the difference between the "landlord building insurance' and the normal "building insurance". Are they the same?

    My property is a purpose build flat which is insured by the management company. I pay the service charge to them which includes the building insurance. My question is that: Do I still need the landlord building insurance?

    My other question is that what does the landlord contents insurance cover. Does it cover boiler, wash machine etc?

    Are there any other landlord insurance I have to buy before I can safely let this property out?

    Many thanks for your help.

    #2
    "building insurance".
    You do not own the building your flat is in, therefore you cannot realy
    insure what is not yours ( you can if you want, but a waste of money ).

    The owner of the building already has it insured, together with the
    grounds, gardens, outbuildings, garages, driveway etc.

    Regarding landlord insurance, talk to the ones advertised on here.

    R.a.M.

    Comment


      #3
      I have a similar question to the OP so I feel it might be better to jump on to this thread rather than start my own.

      Like the OP, I am currently letting out a flat, which is leasehold. Because it's leasehold the flat is insured through the freeholder. I don't have any other insurance on the flat.

      Is there any other insurance which it is essential I obtain? I am willing to take the risk on non-payment of rent, and the furniture is all low-end secondhand stuff with no real value so I don't want to insure that -- but is there anything else I need to insure for? I was slightly concerned about liability to tenants e.g. if they injure themselves and I am found to be negligent (unlikely as I am a diligent landlord but it's always a risk).

      Comment


        #4
        Originally posted by silentray View Post
        I am confused about the difference between the "landlord building insurance' and the normal "building insurance". Are they the same?
        Yes and No! Landlord building insurance is very similar to normal home building insurance that you take out on the house you live in but it is obviously a policy that caters for the fact the property is let to tenants and therefore has a few tweaks to the policy coverage.

        Originally posted by silentray View Post
        My property is a purpose build flat which is insured by the management company. I pay the service charge to them which includes the building insurance. My question is that: Do I still need the landlord building insurance?
        It sounds as though they are arranging the building insurance so you do not need to take out a second policy to cover the same thing.

        Originally posted by silentray View Post
        My other question is that what does the landlord contents insurance cover. Does it cover boiler, wash machine etc?
        This covers any contents that you provide such as carpets, curtains, furniture, etc. Your example of boiler would be under the buildings insurance and the washing machine would be contents (unless it is a fitted kitchen in which case it is more likely to be buildings). Please be aware that buildings and contents do not cover the breakdown of such items which would be an altogether different insurance.

        Originally posted by silentray View Post
        Are there any other landlord insurance I have to buy before I can safely let this property out?
        It is up to you how little or much insurance coverage to take out. Most landlords will have at least the buildings insured and, if the property it let furnished, will normally have a contents policy too. Some landlords will go a step further and will consider the other types of insurance such as rent guarantee, legal protection, emergency assistance to name a few but only you can decide what insurance is right for your circumstances.
        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

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