Updating post from Reddit.
Hi all, sorry I'm a new landlord to a new build and there's much I don't know. I pay the managing agent for building insurance for insured risks including fire, explosion, lightning, earthquake, tempest, storm, flooding... Terrorism, subsidence... Civil commission, strikes, etc. Unaltered fixtures are also insured.
The building gives a 2 year warranty on everything - appliances and construction.
In my eyes, the risk exposure is with the furnishings, which isn't much. There is non payment of rent, but given the financial and landlord check of the tenant, I'm not worried about it.
My question is more if there are implications going forward if I go from uninsured to insured.
I did ask for some quotes, and the deductibles seem quite high and so it seems to be better for me to handle it directly without paying the premium. Also, trust pilot has reviews for broker's selling capability, but I haven't been able to find good reviews for actual claims.
I'll probably get insurance after the 2 year warranty expires. Please let me know if there's a big consequence of not being insured that I'm not seeing.
What type of insurance are you thinking? In your case, I might recommend landlord's insurance, but you don't need a building insurance component as part of it as that is already covered.
You only need buildings insurance cover but it's advisable to get renters insurance for non payment of rent.
Privately on a 3 bed semi my renters insurance costs £780 for everything including rent protection and legal assistance to evict non paying tenants.
It will be significantly more through an agency for like for like cover so go for quotes online yourself.
I'm with simply business.
You need rent protection and legal cover however much you think you don't!! Remember, it can take a year to get rid of a non paying tenant!
If there are fobs and doormen, is it easier to get rid of a non paying tenant? Or is restricting access not really related to the legal matters of eviction?
It's illegal to restrict access to a tenant if they have a valid assured shorthold tenancy agreement (AST) in the UK. The tenants would be reporting you for harassment.
This is the ‘joy’ of being a landlord… you’ve always got your Henry in your pocket for something. Non payment of rent is a possibility and it would soon start to hurt me quite hard so I have always had protection.,I got 12 months 0% payments for my first year which helped. Definitely find the policy yourself.