Which is the best landlord insurance when tenants are on benefits?

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by Readers Question

12:07 AM, 31st May 2024, 2 years ago 4

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Hello, I’m posting for a friend who is a landlord with a 2-bed flat in London. I’m hoping other landlords can help.

I would like to know: Who is the most most effective landlord’s insurance for a tenant in receipt of housing benefit?

May I also admit, the tenant is paying between £3/400 pm under current market rent value. They do not look after the property and live in a way that has created mould issues.

My friend has recently spent £9k on a new damp course and remedial action, but if the tenant continues to live the same way, I see future problems.

I suggested they serve notice to the tenant before the reforms, and refurbish the property as a family member would like to move in.

What are your thoughts please?

Ellen

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Tags: how much is landlord insurance, landlord insurance, landlord insurance advice

Comments

Cider Drinker Read Full Bio

Member Since December 2023 - Comments: 1586

8:54 AM, 31st May 2024, About 2 years ago

If your ‘friend’ is charging below market rate, that isn’t the tenant’s fault.

If the property needed a new damp course, that isn’t the tenant’s fault.

Your suggestion could prove expensive for your friend and would be somewhat unfair on their tenant.

1 Report Comment Reply
LordOf TheManor

Member Since February 2016 - Comments: 194 - Articles: 1

11:22 AM, 31st May 2024, About 2 years ago

Quick question….

What events are you trying to insure?

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Judith Wordsworth Read Full Bio

Member Since January 2015 - Comments: 1447 - Articles: 1

2:38 PM, 31st May 2024, About 2 years ago

Your friend should have a home owning guarantor in place at the outset.

Landlords fault for not charging a market rent, but many don’t and use the LA Housing Allowance as I did, but not £300+ a months less.

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Matt - London letting Agent Read Full Bio

Member Since February 2023 - Comments: 3

9:22 AM, 3rd June 2024, About 2 years ago

Reply to the comment left by Judith Wordsworth at 31/05/2024 – 14:38
Agreed. Always best to exercise caution

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