Landlord Insurance

28/08/2012
 
Essential: property owners liability (LI) (part of buildings insurance I think).
Nice to have: home emergency (HE), alternative accommodation (AA), contents, accidental damage (AD), legal (possession etc) (LE)
Also nice: locks cover (LO)
  1. www.NLAPropertyInsurance.org.uk - Reduction for members - No service Website broke and noone was there to answer my call. Oops. They were OK second time actually.
  2. www.JustLandlords.co.uk - £265 (inc 5k contents) LI,AA,LO,HE,AA. Most comprehensive, award winning Contents cover is a joke, it will not cover an appliance going wrong and malicious damage by tenant (unlikely anyway) must be recovered from deposit first. Alternative accommodation, replacement locks, trace and access (for leaks), emergenies inc damage by escape of water from appliances and liability for being sued from tenant falling over etc is useful though. Multi-property quote through website. I suspect this includes building insurance, which we already have. Generous cover though, 5k for locks for example.
  3. www.propertyquotedirect.co.uk/ – looks good, estd 1965. Have not tried but look good.
  4. www.mortgagesforbusiness.co.uk – 20 yrs old. Have not tried but look good.
  5. www.landlordcentre.co.uk/ - award winning. Have not tried but look good.
  6. www.totallandlordinsurance.co.uk/ (the NLA it seems) - £135, more pcm, LI just basic contents, property owners liability. £185 with alternative accomodation. Cheapest without alternative accommodation.
  7. www.aviva.co.uk/landlord/ – redirects you to here: www.alanboswell.com/landlord-insurance/ (as used by Proeprty Hawk blogger). Stingey legal cover (extra) only £100 per day for your time in court. Normaly 250 or even 500). £106 - excl emergency (plumbing, gas, electric, heating, only up to £500 how useless!), legal (tenants, possession, unpaid rent etc), buildings.
  8. www.simplybusiness.co.uk (used by gocompare) – £189 for 250 excess, 10k contents, legals (comprehensive) and liability. Finsbury. Don't go the extra mile, just lookign for the easy deal I think.
  9. www.MoreThanBusiness.com Cashback – £320. Expensive. Includes helplines for legal, tax etc. Excellent website but one one property at a time. Seems to be similar cover to Just Landlords. Inc rent cover, legals. Includes building insurance? They attend court for you if you are overseas.
  10. www.directlineforbusiness.co.uk – £186. Inludes allsort like public liability, contants, employers liability and genuinly useful legal cover. Seems to have fewer exclusions than most policies. Helplines too. Good value. Doesn't have rent loss cover.
  11. www.co-operativeinsurance.co.uk – stupid site doesn't make sense, asks for business start date, PAYE number etc. Rung them and just put in a long queue. Not getting a good feeling about this…
  12. www.intasure.com – asked this company for block of flats insurance and they could quote as I didn't know the rebuild cost. Obviously not too bothered about getting new business.
  13. www.fasttrak.co.uk – seems to be something different.
  14. www.axa.co.uk
  15. business.towergateinsurance.co.uk/ – sh1t website, unintelligible and doesn't work
  16.  
www.Moneysupermarket.com doesn't do comparison for landlords insurance.
Pay attention to excesses.
Don't need buildings insurance, just liability and contents and legal contents are bonuses.
 
Most seem to want you to get a quote online.
 
What they mean:
  • Liability – Property owners is most important. For when they sue you for breaking their leg tripping over the carpet.
  • Alternative Accommodation – covered under Rental Cover. For if the boiler breaks in winter for example.
  • Legal – costs of eviction inc loss of rent (usually).
  • Emergencies – heating breaks in winter, plumbing leaks etc. pretty important.
 
12/08/2012 ###########################################################
 
NB Can't apply more than 20 days before start of cover!
 
Buildings insurance not needed as block has that, so just liability and contents (~10k) and possibly legal.
 
