Do I need landlord insurance?

It’s not a legal requirement to get landlord liability insurance, but it is highly recommended. If you’re getting a mortgage on a buy-to- let property, be aware that many mortgage providers insist that you get landlord insurance before you can borrow from them. If you’re renting out your own home after living in it yourself, you will need to inform your insurer that the building’s circumstances have changed, or you won’t be covered when the time comes.

Do I need landlord insurance and buildings insurance?

It’s wise to equip yourself with both landlord insurance and buildings insurance when thinking about renting out a property. Most mortgage lenders will require you to have buildings insurance as standard when buying a property, and it will cover you in case of serious damage to your property, which could otherwise be very expensive. It’s also highly recommended that you get landlord liability insurance as well, since many of the things you might have to claim for as a landlord are not covered by ordinary buildings insurance policies.

Do I need landlord insurance for a flat?

If the property you own is in a block of flats, it’s possible that the freeholder will provide buildings insurance as a matter of course. However, this doesn’t mean you’re exempt from getting landlord liability insurance separately. Buildings insurance won’t cover you for legal fees or compensation if your tenant has an injury, and it also won’t provide loss-of- rent cover. It’s therefore recommended that you take out a separate policy to cover you against those situations.

Do I need landlord insurance if renting to family?

It’s common practice for landlords to rent properties to family members. Many people think that this means they don’t need insurance. However, even if you’re not worried about them filing legal claims against you, it’s still recommended that you get landlord liability insurance, which would cover relocation costs in the case of extensive damage to the property through fire or flood and would also cover any claims made by tradesmen working in the property.

Do I need landlord insurance for lodgers?

Whilst you’re not required to get landlord insurance if you take in a lodger, it’s still recommended. You will have to tell your home insurance provider if you take in a lodger, and it could invalidate or change your policy. Remember, if you don’t let your provider know and you later make a claim, it could be rejected. It’s important that your lodger is factored into the policy you take out.

How much does landlord insurance cost?

There is no fixed cost for landlord liability insurance. Like any insurance policy, it will depend on you and your personal history. It can also vary depending on the size and nature of the property, along with the property’s history. If you are interested in finding out exactly how much landlord insurance will cost you, get a quote from us today.

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What items are covered by home contents insurance? Typically, contents insurance will cover your posessions within your home, including most furniture and non-permanent fixtures, as well as carpets.Optionally certain items may also be covered away from the home.

What does contents insurance protect me from? Contents insurance will reimburse you for your losses if your belongings are damaged by fire, storm, flood, earthquake, lightning, explosions, vandalism, water leakage, oil leakage, etc. or if they are stolen in a break in.There is usually the option to add cover for accidental damage.

Whats the point of new for old contents cover? With contents cover “New for Old” is actually the basic policy and “Accidental Damage” would be the most usual upgrade. With contents insurance insurers will always replace damaged goods with new, where possible and in fact the upgrade is only making reference to the perils covers as opposed to the way a policy is paid out. The term “standard” is used in conjunction with buildings insurance and is essentially exactly the same as “new for old” on contents. Even a “New for Old” policy will normally have Accidental Damage cover for your TV, stereo and desk top computer, although beware as some no frill policies have come on to the market recently that dont offer this protection.

What is accidental damage cover? A standard contents cover will pay out in the event of damage due to a range of causes, as above. Some policies also include cover for items damaged by you or others in your household accidentally. Whilst this is standard on some policies, on others it is an option, and the extra cover offered can obviously have an impact on price. Check on the policy wording, though, because many new for old contents policies will include accidental damage to certain items anyway. TVs, stereos and desktop computers are often covered for accidental damage already, without having to pay anything extra.

Are contents automatically protected away from the home? Youll need to check your policy. Assuming it does offer protection, make sure its enough to cover the items you commonly take away, the amount of cover can often be increased if you require it.

Whats better, all risks or specified items? Specified items (such as expensive bicycles, cameras, laptops, jewellery and so on) can add up to a significant portion of the total premium. The ‘all risks’ option is a cheaper way to protect items away from home, provided the cover is high enough – check the small print or talk to your insurance provider.

In that case, is it better to insure items that need individual cover with a separate policy? In general, no. If certain items do need to be covered individually, it’s almost always cheaper to do it as an extra on the contents cover rather than taking out a separate, specialist policy. If you have a large number of high-value items, there are a wide range of policies on offer which are tailored to this requirement available via our Flux Private Clients team.

