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I'm going to be letting out a property for the first time. Any recommendations regarding landlord insurance? Anything I need to be wary of? Thanks
Shameless plug. I own a small insurance broker and could have a butchers. PM me if you want.
Failing that, try and include legal cover to help with evictions (check it covers evictions, some do not). Other than that, it's not much different from your home insurance.
Direct Line have worked for me - not that I have made a claim.
+1 Direct Line. +1 not claimed though.
+ another never claimed direct line customer
Failing that, try and include legal cover to help with evictions
It cost us £1000s to evict a tenant a few years back. Barrister was £500/half day + solicitors + court fees + days off work to go to court + eviction costs + changing all the locks + lost rent.
In the end we got an eviction order and a debt order for £5,500 which was unenforceable as we had just turfed an unemployed single mum on the street who hadn't paid the rent as she had no money. Whole thing was quite traumatic, everyone was in tears - most unpleasant experience of my life.
The only issue with Direct Line is that they don't do students.
We use http://insurehomesdirect.co.uk/ for our student props.
Ask for Kim or Tracie, both really nice people.
Kim Hancocks
Tracie McCool
Insure Homes Ltd
1st Floor
Business House
23 Church Road
Bishops Cleeve
Cheltenham
GL52 8LR
Tel: 0800 783 7187
johnny_met - Member
Anything I need to be wary of?
Tenants 😀
Tenants 😀
Funny but so true! It's amazing how many landlords put hard work into getting their property up to standard and getting everything in place to let it out and then not taking the time to vet their tenants properly simply because they are so keen to get some income from the place.
I picked my insurer because they offer malicious damage by the tenant and legal expenses as standard in my buildings + contents policy which I couldn't get with some of the big names you hear on the tv/radio.
Legal cover for evictions is vital.
Some policies require the tenant to have a guarantor who earns twice the rent.
I ended up with direct line. Check out top cash back too, got 1/3rd of my policy back in cashback making it under £100 a year for a 1 bed furnished flat in bristol
I've been with Simply Business for years, decent on price and very easy to work with when I had to claim.