Insurances etc

[Julierob]

Hi Everybody

I am new to this forum and fairly new to being a landlord. I have one flat which I co-own with my sister and we have life insurance for this property. I am just about to let out my house changing it from a residential mortgage with the Abbey to a BTL (for which they are charging me £490 for the privilege). What I want to know is I need buildings insurance to comply with requirements, but do I still require a life insurance policy.

Sorry if this is a stupid question, but am I just trying to get myself organise for the letting of this property and want to make sure I am covered but that I am not paying unnecessary insurance policies.

Thanks

Julie

[plym77]

Hi Julie

I am not an expert on Life Insurance and I am sure someone else here can help in that respect, however, remember as a new landlord to register for a tax return each, also note that unfortunately Life Insurance payments for a rental property are not allowable deductions against your rental income

Regards

Sherena

[Julierob]

Hi Julie

I am not an expert on Life Insurance and I am sure someone else here can help in that respect, however, remember as a new landlord to register for a tax return each, also note that unfortunately Life Insurance payments for a rental property are not allowable deductions against your rental income

Regards

Sherena

Thanks Sherena.

[nick c]

Hi Julie

Our contact at Letcare mentioned that there is no legal requirement for you to have life insurance, but it could be a condition of the mortgage with Abbey. You would have to check with them.

If you would like to contact letcare they are listed within our Insurance centre.

http://www.residentiallandlord.co.uk/insurance.htm

There is also a quick quote button here and links to their website.

Hope this helps.

Kind regards

Nick Colthorpe

Residential Landlord