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insurance-change of tenants circumstances

nora newbie

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Just a quick query! I am just renting through a letting agent for first time. all is very well but have a quick question regarding insurance. I have taken out building s ins and a minimal contents to cover curtains and carpets (unfurnished). In the policy quote I was asked about the tennants and i stated correctly that they were employed. If the worst happens and they become unemployed I guess I will have to tell the insurance company?

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I never insure contents on rentals just the buildings.

Get an inventory done and if tenants damage contents take it off the deposit.

Most people would agree with this point of view but what happens to your contents in the event of a fire/flood/theft/etc that is not the fault or responsibility of the tenant? I would always recommend at least getting a quote for contents cover as it is always cheaper than most people think. Usually you will only need a few thousand pounds worth of cover and the additional cost this puts on your premium can be as little as £10/£20 a year (obviously dependant on circumstances).

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Surely the decision is about far more than that ?

At the very least any decision would depend on :

* The size & location of the property.

* The quality of the furnishings,

* The cost of the insurance......after tax.

* The wording of the insurance policy and any restrictions or requirements......some of which can be ludicrous.

* The financial standing of the landlord and his ability to self insure/ to take a total loss.....if indeed there ever were one.

* It would also depend on the landlords attitude towards insurance.

* His target tenant and any increased risk that might pose.

* Crime levels in the area.

* etc etc

and NOT on how pushy the insurance salesmen might be or their need to make a living/ keep their job/ meet their sales targets or the need of the insurers to make a sale.

Honest Guv'r....I'm not biased ! :lol:

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I completely agree with everything you say!

My comment was just aimed at the fact you said that you never insure contents and just get an inventory and take it off the tenant's deposit if they damage it. An inexperienced landlord may possibly have seen that comment as a reason not to insure their contents and I was merely pointing out a few basic reasons why it should at least be considered.

Your new comment has now brought to the attention many more reasons to take into account when considering landlords contents insurance which should be useful to anyone reading.

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