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Full list of insurances needed


gc

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Is there a full list of insurances needed for buying and letting property.

I understand there is landlord insurances, but how about building and contents etc.

I really could do with a full list if anyone knows.

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They're the main ones. You can throw in Rent Guarantee and Legal Cover.

With building insurance, if it's a leasehold block of flats, then the building insurance is usually arranged by the freeholder/management company and paid via the service charges. 

Contents, it's up to you if you want to cover your contents. It's also good to inform the tenants to purchase their own cover to insure their personal contents. 

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The only insurance I have is a decent Landlord policy which includes legal cover - if you have to go to court it is expensive. This covers the buildings and contents upto whatever you choose to cover carpets, curtains, lightshades and anything else you provide.

Anything else is expensive & in my book not worth it.

You might want to consider Life Insurance for yourself regardless of whether or not you rent property out.

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2 hours ago, julia urquhart said:

The only insurance I have is a decent Landlord policy which includes legal cover - if you have to go to court it is expensive. This covers the buildings and contents upto whatever you choose to cover carpets, curtains, lightshades and anything else you provide.

Anything else is expensive & in my book not worth it.

You might want to consider Life Insurance for yourself regardless of whether or not you rent property out.

When carrying out renovations, what about:

Unoccupied property undergoing works insurance
Public liability insurance

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  • 4 weeks later...

To add to the list, there are optional extras you can get. Some have been mentioned already, some not. The extras are: accidental damage, legal expenses, tenant default/rent guarantee, home emergency (boiler, heating, electric), contents insurance. I found these listed with average premiums here: https://www.nimblefins.co.uk/business-insurance/average-cost-landlords-insurance-uk

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  • 1 month later...
On 9/19/2020 at 8:24 PM, gc said:

Is there a full list of insurances needed for buying and letting property.

I understand there is landlord insurances, but how about building and contents etc.

I really could do with a full list if anyone knows.

There's 2 main ones:

  • Landlord Insurance
  • Rental Guarantee Insurance

You landlord insurance will cover buildings and contents. It will also contain public liability insurance

Rental Guarantee Insurance (RGI) will pay out if your tenant stops paying you. I take out RGI on all of my properties. In my experience, the premium is 1-2% of the rental income

 

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