Landlord insurance - do I need it?

[Pud2]

I let my two bedroom flat unfurnished. I’ve just had the new policy through for landlord insurance and it’s £650. When I looked at the policy it doesn’t seem to include much. Do I need it? I also pay for buildings insurance which would presumably cover fire damage?

£650??? I pay £250 a year for a 2 bed furnished flat with all the extras just outside London (rental income of 1100 a month). This includes rental insurance that if they don't pay they'll cover me for 12 months and pay for repairs if they purposely damage the property

£650?! You’re being robbed! Mine is £180 unfinished with no rental cover!

But yes, you definitely need it. Just with someone else

Try direct line.

I second checking out direct line, my insurance is nothing like that for a large family home.
Does it include rental guarantee, that can push the price up.
My landlord cover includes building insurance but I don't have rental income guarantee.

rip off...we have homelet rent insurance for about 120 a year in case tenants dont pay etc and they do the buildings ins for about 220 a year.

My dh said thats very expensive, he said we’ve renewed our building insurance on a 2 bed flat with Sagic (Salvation Army) for £68.00 a year with an option to pay monthly interest free.

@DobbyTheHouseElk

Try direct line.

That is Direct Line! I’m sure it wasn’t that high when I took it out, and it doesn’t even include rent loss. I shall do some more investigating. Thank you!

I’ve just checked and last year’s policy was £125! There are no changes so what’s going on there? Is it a pandemic thing?

I change my provider every year, to get the best deal. I was with direct line last year but I've just taken out with simply business as direct line put mine up considerably.

Oh, well I don’t know. Their cover is really comprehensive. I renewed in March.

Your landlord insurance is necessary. Try other providers or ask direct line why there is such a big jump in the annual renewal.

Do you have an independent insurance company? I used one for years and they were really good.

Does your license not specify what you need? Are you not in London?

Meant to say “are you in London?” my grammar sounded like a weird accusation!

2nd year premium always more expensive - you're incentivised to shop around

What does your landlord insurance actually cover? Because you say that you have 2 seperate policies one that's buildings and one that's landlords. But landlords is the same as buildings just with added extras to make it landlords eg cover for malicious damage by tenants, home emergency etc
So I'm confused why you've got 2 seperate ones...

650 sounds a lot. Someone on here mentioned a broker, Alan Boswell in Norwich. I have used them for a couple of years now, and they look around for me. My then tenants were asylum seekers and several companies would not cover me.
Do you need buildings insurance? It is usually included in the service charges but you might want to cover the excess.
I don't have non payment cover, but liability cover and the fitting we supply. It's less than £100.

We are with CIA insurance, they were very reasonable. Definitely worth shopping around, £650 is outrageous

@purpleme12 That was my query. Do I need builders insurance and landlord? The property is in London and is unfurnished.

@Pud2 well put it this way I've never heard of a landlords insurance that doesn't include the buildings anyway. (I work in insurance) landlords insurance should be buildings insurance with added extras in
So I would check your policy documents (policy book and schedule/statement of fact or ring them)

It's up to you whether you want those added extras - if you're not bothered about the extras then you can just go for buildings insurance itself

Direct line are well known for hiking premiums each year and hoping you wont notice. They do the same with buildings, contents and motor insurance. Go somewhere else for a year and then go back to direct line - the premium will be "reset" to be competitive again as a new customer.

I'm really hoping that this isn't sure to the pandemic - or we're all going to be hit with ridiculously inflated premiums! I heard that is difficult to get rent guarantee insurance since covid. Maybe your policy is so expensive because it has a rent guarantee element?

Direct Line are renowned for not being competitive for renewals. I had this with car insurance too. Shop around as others have said.

Due, not sure!

[quote purpleme12]@Pud2 well put it this way I've never heard of a landlords insurance that doesn't include the buildings anyway. (I work in insurance) landlords insurance should be buildings insurance with added extras in
So I would check your policy documents (policy book and schedule/statement of fact or ring them)

It's up to you whether you want those added extras - if you're not bothered about the extras then you can just go for buildings insurance itself[/quote]
Thanks, that’s useful. I need to continue with the buildings insurance as I share the freehold with the other flat in the building so it’s a joint policy. My landlord insurance doesn’t cover rent arrears so maybe I don’t need it?

In relation to your query on building insurance if will depend. If the flat is in a purpose built block with a managing agent then they should have building insurance. Double check this with them though.

I'd deff get rent arrears insurance though.

As for the quotes as pps have said shop around.often they hike for a second year. The same happens with car insurance too