Landlord's insurance

[bdh198]

Hi, I have a quick question regarding contents insurance and would be grateful for any comments people might have.

I own a one bedroom flat in a converted Victorian terrace (three separate flats). We are joint freeholders and so between us we sort out separate buildings insurance which we all contribute towards.

The flat I am renting out is unfurnished. Apart from the walls of the flat and the carpet the only other items in the property is a small fitted kitchen (with an oven, but no other 'white goods'), and a bathroom suite with bath, shower, sink and toilet.

Do I need to obtain contents insurance for any of those items, or would they be covered under the buildings insurance because they are 'fixed'?

The property does not have a mortgage, but I will probably take one out in the near future. I assume mortgage companies will usually only require appropriate landlords buildings insurance, and not contents.

Thanks in advance for any comments.

Solent

[Richlist]

Do I need to obtain contents insurance........

There is no 'need' to take out contents insurance, its entirely optional.

I assume mortgage companies will usually only require appropriate landlords buildings insurance, and not contents.

Correct

Even if your property is let unfurnished, it will contain items that will not normally be covered by your buildings insurance such as:

* carpets & floorcoverings

* curtains & blinds

* lampshades & lightfittings

* cooker and other white goods etc

You must decide on how much their loss would impact you and on their value/ replacement costs. Many people in this situation just decide to self insure.

[landlord insurance]

Apart from the walls of the flat and the carpet the only other items in the property is a small fitted kitchen (with an oven, but no other 'white goods'), and a bathroom suite with bath, shower, sink and toilet.

Do I need to obtain contents insurance for any of those items, or would they be covered under the buildings insurance because they are 'fixed'?

In terms of the items you have listed, usually anything permanently fitted is classed as buildings so a fitted kitchen, bathroom suite are buildings and carpets, furniture and free standing white goods are contents. Some insurers break this mold so always check the definition of buildings/contents in the insurer's policy book before you take out the cover.

[bdh198]

Thanks for the replies

After being quoted £106 to insure the contents of my unfurnished one bedroom flat, and then discovering that it didn't include accidental damage or any of the 'fixed' parts of the kitchen and bathroom, I've come to the decision it's an unnecessary costs I can live without it. After all, if a tenant wants to maliciously trash my oven then that's a cost I can probably afford a long way before I exceed the £250 excess!

[Richlist]

That premium seems exceptionally high.

A few years back I used to insure the contents in some of my rentals (mainly ground floor flats) thru More Than and if I remember correctly £10K's worth of basic contents cover (thats the minimum value they would insure) cost me around £40-£50 per property per year.

[landlord insurance]

...then discovering that it didn't include accidental damage or any of the 'fixed' parts of the kitchen and bathroom

As mentioned in my previous post, any fixed parts such as a fitted kitchen should be covered under your buildings policy anyway.

That premium seems exceptionally high ... £10K's worth of basic contents cover (thats the minimum value they would insure) cost me around £40-£50 per property per year.

As 'Solent' has an unfurnished one bed flat and a fitted kitchen then contents should be minimal. I would agree with you that the cost is usually around the £40/£50 mark for minimal contents but factors such as the location of the property and type of tenant may affect this... but £100+ still sounds a bit too much!