Do I have to insure building and contents under the same policy? No, you can take out separate policies. However, its nearly always cheaper to insure building and contents together as a package.

For more information, check out the Association of British Insurers (ABI) website or speak to our highly trained staff..

“In addition to our general home contents of £50,000, we have audio equipment of £15,000 and jewellery valued at £14,000 in our home. Because of the higher risk of burglary these items present, getting good value home insurance for high value contents can be difficult to find. But thanks to Adrian Flux, we have the home insurance cover we need for our audio equipment and jewellery at an affordable price.” Mrs M, NG14

Quick & Cheap Building Insurance cover rates by phone, please complete the call me form during office hours for an immediate quote.

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What does buildings insurance cover? As the name implies, buildings insurance is intended to protect your home’s structure, including permanent fittings, such as kitchen units, bathrooms, wiring, plumbing, doors and windows from damage or loss. Wear and tear is not covered, as you are responsible for maintenance of your property. Your furniture and other items are not covered – for this you will need a contents insurance policy.

What does buildings insurance protect against? Typically, buildings insurance offers cover for a range of risks including damage from fire, storm, flood, earthquake, lightning, explosions, landslips, subsidence and heave, theft, falling trees, objects falling from aircraft, impact from vehicles or aircraft, riots, vandalism, water leakage, oil leakage, etc. You may also be covered for your liability in the event of damage to other people or their property, accidental damage to utilities and glass replacement, but, as ever, policies vary from provider to provider, so you should check your policy documents for full details, or speak to an adviser.

Will my shed or garage be covered? This depends on the policy. In many cases sheds, garages, boundary walls and other ancillary structures are covered, but this is not so for all policies, or may attract an extra cost. It is best to confirm your cover with an adviser if in doubt.

Do I have to insure my home? Legally, not necessarily if you have a mortgage, your mortgage provider will probably insist on it, although you are not obliged to use their recommended insurer and you will probably save money if you shop around. As your home is probably your biggest investment, you should protect it.

Why is my home buildings insurance so expensive? There are many factors that affect the price of insurance cover, but if you are using the insurer recommended by your mortgage provider you can probably save money by shopping around. As a broker, Adrian Flux, has access to dozens of home insurance providers and can find you the most appropriate cover for your situation at a competitive price. If the cost seems high, don’t be afraid to ask about ways to cut the price of the premium.

Can I get no claims bonus on house insurance? Yes. If no claims are made on the policy, most home insurance companies will offer a discount for a claim-free history.

How can I save money on my buildings insurance? Fitting security and safety equipment to you home can attract substantial discounts. Smoke alarms, intruder alarms and door and window locks all qualify for a reduction, but other items may also save you money depending on your situation. Be sure to ask one of our underwriting staff for advice.

My building policy’s rebuild costs seem very high. Is that right? Some insurers include ‘blanket cover’ for the rebuild insurance on the house. What this means is that the cover will be a blanket figure of up to, say, £500,000. If your rebuild costs are likely to be much lower, ask for a quote for insurance based on that specific figure it may save you money. If you switch insurers, be sure to give an accurate rebuild cost estimate if you supply a higher (blanket) figure you’ll be paying extra for nothing. Always be sure not to skimp on rebuild cover though, as the true costs only become apparent in the event of a claim – the Royal Institute of Chartered Surveyors have a rebuilding cost calculator.

Do I need building insurance if I rent a property? No. As a renter, though, you should consider tenants contents cover, but your landlord should pay for landlords building insurance.

Will I be able to get insurance for a house that’s suffered subsidence and been underpinned? Basically, yes provided there’s an engineer’s report to confirm that any problem has been sorted permanently. Using a specialist broker is the best way to find cover for properties affected by subsidence. Properties that have been underpinned due to building regulations, as a result of an extension rather than structural movement, are a lot easier to insure and a full report may not be necessary. However, some sort of documented proof will usually be requested.

How about insurance for properties that are at risk of flooding? You should be able to get full cover provided the necessary action has been taken to avoid flooding in the future. Again, speaking to a specialist broker, such as Adrian Flux.

Why don’t insurance companies like thatched properties? Because of the perceived extra risk of fire and high replacement costs. In reality owners tend to be aware of the extra risk and often take extra precautions. Some providers are happy to insure thatched properties, though there will be a premium to cover the risk.

For more information, check out the Association of British Insurers (ABI).

Quick & Cheap Building Insurance cover rates by phone, please complete the call me form during office hours for an immediate quote.

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