Landlord Insurance

[leaskovski]

I know there are a few landlords on here, so hopefully they might be able to give me advice.

Basically the Mrs has got a flat that has been let out for the past couple of years. Its just a basic 1 bed flat with no gas, in a well maintained building. The property almost pays for itself and we really haven't had too many issues with it apart from previous tenants not leaving it in a good state, but other than that its a good little place.

So, the Mrs keeps seeing adverts for Landlords insurance and I have been given the task of trying to find out what if any we should get.

Now my understanding of this type of insurance isn't that great, but I guess the main reason for it is to cover the property and other properties in the building if the tenant decides to make an indoor swimming pool. Yes? Also, is it a need in case the whole building burns down and the tenant effectively gets put on the street. Would we then need to make sure the tenant is re-homed being that they were under contract with us? Is that something covered as well?

Cheers

 

[Maccapacca]

http://www.directlineforbusiness.co.uk/landlord-insurance

I've got this which I didn't realise covers

We’ll pay to re-house your tenants following an insured event such as a flood or fire. (Subject to policy limit.)

So I'd expect yes you'd need it however any landlord buildings insurance should cover this.

I expect your liability following a fllood would be for your notice period i.e. 2 months

 

[MrMoonX]

^ this if the flat for whatever reason becomes uninhabitable like a flood or storm etc? you are going to have to pay for your tenets to live somewhere else for at least the two months notice period.