Of particular interest is property owners liability cover, general legal expenses, white goods protection and multiple properties. Public liability should cover property owners liability – when someone gets injured and sues you basically. See Landlord and Lettings Awards.
  1. www.justlandlords.co.uk/ - Winner 2011. Huge range of cover (five star policy). Loss or damage from: Fire, Lightning, Earthquake, Explosion, Storm, Flood, Escape of Water, Escape of Oil, Theft or Attempted Theft, Riot, Malicious Damage, Malicious Damage caused by your Tenants, Terrorism, Collision with the property by Aircraft, Animals or Vehicles, Falling Trees, Branches, Lampposts or Telegraph Poles, Breakage of Television Aerials, Radio Aerials or Satellite Receiving Equipment, Subsidence, Landslip or Heave. Also £5,000,000 Property Owners Liability cover with buildings, £10,000,000 Employers Liability cover with contents, £5,000 cover for theft or attempted theft by, your tenants, £5,000 landlords contents for carpetscurtainsblinds and white goods, Accidental damage to glass, Accidental damage to underground services, Loss of rent and alternative accommodation up to 100% of your sum insured, Trace and access cover to locate the source of and fix leaks, Unauthorised alteration cover for when the premises are altered or changed without your consent, Additional expenses cover for debris removal, local authority fees and surveyors/architects, £5,000 Replacement locks cover, £25,000 Landscaped gardens cover, £5,000 Fire extinguisher expenses cover, £5,000 Unauthorised use of services cover, £5,000 Emergency access expenses cover, £5,000 Closed circuit TV cover.
  2. www.nlapropertyinsurance.org.uk/ - Accidental damage to buildings, alternative accommodation or loss of rent, public liability, un-occupancy covered, lock replacement (theft of keys) to £1,000. Same as Total Landlord Insurance?
  3. www.totallandlordinsurance.co.uk NLA-recommended, £70/yr. Doesn’t cover white goods but does cover: boiler, no water, no sanitation, no elec. Building & contents. Accidental damage (glass & sanitary), theft (forced entry), cover between tenancies (30 days), trace & access, theft of keys, replacement locks, loss of metered water / oil, loss of rent, alternative accommodation, property owners liability (2m). Excess £250 (£100 for subsidence), single article limit £500.
  4. www.co-operativeinsurance.co.uk/ - co-op is usually worth a look and good value for most things.
  5. www.directlineforbusiness.co.uk/ - Direct Line is often good value too.
  6. www.morethanbusiness.com/ - (part of RSA Group). Buildings Insurance – inc fire, flood, burst pipes, vandalism and theft, Public Liability Insurance – Protection for claims made against you up to £2 million, Cover for accidental damage to your property caused by you or tenants. Glazing repairs, Replacement locks & keys, Professional fees, Unauthorised use of electricity, gas or water. Cover for contents is extra. Voted the Best Landlord Insurance Provider by 2011 'What Mortgage' awards
  7. www.intasure.com - buildings, loss of rent / alternative accom, property owners liability, accidental damage
  8. www.simplybusiness.co.uk/ via GoCompare.com. AGENT. Covers Zurich, Groupama, UK General, Brit Insurance, Finsbury & AXA only. UK Genral seemed best, got quote for 2 properties with buildings, contents and legal cover. I think the legal cover was only £25 / property. QUOTE: Came out as £20/mth for liability and contents for 2 properties. Qco.
  9. [link dead] www.fasttrak.co.uk/ - Won best insurance (landlord and lettings mag 2010). Legal cover - FastTrak-Private – Property Rent & Legal Expenses Cover. Includes all kinds of legal cover. £100pa. Inc repossession, property damage, eviction of squatters, rent recovery, rent arrears, legal defence, tax protection (HMRC investigation), contract disputes, hotel / storage costs. Legal helplines.
  10. homelet.co.uk/landlords/ - offer contents, buildings. Contants inc garden furniture. In final for award.
  11. www.endsleigh.co.uk/ - £25 extra for legal cover. 
  12. legal & general
  13. AXA Insurance
  14. www.quotelinedirect.co.uk/ - seems to just do contents, ~15pm.
  15. www.abib.co.uk
  16. Paragon Advance
  17. www.landlords-building-insurance.co.uk
  18. zurich
  19. www.landlords-quick-insurance-quote.co.uk
  20. IGI Insurance
  21. Beazley Insurance
  22. Fortis Insurance
  23. Prestige Insurance
  24. Amlin Insurance
  25. MMA Insurance
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LANDLORD INSURANCE GUIDE

things to insure against:

  • white goods – fridge, wash machine
  • legal costs (eg tenant tripping on carpet, eviction)
  • boiler / heating system / radiators
  • gas
  • plumbing / water supply / toilet breaking
  • rent missed
  • locks breaking, keys lost
  • electrics problems, lighting problems
  • roof leak
  • our contents
  • fire

Expert landlord says buy content insurance and tell insurer property is rented, to cover

  • white goods
  • flooring
  • décor
  • bathroom furniture
  • kitchen furniture
  • radiators
  • boiler

Buildings insurance should cover the following:

  • Flooring (Tiled)
  • Decor
  • Bathroom Suite
  • Kitchen Units
  • Radiators
  • Boiler

Finally, landlords insurance should cover:

  • Property owners liability / 3rd party – possibly most important – death injury etc of people, stops you being sued.
  • Employers liability – insures against damage etc to employed people Don't need unless you employ people
  • Legal expenses cover
  • Buildings insurance?
 
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