Landlord Insurance

[Julian_S]

My agents, who I use only to find tenants and complete the paperwork exercises are pestering me regarding landlord insurance for a couple of apartments I own in a large block. (it's one of their round-robin emails)

Now, I already pay the apartments management company, they perform building maintenance and provide building insurance cover. I have no debt on the properties, so as far as I can tell (via Google) I do not need any insurance of my own.

True or false, wise or unwise?

KR Julian

[Dave A]

Do you have anything in the property that wouldn't be covered by buildings insurance? Does the existing policy cover any of the eventualities that you would want covered? Does it cover having tenants in the property?

Normally wheres there's a claim, there's a wriggle waiting.

Dave

[Chestnut]

It depends what is meant by 'Landlords Insurance'. Your management company may only be providing buildings and (your) contents insurance, for your (rented) property. They may not be providing such additional features for matters that a tenant might inflict on landlord, such as malicious damage, unpaid rent, theft, trace and access cover, etc.

You need to compare features of alternative policies against those of your management company and decide what extras if any you might want.

[Julian_S]

Thanks Dave, you have really asked my question again!

Exactly what eventualities - that's the question. If the washing machine breaks down I'll have it repaired or replaced, insurance for these sorts of things is just plain stupid in my opinion.

Julian

[Richlist]

I have leasehold flats where the buildings insurance is provided within the service charges.....and is often a mortgage lenders requirement anyway.

* I haven't had any contents insurance cover for the past 10 years......and never missed it.

* I have never had any landlord insurance.......and never missed it.

* I do often take rent guarantee insurance though.

* Tenants have to insure their own belongings of course.