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Hello Everyone, all the best in New Year!


 


I’m in the process of buying my first BTL property. This is very exciting :-)


My offer was accepted and I’m finalising the mortgage!


I'm buying my property through an estate agent, so not the deal of the century, but still happy about it.


 


I need to find a good Landlords Insurance and have no clue which one is the best. I read different articles, reviews, listened to the podcast and have not been able to make a decision. From what I’ve read I will need buildings insurance and public liability insurance.


 


I was wondering about the NLA (Allianz Insurance) or RLA insurance (Brit Syndicate)


I also read some mixed reviews about Alan Boswell Insurance, but as they were mixed reviews I couldn’t make up my mind.


I do not want to pay for the insurance to later find out that even though I’m covered on paper in reality I’m not.


 


Does anyone have a reliable landlords insurance they could recommend?


Any help/advice would be much appreciated.


 


Thank you,


Ewa


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Hi Ewa - I am in a similar position to you going through the process of buying my first BTL. 

I have been advised that the NLA are a good organisation to join and I am tempted to join for the support and knowledge alone but I think they also offer good value insurance including rent and legal cover.

As an aside, can any more experienced landlords advise whether if you are appointing a letting agent to manage, there is much point joining the NLA as an associate £0, the basic membership £50 or even the £100 full membership when you only have one property?

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Hi Patrick and Kevin,

 

Thank you for your replies and advice.

 

I will get a quote from Simply Business and also get more familiar with NLA. I think that after exchange of contracts - when I'm closer to become a landlord,  I will join NLA.

 

Did anyone use their phone help line and would recommend it?

 

Thank you!

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Hello Marcus,

 

Thank you for your reply.

 

I asked my mortgage broker for advice on insurance and he passed my details to insurance broker. However their quote is higher than I expected, therefore I'm looking for other options. It's hard to understand if their policy is better than cheaper alternatives and if it will pay out when needed.

 

Thank you!

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  • 2 weeks later...

I went through the same challenge a couple of years ago and I'm definite knit getting best value for money. I generally find the whole insurance process a pain in the @rse because you spend ages giving all your details and often end up with an uncomparable quote. Things are getting easier and when I buy my next property soon, I will get my act together and find a more competitive deal. I'd be interested to know what you go for in the end.

Good luck.

Gareth

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Hi Ewa,

 

I bought my first BTL back in August.  I scoured the market, including Simply mentioned above.

 

For me, the cheapest ended up being.... Direct Line.  Which was surprising because for residential home insurance or car insurance I've always found their quotes really expensive.  Plus if you use a cashback service like Quidco, you'll get a £50 discount.

 

Another thing to note.  I bought the property empty and they charge extra for this as empty = higher risk.  So I was paying £250 pro rata, but once tenants moved in it adjusted to £180 pro rata.

The Liverpool Meetup takes place on the first Thursday of every month, find out more here

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As an overseas landlord I am limited to less choice, I found asking Simply Business to call me back and tell them what I wanted (rather than filling in the online form) they found me several options and saved me £ 100 pound on the previous year, which was also through them, just the actual insurer increased thier premium. Working for me up to now..

Kev

Kevin-Isaacs.jpg

The Hong Kong meetup takes place on the first Thursday of every month, find out more here

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