INSURANCE - Which one? -

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  • INSURANCE - Which one? -

    You may be aware from my other post that I am interested in purchasing property/s as a capital growth investment.

    This question relates to INSURANCE….

    Buildings insurance is a necessity

    Rent guarantee insurance presents as desirable, though I do consider that I will need to look into what this is actually offering and whether this is worth it.

    Legal expenses insurance, again appears desirable, and if you were ever in that situation, would be essential.


    However, thinking about possible scenario’s, can anybody inform me as to whether my buildings insurance would cover, providing my tenants with other accommodation in the unfortunate event of a natural disaster, fire, or some other event that rendered the property as uninhabitable, if not, what insurance would be required.


    Kind Regards

    Andyman

  • #2
    Just do a google search for " block of flats insurance " if you own the entire building and then contact the brokers which you have chosen to give you a quote. If it is a leasehold flat, then the landlord of the building will normally insure.

    You need to give the re-instatement value for the building ( excluding land cost) and ask for 20% or 30% cover for "alternative accommodation" to be included. The insurance brokers will sort out your needs and may sell you more than you need.

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