Property insurance costs

Property insurance costs

13:08 PM, 13th September 2022, About 2 years ago 12

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Hi, I made a claim after my tenants ruined the property, stole the bathroom, kitchen, radiators.

The place has been empty since March so large loss of rent.

The insurers would only pay for the boiler to be replaced as this had been hit with a hammer many times.

The rest, they say, was the lifestyle choice of the tenant!

Anyway, I received £1,600 in total. It has cost me £15,000 to repair the property.

I have now received a quote for £1450 for my renewal. Last year it was £450!

Can anyone help me with a good insurance company that will cover the needs of a landlord without totally ripping me off?

My policy apparently only covered me for £10,000.

Thank you for any help or advice.

Barbara


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Comments

Barbara

13:19 PM, 14th September 2022, About 2 years ago

Reply to the comment left by LordOf TheManor at 14/09/2022 - 13:07
I actually paid extra on my policy for this and I have my own loss adjuster who has been ignored by the insurance company! He is writing the case up for the Ombudsman and has pulled apart so many things from Covea including their use of wording etc! I am convinced I have a case. It still doesnt give me back the money I have had to spend because of these tenants who have walked away to do the same to the next landlord!

Andrew Miller

10:34 AM, 20th September 2022, About 2 years ago

I think there are two separate "insurance perils" involved here. One is Malicious Damage by a tenant and the other is Theft by a tenant. It may also be split between landlords contents and buildings (depending on the insurers definition of these items).

Our policies with RSA cover both of these things.

As with all risks, insuring them should not be your primary mitigation. You should try to operate your business in a way that reduces the likelihood of a loss - quality properties in decent areas attracting working tenants.

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